The Monetary Board of the Central Bank of Sri Lanka, at a special meeting held on 06 May 2020, reviewed the current monetary policy stance and decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 5.50 per cent and…
Hemas Holdings PLC controlled Club Hotel Dolphin, Waikkala, has completed its fifth successful week as a dedicated COVID-19 Quarantine Centre. All operating costs during this time period is being borne by the Hemas Group and the Dolphin Hotel in the interest of supporting the government, frontline healthcare workers, armed forces personnel and the people of…
The Sri Lanka Retailers’ Association (SLRA), the apex body for organised retail in Sri Lanka, is urging all landlords and lessors to reduce leases and rentals for its membership. SLRA President Sidath Kodikara appealed landlords to provide a 50% concession on rentals/ leases for the next six months on properties leased and rented by SLRA members,…
Fitch Ratings has downgraded in May three Sri Lankan banks’ Issuer Default Ratings after it downgraded Sri Lanka’s sovereign rating to ‘B-‘ with a Negative Outlook and revised down its assessment of the banks’ operating environment, both of which reflect the escalating impact of the coronavirus pandemic on the country’s economy. Fitch also maintained a…
Former Central Bank Governor Dr. Indrajit Coomaraswamy has been appointed as a Non Executive Independent Director to the Board of Tokyo Cement Company (Lanka) Plc with effect from 25 March, 2020. This is a re-appointment as Dr. Coomaraswamy has served on the Tokyo Cement Company (Lanka) Plc Board prior to being appointed as the Central Bank Governor…
SriLankan Airlines moves swiftly and decisively to rescue nation’s export industries Sri Lanka’s National Carrier SriLankan Airlines is making a decisive move to rescue the country’s much troubled export industries by launching dedicated cargo services to a host of destinations and throwing a lifeline to the nation’s economy at a time of gravest peril. Mr….
Sri Lanka Ports Authority (SLPA) has introduced a new procedure for MCC (Multi Country Consolidation) and LCL (Less than Container Load) delivery of cargo to curb any delays that may occur in their operations during Covid – 19 period. The new arrangements were enacted with effect from yesterday (05th May 2020) through the Logistics Division of SLPA….
Despite drop in overall earnings Banks, Telcos, Materials and Diversified Financials show recovery December quarter earnings in 2019 declined by 4.7% year-on-year (YoY) to Rs. 66.6 billion for 266 companies, primarily owing to sluggish performance in Food, Beverage and Tobacco (-35%YoY), Insurance (-41%YoY), Capital Goods (-23%YoY) sectors, First Capital Research said yesterday(04). However, earnings upside was…
The Sri Lankan rupee shows signs of recovery after hitting the skids over the past few weeks. According to the daily exchange report of the Central Bank of Sri Lanka (CBSL), the current buying rate of the US Dollar today (05) stands at Rs.185.81 and selling rate of the US dollar stands at Rs. 191.71….
With Hambantota International Port (HIP) resuming operations with Litro Gas the port completes its full complement of energy services, positioning itself to vie for hub status in the South Asian region. Litro Gas supplies LPG to Sri Lanka’s domestic market, and the company has leased tanks at the Hambantota International Port to support their supply…
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