The uncertainty of COVID-19 is perhaps the most challenging crisis decision-makers have had to find responses to, in the 21st century. From state-owned to multinational, from conglomerates to startups, decision-makers are faced with strategic ambiguity like never before. Despite key contingencies that are in place and the degree to which the organizations adapt, there is…
Fitch Ratings says Sri Lankan banks’ operating environment and financial profiles face escalating risks from the economic fallout of the coronavirus. Fitch Ratings now expects Sri Lanka’s real GDP to contract by 1.3% in 2020, worsening from its earlier forecast of a 1.0% contraction published 24 April due to the pandemic. Deterioration of the economy…
Part of EU-funded support to the Uva and Central Provinces Over 40% of Sri Lankan MSMEs are unregistered, making it more difficult to open bank accounts, to get loans, licenses and permits for their enterprises. Women entrepreneurs face additional difficulties in all of these areas. Now, with the support of the European Union (EU), registering…
Alan Gemmell OBE has been appointed as the new UK Trade Commissioner for South Asia to bolster trade and investment relations with the UK’s economic partners in the region, including Sri Lanka. He is based in Mumbai and will be a frequent visitor to Sri Lanka. Gemmell is the former CEO of the Commonwealth Enterprise…
In a letter addressed to Director General of Legal Affairs of the Presidential Secretariat, Attorney-at-Law Harigupta Rohanadeera, Central Bank Governor Deshamanya Prof. W.D. Lakshman has made a request for a report on the irregularities and illegal activities of the finance and finance leasing business. The Governor has requested Mr. Rohanadeera to preside over a committee comprising of Director of Legal…
The management of the Cinnamon Hotels & Resorts hotel chain link has decided to offer a holiday package for “Suwa-Sewa Wiruwo”(employees in the healthcare service) who had been exceptional and committed in treating COVID 19 infected patients. The Chairperson of the John Keells Holdings, Krishan Balendra handed over the details of the package named “Cinnamon Suwawiru…
HCL Technologies (HCL), a leading global technology company, yesterday (16) announced the commencement of its operations in Sri Lanka. Marking its presence in the region, HCL plans to create over 1,500 new local employment opportunities for both freshers and experienced professionals, within the first eighteen months of kick-starting its operations from its office in Colombo….
Growth of the Sri Lankan economy has fallen to dismal levels over the past few years, and the impact of the COVID-19 pandemic may result in severe stress on economic and financial system stability in the period ahead unless immediate remedial actions are taken. In this context, in support of the government’s efforts to revive…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 16 June 2020, decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) by 200 basis points to 2.00 per cent, with effect from the reserve maintenance period that commenced on…
“We cannot let the health crisis develop into an economic crisis. What we are facing is a global crisis. The Central Bank and the Treasury are entrusted with the responsibility of formulating right monetary and fiscal policies that are instrumental in economic revival. Many tools have been introduced by the Central Banks in the countries…
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