A Sri Lankan bank has begun negotiations with US based PayPal to become its domestic partner bank for inward remittances, Central Bank Governor Ajith Nivard Cabraal told the foreign media in Colombo. The Central Bank currently allows outward payments through PayPal via credit cards but the monetary authority prohibits receipts and withdrawals from domestic bank accounts. However,…
A latest research report has revealed that the profits of Sri Lankan banks have decreased by 16 percent during the last quarter in December due to the decline of gold prices in the world market and the heavy losses incurred on gold loans. While this has been revealed through the latest research report on the stock market published by…
The Sri Lanka Bureau of Foreign Employment (SLBFE) is reportedly to be shifted to the proposed Kottawa-Makumbura Expressway city on which the Urban Development Authority (UDA) is to commence work soon. A few days ago AdaderanaBiz revealed for the first time that a new city with ultra-modern facilities is to be constructed on a 25…
It has been revealed that the government is engaged in deep discussions to get China Merchant Holdings to invest in the first phase of the Northern Expressway on which work is to commence this year. Road Development Authority (RDA) chief R.W.R. Pemasiri told AdaderanaBiz there are possibilities of inviting China Merchant Holdings to invest in…
Work on the largest ship ever built so far in Sri Lanka is nearing completion and preparations have been made to hand it over to the Indian Central Government, says the Chief Executive Officer of Colombo Dockyard Limited. Colombo Dockyard CEO Mangala P.B. Yapa told AdaderanaBiz that this vessel could carry 450 passengers and 2,500…
International rating agency has expressed its views on the Sri Lanka Central Bank’s moves of consolidating the country’s financial and banking institutions. The rating agency has stated that though there could be short term risks involved in this process, on a long term consideration this move is favourable to Sri Lanka’s banking system. According to…
Though Sri Lanka’s foreign reserves could incur some losses due to the decline in gold prices, latest data shows that the country’s foreign reserves have increased by 4.6 percent to USD 7,200 million. Accordingly, Sri Lanka’s foreign reserves have increased by USD 320 million in 2013. Meanwhile, the Sri Lanka Central Bank has…
It is revealed that the tax concessions for the recent controversial multi- development hotel project in Colombo with Australian businessman James Packer’s involvement and two other multi-development projects have received Cabinet approval. This comes to light when the gazette notifications issued by the government on projects undertaken by Lake Leisure Holdings involving James Packer and the multi-development projects…
– Some 30 tons of Sri Lankan coins stuck in India Pilgrims and devotees as a habit mostly offer coins to temples and places of worship. This results in a shortage of coins in the monetary circulation. Sri Lanka Central Bank Governor Ajith Nivard Cabraal has proposed a novel solution to this issue. While speaking…
Though a gazette notification has been passed in parliament with the government and opposition unanimously voting in favor of at least 80 percent of a cigarette pack carrying pictorial warnings against smoking, it is not necessary to carry this out at the moment since there is a Supreme Court ruling in this regard, states the…
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