In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into Memoranda of Understanding (MOUs) with Condominium Management Authority (CMA) and National Gem and Jewellery Authority (NGJA) on 28 August 2019 at the Central Bank of Sri Lanka with the…
According to the latest monthly LMD-Nielsen Business Confidence index (BCI) survey, almost one in four business people –that is twice as many as in July consulted by Nielsen, for LMD’s publisher Media Services, anticipates that the economy will improve over the next 12 months. Meanwhile 28% of respondents expect economic to stay the same. “We…
(Reuters) – Sri Lanka’s rupee closed weaker on Tuesday, hovering near a seven-month closing low hit last week, as continued foreign fund outflows from government securities after a surprise rate cut last month weighed on the currency. ** Foreign investors sold net 12.3 billion rupees worth of government securities in the week ended Aug. 28,…
SriLankan Airlines, the National Carrier of Sri Lanka and a member of the oneworld alliance, organized a familiarization tour of Sri Lanka’s historic landmarks associated with the Ramayana Legend. The familiarization tour provided the touring social media influencers and travel writers the opportunity to immerse themselves in an all- encompassing destination experience through the perspective…
Business Sentiment – Index Regains Pre 4/21 Footing In mid-August, the cabinet approved a proposal to present a Vote on Account (VoA) with the aim of allocating government expenditure for the first quarter of 2020. This move is attributed to the belief that it wouldn’t make sense to introduce a fully fledged budget in the…
Land Price Index (LPI) for Colombo district compiled by the Central Bank of Sri Lanka, reached 132.2 during the first half of 2019, recording an increase of 13.6% compared to the first half of 2018. The three sub-indices of LPI, namely Residential, Commercial and Industrial have contributed to this increase. Industrial LPI recorded the highest…
The 18th Annual General Meeting of the Sri Lanka – China Business Council (SLCHBC) of The Ceylon Chamber of Commerce was held recently at Taj Samudra Colombo. Yang Zuoyuan, Commercial Counsellor, Embassy of People’s Republic of China was the Chief Guest. SLCHBC was established on April 26, 2001, and formed under the aegis of the…
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of the following Sri Lanka-based banks: -National Savings Bank (NSB) at ‘B’; Outlook Stable -Bank of Ceylon (BOC) at ‘B’; Outlook Stable Fitch has also affirmed the National Long-Term Ratings of the following banks: – NSB at ‘AA+(lka)’; Outlook Stable – BOC at ‘AA+(lka)’; Outlook…
The Union Bank PLC has engaged itself in discussions with investors to explore strategic investments for its subsidiary, UB Finance Co Ltd (UBF), a licensed finance company. In a stock exchange filling the bank said “it has engaged itself in discussions with identified investor/s to explore options for its subsidiary.” However, the bank wishes to…
(Reuters) – Sri Lanka’s rupee closed weaker on Monday, hovering near a seven-month closing low hit last week, as foreign fund outflows after the central bank’s rate cut weighed on the currency. ** Foreign investors sold net 12.3 billion rupees worth of government securities in the week ended Aug. 28, the second worst weekly outflow…
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