The Monetary Board of the Central Bank of Sri Lanka (CBSL), having considered the requests of the depositors, instructed SFSP to pay urgently 10 percent of deposit liabilities of SFSP commencing from 10.07.2018. The details of the payment plan will be informed to depositors by SFSP shortly. The CBSL, while thanking all relevant parties for…
Fitch Rating has affirmed Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength Rating (IFS) at ‘B+’ with a Stable Outlook. Fitch Ratings Lanka has also affirmed SLIC’s National Insurer Financial Strength Rating and National Long-Term Rating at ‘AA+(lka)’ with a Stable Outlook. KEY RATING DRIVERS The affirmation reflects the company’s very strong domestic business…
The third biggest family owned finance company in Sri Lanka to face a liquidity crisis after Golden Key and The Finance & Company in a less than a decade, after crossing the Rs. 25 billion mark in public deposits, Edirisinghe Trust investments (ETI) require over another US $ 100 million to turnaround, a latest observation…
Amidst World Bank’s projection of Sri Lanka’s growth at 4.3% in 2018, and the Global Lender largely controlled by Western Economies – the International Monetary Fund (IMF) predicting the same at 4% earlier this month, Sri Lanka’s Central Bank Governor Dr. Indrajit Coomaraswamy had said that Central Bank had to revise down the growth target…
A delegation led by British High Commissioner to Sri Lanka and Ambassador to Maldives, H.E. James Dauris visited London Stock Exchange Group (LSEG) Sri Lanka at the Group’s facility in Trace Expert City, Colombo 10. The High Commissioner was welcomed by Dee Liyanwela, Head of LSEG Sri Lanka along with members of the leadership team….
Reuters – Sri Lankan shares fell on Monday and turnover slumped to a near three-month low as many investors stayed away from the market after confusion over fuel price hike and lower economic growth outlook hurt sentiment, stockbrokers said. Turnover stood at 154.9 million rupees, its lowest since April 16 and less than a sixth…
In 2017, 108 incidents have been reported on online financial scams and 26 Nigerians and 24 Sri Lankans have been apprehended through conducting investigations, the recently released performance report of the Department of Police for the year 2017 highlights. The report further notes that 118 people have been taken into custody in connection with printing…
Reuters – The Sri Lankan rupee fell for a sixth straight session on Monday on importer dollar demand and further weakness was expected in the currency, traders said. The rupee closed at 159.25/35 per dollar, compared to Friday’s close of 159.20/35 per dollar. It has declined 3.8 percent so far this year. “The rupee is…
Sri Lanka soft-launched an international support call for its export-led industrialisation initiative on 5 July. “The Ministry of Industry and Commerce is in the process of developing relevant policies conducive for export led industrialisation as envisaged in the Vision 2025 of the government” said the Minister of Industry and Commerce Rishad Bathiudeen on 5 July…
The Sri Lanka Economic Summit 2018 organised by the Ceylon Chamber of Commerce was held last month with a focus on turning around the economy following weak growth, rising global commodity prices and uncertainty surrounding global trade. A statement issued by the chamber notes that the emphasis would be on “shaping a turnaround for the…
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