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…
The Ministry of Finance says that a four-member committee has been appointed to look into the allegations of irregularities, unproductive measures, and instances where actions were taken contrary to the objectives at the four main state banks of the country, during the last 05 years. Issuing a statement today, the ministry said that the Cabinet…
Sri Lanka Tourism Promotions Bureau (SLTPB) participated in a webinar organized by the Sri Lankan High Commission in Pakistan to brief the Pakistani top tour operators on the COVID-19 situation in Sri Lanka, and to explore ideas to promote Sri Lanka to high-end travellers of Pakistan. Sri Lanka Tourism Chairperson, Kimarli Fernando attended the discussion…
Asia’s cash discounts for jet fuel widened on Tuesday, to their biggest discounts in two months, as ongoing border and travel restrictions due to the COVID-19 pandemic continued to impair aviation demand. Cash discounts for jet fuel JET-SIN-DIF were at a 81 cents a barrel to Singapore quotes on Tuesday, the widest since June 23….
According to J. B. Securities monthly review, vehicle registrations in July were slightly down from June but remain at healthy levels indicative of existing inventory driving sales. “It is likely that this momentum slows in August due to stockouts in certain categories,” J. B. Securities stated in its latest review. Motor car registrations recorded 1,712…
The Ceylon Chamber of Commerce with a view to support companies to promote exports from Sri Lanka, entered into a partnership agreement to integrate an “Online Market Place”, developed by Epic Lanka Technologies (Pvt) Ltd. The platform will be integrated to Chamber’s e-commerce portal https://bizinfosrilanka.lk During the signing ceremony held on 7th August, Mr. Manjula…
Sunshine Holdings PLC’s (A(lka)/Stable) 100 percent acquisition of Sri Lanka-based confectionery maker Daintee Limited will increase the cash flow of the group’s fast-moving consumer goods (FMCG) segment, which is defensive in nature, as the lower-priced goods are considered essential, Fitch Ratings said. “We believe the largely debt-funded acquisition will have no immediate impact on Sunshine’s…
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