The government has taken steps to introduce a special account under special concessions for Sri Lankans living overseas and foreign nationals to deposit their savings and other funds in Sri Lanka, Co-Cabinet Spokesman minister Bandula Gunawardena said. A special Gazette notification in this regard, will be issued today (09), minister Gunawardena said whilst addressing the cabinet media…
The Asian Development Bank (ADB) yesterday allocated $44 million in technical assistance resources to support its developing member countries in their response to the novel coronavirus disease (COVID-19) pandemic. The funds will be available for all ADB developing member countries in updating and implementing their pandemic response plans, including buying emergency supplies and equipment; assessing health…
The Central Bank of Sri Lanka has requested $ 400 million from the Reserve Bank of India under the SAARC swap facility, Senior Deputy Governor of Sri Lanka’s central bank Dr. Nandalal Weerasinghe said. “India’s amended currency swap fund for SAARC can assist countries facing debts. In 2015/2016 also we received a swap arrangement of…
The European Union (EU) and its Member States are working with partners around the world to tackle the outbreak of the coronavirus pandemic and mitigate the effects of the crisis. The EU’s response follows a ‘Team Europe’ approach, aimed at saving lives by providing quick and targeted support. This includes improving the preparedness for and…
LONDON, (Reuters) – Nearly 140 campaign groups and charities urged the International Monetary Fund and World Bank, G20 governments and private creditors on Tuesday to help the world’s poorest countries through the coronavirus crisis by cancelling debt payments. The call, spearheaded by the British-based Jubilee Debt Campaign, comes a day before a Group of 20…
Atlas commits to develop more AGV robots for hospitals fighting the pandemic Atlas Axillia PLC, a subsidiary of the Hemas Group, handed over another homegrown Automated Guided Vehicle (AGV) robot, to assist medical personnel in the remote monitoring and care of patients affected by the Coronavirus. The handing over took place at the opening of…
The COVID-19 outbreak has created an unprecedented challenge to the world economy. Companies across Sri Lanka are grappling with the sudden financial stress caused by the pandemic and taking measures to mitigate the inevitable blow it will have on businesses. Leaders from some of the companies most affected by the pandemic are forfeiting their paychecks…
The growing COVID-19 crisis threatens to hit developing countries disproportionately , not only as a health crisis in the short term but as a devastating economic crisis over the months and years to come. In moments like these, it’s natural to think only about the immediate challenges, but we also need to think about the…
According to the daily exchange report of the Central Bank of Sri Lanka (CBSL), the current buying rate of the US Dollar today (08) stands at Rs. 193.95 and selling rate of the US dollar stands at Rs. 200.46. This is the first time in history that the selling rate of a US dollar has exceeded…
Fitch Ratings believes that the extraordinary regulatory measures announced by the central bank – focusing on the relaxation of capital expectations and classification of loans for banks – should relieve immediate pressure on the banks’ financial profiles, but will not prevent medium-term deterioration. Fitch recently revised the sector outlook for Sri Lanka to negative from…
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