The Central Bank of Sri Lanka (CBSL) has observed that advertisements and other forms of communications are made through various channels, including print, electronic and digital media, offering loans. Complaints have been made on certain irregularities in this regard. There are some allegations regarding scams, while some are complaining on high interest rates, harassment to…
The Central Bank of Sri Lanka (CBSL) has observed that certain individuals and entities mobilize funds from the public by issuing various instruments. Promissory Notes, Commercial Papers and Debentures are few of them. It should be mentioned that certain categories of institutions raise funds by issuing the above-mentioned instruments in order to meet their financial…
Sri Lanka’s Ministry of Finance has taken steps to prohibit the re-export of key spices such as pepper, Areca nut, cinnamon, nutmeg, mace, cardamom, ginger, turmeric, and cloves. The ban was issued through a gazette notification under Commercial Hub Regulations in the Finance Act. “ No approval shall be granted under these regulations to any…
Singhe Capital Investment (Pvt) Ltd said yesterday (5) it acquired 50.31% of Sinhaputhra Finance Plc for a consideration of Rs. 301 million. Meanwhile, In a disclosure to Colombo Stock Exchange, Sinhaputra Finance Limited noted that 31,675,870 ordinary shares of the company held by K.R.B Wijeyeratne, which consists of 50.31% of the total voting rights were…
(Reuters) – Sri Lankan shares dropped on Thursday, weighed down by foreign sell-offs and profit-taking mainly in construction shares, while the rupee ended weaker. ** The Sri Lankan rupee fell 0.17% to 181.40/50 per dollar, compared to Wednesday’s close of 181.10/35, Refinitiv data showed. It is up 0.7% so far this year. ** The benchmark…
The Hambantota International Port (HIP) had a busy week with 6 RORO ships calling at the port, discharging 18,288 vehicles of which 16,830 vehicles were for transshipment and 1458 vehicles were for local agencies. The discharging operation for these vessels were carried out simultaneously. The vessels were from the shipping lines Hoegh, NYK and Glovis all of…
Credit rating agency Fitch has upgraded the outlook on Sri Lanka’s banking sector to stable from negative. “We have revised our outlook on Sri Lanka’s banking sector to stable from negative, reflecting brighter prospects for loan growth, although the environment is still challenging following a cyclical trough,” Fitch said in a statement. The sector outlooks on most…
Sri Lanka Tourism Promotion Bureau, (SLTPB) in collaboration with the Embassy of Sri Lanka in Japan, organized a FAM Tour for a delegation of Japanese tour operators/ agents representing 20 Japanese companies. The main purpose of their participation at this FAM Tour was to convey the message to the rest of the world and their…
The cabinet has yesterday (04) decided to abolish the permit scheme that was granted for the transport of Sand, Soil and Clay for Local Industry and Construction Industry purposes with immediate effect, Environment, Wildlife, Lands and Land Development Minister S.M Chandrasena said. “President Gotabaya Rajapaksa has decided to scrap the permit scheme that was in practice to transport sand, soil and…
Sri Lanka needs to improve investor confidence, focus on sources of potential high growth and focus on areas where there are opportunities to export, Hans Timmer, World Bank Chief Economist for the South Asia Region said. “But for some reason, these opportunities have not been taken,” he added. “When there is a lot of uncertainty…
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