The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 31 May 2023, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 250 basis points to 13.00 per cent and 14.00 per cent, respectively. The Board arrived at…
Appoints Sabry Haniz as Vice President & Director Sri Lanka’s largest marketing communications group, The MullenLowe Group (MLG) launches LoweMedia on the 1st of June. LoweMedia becomes the 7th independently managed strategic vertical following the formation of the group’s six other strategic verticals. Today, MLG consists of MullenLowe (Mainstream advertising), LoweDigital (Social, Content and Paid…
Reuters – Sri Lanka’s key inflation rate eased to 25.2% in May from 35.3% in April, the statistics department said on Wednesday, reducing some stress on the crisis-hit economy. Soaring inflation has battered the economy for more than a year after a severe foreign exchange crisis set off the Indian Ocean island’s worst financial crisis…
In groundbreaking industry news, Noyon Lanka (Pvt) Ltd., a subsidiary of MAS Holdings, and DESSEILLES CALAIS, a subsidiary of the CALAIS DENTELLES holding company, announced the sale of NOYON CALAIS’ IP rights and other intangible assets to Noyon Lanka. NOYON CALAIS is a French lace manufacturer known for a 100+ years of heritage in the industry. This…
The Central Bank of Sri Lanka (CBSL) says it has conducted investigations into several institutions to ascertain whether they have conducted schemes prohibited in terms of the Banking Act, based on some complaints received by the CBSL. In relation to the examination conducted under Section 83C of the Banking Act. No 30 of 1988, the…
Deputy High Commissioner of Sri Lanka Dr. D. Venkateshwaran met Padma Bhushan ‘Superstar’ Rajinikanth, a world renowned actor from South India, at his residence on 29 May 2023. During the meeting, DHC invited Mr. Rajinikanth to visit Sri Lanka as his presence will enhance cinema induced tourism as well as spiritual & wellness tourism. DHC also personally…
A meeting took place at the Presidential Secretariat yesterday (30) between President Ranil Wickremesinghe and representatives from the Bill and Melinda Gates Foundation. The primary focus of the discussion was the digitization of data in Sri Lanka’s agricultural sector. President Ranil Wickremesinghe emphasized the importance of continuing the government’s efforts to modernize the agricultural sector,…
President Ranil Wickremesinghe received a courtesy call by Sun Weidong, the Vice Minister of Foreign Affairs from the People’s Republic of China. The meeting took place at the Presidential Secretariat yesterday (30) and was attended by officials from both nations. During the discussions, Vice Minister Sun Weidong reiterated China’s steadfast support for Sri Lanka in…
Bloomberg – After topping global currency rankings this year, analysts are predicting tough times ahead for the Sri Lankan rupee as the government eases import restrictions and debt repayments loom. The rupee, which closed at 294.07 per dollar on Tuesday, is forecast to decline to 350 by the end of December, according to Standard Chartered…
Reuters – Sri Lanka’s central bank is expected to keep rates unchanged at its policy meeting this week as it continues to support the debt-laden economy amid persistently high inflation. The island nation defaulted on its foreign debt for the first time in April last year, as the worst financial crisis since its independence from…
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