Amana Bank allowed time to comply with minimum capital requirements

The Monetary Board of the Central Bank of Sri Lanka has extended the time period for Amana Bank to comply with its minimum capital requirements. Accordingly, Amana Bank has been allowed the time period as follows: Rs. 05 billion by 01 January 2016 Rs. 7.5 billion by 01 January 2017 Rs. 10 billion by 01…

(0)Comments | August 28, 2015 5:25 pm

Structural Change of the Sri Lankan Economy and its Policy Implications

By Sarah Hettiaratchi, Intern – Pathfinder Foundation Structural change is the process by which the distribution of economic output, the total of all sectoral shares with respect to a country’s Gross Domestic Product (GDP), shifts from one sector to another. Typically an economy can be divided into three main sectors : agriculture, industry, and services….

(0)Comments | August 26, 2015 5:21 pm

Is it prudent to allow Rupee to depreciate?

While most countries attempt to make their exports competitive by depreciate their currencies, Sri Lanka should be very cautious in depreciating its Rupee, says Dr. Harsha de Silva. The Deputy Minister of Policy Planning and Economic Affairs in the recent interim government, Dr. de Silva says though other countries depreciate their currencies to increase their…

(0)Comments | August 26, 2015 12:10 pm

Dialog TV subscribers up – Telecommunication companies’ profits down

Subscribers to Dialog TV, the Dialog group’s paid digital television broadcasting arm, has grown to 534,000 by end June 2015, says the company. This is a growth of 37 per cent when compared against the same period of last year. Dialog TV (DTV) seeing a 25 per cent growth in revenue to Rs. 2.8 billion…

(0)Comments | August 11, 2015 2:47 pm

Sri Lanka seeks compromise on China-backed port city project

By Shihar Aneez Sri Lanka is offering a compromise that could allow a major Chinese-backed real estate project to restart after months of delays, Finance Minister Ravi Karunanayake told Reuters on Monday. The minister’s comments come a week before a parliamentary election in which the ruling party has an edge over an opposition led by…

(0)Comments | August 11, 2015 10:23 am

Islamic State Circulates Sex Slave Price List

A senior United Nations official says Islamic State is circulating a slave price list for captured women and children, and that the group’s ongoing appeal and barbarity pose an unprecedented challenge. The official, Zainab Bangura, said that on a trip to Iraq in April she was given a copy of an Islamic State pamphlet, which…

(0)Comments | August 6, 2015 10:43 am

Cars speeding into Sri Lanka: Imports during first five months tops USD 478 million

Latest data released by the Central Bank of Sri Lanka indicates that in Sri Lanka’s import growth, vehicle imports stand second to all others during the first five months of the current year. The growth in vehicle imports to Sri Lanka has risen significantly by 93.9 per cent from January 2015 to May 2015 as…

(0)Comments | July 27, 2015 1:27 pm

Nissan Leaf to increase range up to 250-miles

Nissan is set to offer a choice of Leafs with different batteries increasing the electric car’s range up to the 250-mile mark The UK’s best-selling electric car, Nissan’s Leaf, will be able to go further on each charge from 2016 as Nissan is set to offer a 30kw battery in addition to the current 24kw…

(0)Comments | July 21, 2015 12:23 pm

Toyota recalls 625,000 hybrids over software glitch

The world’s biggest automaker, Toyota, is recalling about 625,000 hybrid cars around the world to fix a software glitch. A fault in the software could lead it to shut down the hybrid system while the car is being driven, it said. Models affected by the recall include Prius V minivans, called Prius Alpa and Prius+…

(0)Comments | July 16, 2015 1:48 pm

President’s opinion on Central Bank Governor

President Maithripala Sirisena said that he had told Prime Minister Ranil Wickremesinge that the best option for the Governor of the Central Bank of Sri Lanka (CBSL) in the face the recent controversy over the bond issue was for him to resign. During the special address last evening (14 July), commenting on this issue the…

(0)Comments | July 15, 2015 12:26 pm