BEIJING: China has suspended debt repayment for 77 developing countries as part of its efforts to help underprivileged nations in the fight against Covid-19. However, it did not reveal the nations that would be benefitting from this move. Chinese Vice Minister of Foreign Affairs, Ma Zhaoxu, made the announcement at a press conference where the…
Statement by Deshamanya Professor W.D. Lakshman Governor of the Central Bank of Sri Lanka There has been speculation by various groups and individuals that Sri Lanka’s financial system and financial institutions are in a weak position and that the general public is at risk of losing their deposits made at those institutions. As the regulator…
Sri Lanka is readying to welcome travelers from across the world with safety guidelines and precautionary measures. Frequently Asked Questions Who can visit? All nationalities are welcome and all types of travellers whether groups, families, individuals. Which airports will operate? Bandaranaike International Airport [BIA], Colombo Ratmalana Airport [RMA] and Mattala Rajapaksa Hambantota Airport [MRIA] will…
DUBAI (Reuters): Emirates and Etihad Airways will resume some transit flights after the United Arab Emirates (UAE) lifted a suspension on services where passengers stop off in the country to change planes, or for refuelling. Dubai’s Emirates, one of the world’s biggest long-haul airlines, said on Thursday it would operate transit flights to 29 destinations…
Ceylon Graphite Corp. (“Ceylon Graphite”) recently announced the first sale of graphite from its K1 mine in Sri Lanka, since the commencement of commercial production in December 2019. The sale, which was for one tonne of vein graphite with carbon content of 95-97 %, was sold to Singapore-based 2D Materials (Pte) Ltd (“2D Materials”) by Sarcon Development (Pvt.)…
The World Bank said on Tuesday that it expects the coronavirus and resulting recessions to leave “lasting scars” on developing and emerging market countries, with the worst damage on oil exporters and those suffering financial crises. In analytical chapters of its new Global Economic Prospects report, the bank said that the average emerging market country…
Sri Lanka’s construction sector is expected to demonstrate resilience compared to the other economic sectors, as the projects are gradually gaining pace after the easing of curfew, credit rating agency ICRA Lanka Research said. The rating agency has attributed the assessment to four key reasons: Reason 1: The construction projects are expected to gradually pickup pace and…
Fitch Ratings has taken rating action on non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers following the downgrade of the sovereign rating to ‘B-‘ from ‘B’ on 24 April 2020. The Outlook on Sri Lanka’s Long-Term Issuer Default Rating (IDR)…
The license issued to The Finance Company PLC (TFC) to carry on finance business has been cancelled with effect from 22.05.2020 in terms of the provisions of the Finance Business Act No. 42 of 2011. The Central Bank of Sri Lanka (CBSL) has taken steps to pay compensations up to Rs.600,000 to all insured depositors…
The Colombo Stock Exchange (CSE), in consultation with the Securities and Exchange Commission (SEC) has decided to keep the market open for a limited time period on Thursday (04 June) despite the island-wide curfew and the public holiday declared by the government on that day. Accordingly, The Trading hours applicable to 04th June 2020 will…
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