Going forward, the Central Bank of Sri Lanka (CBSL) will announce a housing credit program for low and middle-income groups, Central Bank Governor Prof. W. D. Lakshman stated. “While encouraging banks to mobilize deposits at reasonable interest rates to depositors the Central Bank would be looking at priority areas in the economy as indicated in the overall…
Pearl Energy (Pvt) Ltd., signed an agreement with the Board of Investment of Sri Lanka to launch ‘Hambantota LNG Hub’ – A floating storage LNG trading facility at the Port of Hambantota, bringing LNG to the doorstep of Sri Lanka, with a primary aim of trading LNG in the region utilizing the strategic location of…
Delivering the Policy Statement of the new government at the ceremonial sitting of the Parliament today (20), President Gotabaya Rajapaksa stated that Sri Lanka will halt the cultivation of oil palm in the country. “Currently, the income from tea, coconut and rubber industries is not at a satisfactory level. We will commence operations to develop…
With the appointment of the new cabinet of ministers bringing about, a re-start to Sri Lanka’s economic activities, the Colombo Stock Brokers Association (CSBA) extends its wholehearted congratulations and best wishes to the new government, Hon. Prime Minister Mahinda Rajapaksa, and newly-appointed State Minister Hon. Ajith Nivard Cabraal for Finance, Capital Markets, and State Enterprise…
Sri Lanka’s technological transformation is at the forefront of His Excellency President Gotabaya Rajapaksa’s vision for the country. To strengthen the execution of this digital roadmap, three strategic new appointments have been made to the board of the Information Communication Technology Agency of Sri Lanka (ICTA). The new appointments are leading Sri Lankan tech personalities…
Piramal Glass Ceylon PLC announced its results for the 1st Quarter of FY 2020-21 with Rs. 1,330 Million of revenue and a loss of Rs. 44 Million, as against the revenue of Rs 1,585 Million and profit of Rs. 21 Million during the similar period of the previous year. “We are facing the most unprecedented…
Sri Lanka is expecting a contraction of gross domestic product (GDP) in the second quarter of 2020 and a rebound in the fourth quarter of the year, Chandranath Amarasekara, Director of Economic Research at the Central Bank stated. “In the first quarter of the year, we didn’t expect a contraction at all. The economic activities…
The Central Bank of Sri Lanka (CBSL) has revised the regulated interest rates for Credit Cards, Pre-arranged Temporary Overdrafts, Pawning Facilities and Penal interest rate over the regular interest rate. Considering bank lending rates of certain financial products which continue to remain high, the Board decided to revise downward the caps on interest rates on…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 19 August 2020, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 per cent and 5.50 per cent, respectively. The Board recognised the…
Considering the previously provided 100bps rate cut, First Capital Research believes that there is a modest likelihood that the Central Bank of Sri Lanka (CBSL) may provide a rate cut to ensure the continued supply of credit at a low cost of funding to accelerate the GDP growth. “As per our view, CBSL either can…
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