The Central Bank of Sri Lanka (CBSL) is of the view that the decision by Moody’s Investors Service (Moody’s) on 20 November 2018 to downgrade the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings from B1 (Negative) to B2 (Stable) does not properly reflect the country’s macroeconomic fundamentals, and therefore unwarranted. The…
Reuters) – ** The Sri Lankan rupee fell to an all-time low of 179.00 per dollar on Wednesday, a day after Moody’s downgraded the country’s credit rating, as a political crisis worsens a rout in the currency. ** Moody’s downgraded Sri Lanka on Tuesday for the first time since it started rating the country in…
Janashakthi Insurance PLC announced the appointment of renowned business leader Prakash Schaffter as its Executive Chairman. Mr. Schaffter, who has three decades of experience in the Insurance industry, had led Janashakthi as its Managing Director since 2006. This announcement comes with the addition of two new board members, Nathan Sivagananathan and Avindra Rodrigo. These appointments,…
Moody’s Investors Service (“Moody’s”) has today downgraded the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings to B2 from B1 and changed the outlook to stable from negative. The decision to downgrade the rating to B2 is driven by Moody’s view that ongoing tightening in external and domestic financing conditions and low…
Reuters – The International Monetary Fund (IMF) said on Tuesday it had delayed discussions on Sri Lanka’s next loan tranche due to the country’s political crisis. The IMF has disbursed over $1 billion out of a $1.5 billion three-year extended fund facility (EFF) loan it agreed in 2016. The aim was to avert a financial…
The National Telecommunication service provider, Sri Lanka Telecom (PLC) released its Company and Group financial results for the 9 months ending 30th September 2018 today. The Group comprises of the holding company Sri Lanka Telecom (PLC) and its eight subsidiaries including mobile arm Mobitel (Pvt.) Ltd. (Mobitel). With an impressive Year on Year (YoY) growth…
Reuters – ** The Sri Lankan rupee fell to an all-time low of 177.35 per dollar on Monday, as political uncertainty outweighed the positive impact of a policy rate hike, sources said. ** Stocks closed weaker for the second straight session due to political uncertainty and the policy rate hike. ** The political uncertainty remained…
The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) saw the successful conclusion of yet another regional investor forum organized as part of an island-wide awareness drive. The forum which was held in Kuruwita, drew a strong interest among the investor community based in and around Ratnapura. This event…
Panasian Power PLC (PAP.N), one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs. 54 million for the quarter and Rs. 153 million for the six months ending 30th September, 2018. This represents a 110% and 452% increase respectively over the corresponding period of the previous year. Furthermore, operating…
The Central Bank of Sri Lanka with a view to ensuring a stronger and dynamic banking sector which is capable of proactively facing challenges in digital era, hosted a Technical Session to further enhance and update the knowledge of Boards of Directors, Chief Executive Officers and other Key Management Personnel of all licensed banks operating…
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