The International Monetary Fund has approved requests for emergency pandemic aid from 50 of its 189 members for a total of about $18 billion and is continuing to work quickly through the remaining more than 50 requests, an IMF spokesman said on Thursday. The IMF’s executive board was working through requests at record speed and…
Sri Lanka’s gross official reserves were down by US$353.84 million to US$ 7,179.9 million in April 2020 from US$ 7,533.74 in March 2020, latest Central Bank data showed. By the end of April, foreign currency reserves were 6,744.1 million dollars while the reserve position in the IMF was 65.3 million dollars. Special Drawing Rights were…
The Asian Development Bank (ADB) has provided a guarantee for a $25 million trade loan to the State Pharmaceuticals Corporation of Sri Lanka (SPC) to purchase medical supplies as part of the country’s response to the novel coronavirus disease (COVID-19) pandemic. The supplies, to be purchased by SPC with the loan, will include personal protective…
Profit after tax increases by 53% to Rs. 416 Mn Net Interest Income up by 23% and NIM improves from 4.36% to 4.78% Operating Profits up by 22% owing to excellent core banking performance Operational efficiency further increases, improving Cost to income ratio from 50% to 45% during last 3 months Builds additional loan loss…
Core Banking Growth and Profitability Despite its strong-footed entry into the first quarter of 2020, Union Bank’s core banking growth compressed since mid-March up until the end of the first quarter, owing to unprecedented economic impacts of the ongoing global pandemic. The Bank focused on continued cost optimisation and portfolio preservation to manage the bottom…
The Monetary Board of the Central Bank of Sri Lanka, at a special meeting held on 06 May 2020, reviewed the current monetary policy stance and decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 5.50 per cent and…
Hemas Holdings PLC controlled Club Hotel Dolphin, Waikkala, has completed its fifth successful week as a dedicated COVID-19 Quarantine Centre. All operating costs during this time period is being borne by the Hemas Group and the Dolphin Hotel in the interest of supporting the government, frontline healthcare workers, armed forces personnel and the people of…
The Sri Lanka Retailers’ Association (SLRA), the apex body for organised retail in Sri Lanka, is urging all landlords and lessors to reduce leases and rentals for its membership. SLRA President Sidath Kodikara appealed landlords to provide a 50% concession on rentals/ leases for the next six months on properties leased and rented by SLRA members,…
Fitch Ratings has downgraded in May three Sri Lankan banks’ Issuer Default Ratings after it downgraded Sri Lanka’s sovereign rating to ‘B-‘ with a Negative Outlook and revised down its assessment of the banks’ operating environment, both of which reflect the escalating impact of the coronavirus pandemic on the country’s economy. Fitch also maintained a…
Former Central Bank Governor Dr. Indrajit Coomaraswamy has been appointed as a Non Executive Independent Director to the Board of Tokyo Cement Company (Lanka) Plc with effect from 25 March, 2020. This is a re-appointment as Dr. Coomaraswamy has served on the Tokyo Cement Company (Lanka) Plc Board prior to being appointed as the Central Bank Governor…
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