Sri Lanka’s largest private sector retail bank, HNB PLC announced the appointment of Damith Pallewatte as Acting CEO, effective from 6th April 2024, subject to approval of his fit & propriety from Central Bank of Sri Lanka. The strategic appointment comes as part of a planned leadership transition first announced in May 2023. A qualified…
The cost of assorting a traditional “kevili” table for the Sinhala and Tamil New Year has gone down in 2024 compared to 2023 but remains more than twice as high as it was in 2019. The cost of ingredients in 2024 is 2% less than it was in 2023. In 2023 the costs had increased…
Business confidence gathers steam following a prolonged period of stagnation Sri Lanka initiated the second review under the IMF’s Extended Fund Facility (EFF) framework, signifying a crucial step forward in ongoing efforts to foster economic growth – and the authorities remain optimistic about concluding the review successfully and securing a staff-level agreement, which would facilitate…
To bolster growth and combat climate change, the International Finance Corporation (IFC) and Citizens Development Business Finance PLC (CDB)—a leading non-banking financial institution in Sri Lanka—are partnering to enhance CDB’s green portfolio, fostering sustainable and inclusive growth. IFC will support CDB to expand its climate finance product offerings and devise a carbon credit aggregation business…
President Ranil Wickremesinghe inaugurated the flyover spanning the railway line linking Kompagngna Veediya with Justice Akbar Mawatha and Uttarankanda Mawatha, today (08). The rest of the construction work of this project is planned to be completed by the month of September, and the estimated amount for the entire project is Rs. 5,278,081,272.43. It has been…
Sri Lanka’s leading private sector retail bank, HNB PLC, announced two strategic additions to its Board of Directors with the appointment of distinguished banking industry luminaries, S. Renganathan and Nanda Fernando as Independent Non-Executive Directors, marking a significant enhancement to the Bank’s governance and strategic direction. Both Renganathan and Fernando possess over four decades of…
A delegation from the Singapore Food Agency (SFA), the competent authority responsible for food safety and security in Singapore, visited Sri Lanka from the 25th to the 28th of March. The delegation was headed by Dr. Abdul Jalil Abdul Karder, Assistant Chief Executive Officer (Operations), along with two other officers from the Joint Operation Division…
The Central Bank of Sri Lanka (CBSL) says Sri Lanka’s official reserve assets have recorded an increase of 9.5% in the month of March 2024. Accordingly, the official reserve assets have reached USD 4.95 billion in March 2024. This includes proceeds from People’s Bank of China (POBC) SWAP equivalent to USD 1.4 billion, which is…
The Commercial Bank of Ceylon has opened up a world of new opportunities for Sri Lankan businesses, by becoming the first bank in Sri Lanka to enable Alipay QR Code payments under unified Lanka QR. Alipay e-wallet holders, currently numbering over 1 billion, can now scan the Commercial Bank LankaPay unified QR code issued to…
Questions fate of futuristic projects Asserts stone age thinking deprives island nation growth, burdening population severely The Sri Lanka Blue Green Alliance an alliance that promotes sustainable energy and community welfare, held a press briefing at the Sri Lanka National Library Auditorium bringing to light their perspectives into investments into Renewable Energy in Sri Lanka….
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