Lankem Ceylon PLC in a stock exchange filing on Friday (24) announced that it disposed an equity stake of 23.12% (i.e 2,080,518 ordinary shares) in subsidiary company Sigiriya Village Hotels PLC on the trading floor of the Colombo Stock Exchange (CSE) at a price of Rs.32/- per share. The buyer was Union Investments (Private) Limited, a…
Fitch Ratings plans to withdraw the ratings of Kotagala Plantations PLC for commercial reasons on or about 21 August 2020, which is approximately 30 days from the date of this commentary. Fitch currently rates Kotagala Plantations as follows: – National Long-Term Rating at ‘RD(lka)’ – Senior secured rating at ‘C(lka)’ Fitch reserves the right in…
The Reserve Bank of India has signed necessary documents for extending a US$ 400 million currency swap facility to the Central Bank of Sri Lanka. This currency swap arrangement will remain available till November 2022, the High Commission of India in Colombo said today (25). The High Commission has conveyed this information to senior officials…
The Central Bank of Sri Lanka (CBSL) has recently entered into an agreement with the Federal Reserve Bank, New York (FED) as a temporary source of US dollar liquidity to be used when required. The facility, in technical jargon, is an overnight Repurchase (Repo) facility available for “Foreign and International Monetary Authorities” (FIMA). Many central…
By virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 06 of 2006 (FTRA), financial penalties can be imposed on Institutions for non-compliance with the provision of the FTRA. The penalties may be prescribed taking into consideration the nature and gravity of relevant noncompliance of the…
The Central Bank of Sri Lanka (CBSL) approved 3,985 new loan applications, amounting to Rs. 11,829 million, submitted by licensed banks under the Saubagya COVID-19 renaissance facility Phase II & III during the period 13-23 July 2020. With the new approvals mentioned above, the cumulative number of loan applications so far approved by the CBSL…
A New Paradigm in Sri Lankan Tourism:Way Forward Plan Post Reopening and Beyond Bringing the best of Wellness Tourism to a domestic audience, the Sri Lanka Wellness Tourism Association (SLWTA) and the Export Development Board (EDB) concluded its third and final webinar of a tri-part series – Wellness: A New Paradigm in Sri Lankan Tourism,…
The government has planned to upgrade the facilities in the city of Mahargama in order to transform it into an international trade centre, Prime Minister Mahinda Rajapaksa stated. The premier said this while participating in a public meeting held in Thalawathugoda recently (22). Speaking further he also expressed the following; “As a result of this, local and foreign…
In relation to the national interest of fostering a culture of entrepreneurship among Sri Lanka’s youth, Derana START UP 2021, the much-needed entrepreneurial TV show has commenced its search for interested applicants. Implemented in Sri Lanka through a tripartite partnership between YouLead, USAID’s youth skill development and entrepreneurship program together with the TV Derena network…
India and Sri Lanka on Wednesday (22 July 2020) held a technical discussion on rescheduling bilateral debt repayment by Sri Lanka. The Indian delegation comprising of senior officials from the Ministry of External Affairs, Ministry of Finance, and the EXIM Bank interacted with representatives from the Department of External Resources of Sri Lanka through a…
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