The Monetary Law Act Order No. 02 of 2019 on “Enhancing Efficiency of the Transmission of Recent Policy Decisions to Rupee Denominated Market Lending Rates” required, inter alia, every licensed commercial bank (LCB) to reduce their weekly Average Weighted Prime Lending Rate (AWPR) by at least 250 basis points by 27 December 2019, compared to…
The Plastics and Rubber Institute of Sri Lanka has signed an MOU with the Plastics and Rubber Institute of Singapore. This was announced by the President of the PRISL, Kaushal Rajapaksa at the Institute’s Annual Awards Night held recently at the Taj Samudra Hotel. Hon. Deshamanya Karu Jayasuriya, Speaker of the Parliament of Sri Lanka…
Bloomberg – The global economy, weighed down by tensions that have stalled international trade and elevated uncertainty, is expected to see slower growth in the next half decade across a wide swath of economies. China’s growth rate is expected to continue to slow, and will be a smaller driver to global GDP growth in the…
The first foreign investment under the new government of President Gotabaya Rajapaksa is to be launched shortly. This investment will be made on a plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo. by a foreign investor called Perennial Real Estate Holdings. This is a US $ 250…
President Gotabaya Rajapaksa instructed the relevant authorities to meet the responsibility of producing skilled workers for the local and international job markets by reviving the vocational training sector. President emphasized this during a meeting with officials of the Ministry of Skills Development, Employment and Labour Relations held at the Presidential Secretariat last Friday (27). President…
The Central Bank of Sri Lanka (CBSL) says that it will start imposing certain penalties or sanctions from next week on the banks that have not complied with the CBSL’s direction to bring down prime lending rates. CBSL Senior Deputy Governor Dr. P. Nandalal Weerasinghe told reporters Friday (27) that as per the direction issued…
South Korea’s commercial lender KB Kookmin Bank said Thursday its board has agreed to acquire a 70 percent stake in Cambodia’s lender Prasac Microfinance Institution for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings. Prasac Microfinance is the No. 1 microfinance deposit-taking institution, taking up over 40 percent of market share in Cambodia with…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 26 December 2019, decided to maintain its accommodative monetary policy stance with the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank remaining at their current levels of 7.00 per cent and 8.00…
Sujeewa Rajapakse has been appointed as the new chairperson of the People’s Bank, stated Ada Derana reporter. Sujeewa Rajapakse is a Senior Chartered Accountant and is a past President of the Institute of Chartered Accountants of Sri Lanka. He has previously served as a board member of the Sri Lanka Accounting and Auditing Standard Monitoring…
Laments absence of investment-linked visa programme to capitalise on high interest in Sri Lanka’s offering The investment opportunities in Sri Lanka’s property development sector generated significant interest at the 2019 Luxury Properties Showcase Ltd. (LPS) exhibition in Shanghai, China, according to Altair, one of the leading participants from South Asia at the invitation-only event, which…
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