The Monetary Board of the Central Bank of Sri Lanka, at an urgent meeting to review its monetary policy stance on 16 March 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 25 basis points to 6.25 per cent and 7.25 per…
New York (CNN Business) – In a bold, emergency action to support the economy during the coronavirus pandemic, the Federal Reserve on Sunday announced it would cut its target interest rate near zero. The swifter-than-expected rate cut is designed to prevent the kind of credit crunch and financial market disruptions that occurred the last time…
Breaking its silence on deadlocked proposals around estate sector wages, The Planters’ Association of Ceylon issued a statement clarifying its position on stalled negotiations that commenced on the directive of the Government on January 14 2020. In deference to this presidential directive, CEOs and other officials representing the 21 Regional Plantation Companies (RPC) met with…
Oceanpick Pvt Ltd., South Asia’s inaugural project for oceanic farming based in Trincomalee, Sri Lanka, entered into an agreement to receive import credit from Saudi Export Program of the Saudi Fund for Development on 5th March 2020, at the Ceylon Chamber of Commerce. The Saudi Fund for Development (SFD), established in 1975, is a 100%…
In view of the Government declaring Monday, 16th March 2020 a public, bank and mercantile holiday, the Colombo Stock Exchange has declared 16th March 2020 as a market holiday. Accordingly, the market will be closed on 16th March 2020.
Sri Lanka’s stock market crashed on Friday (13) as panic gripping world financial markets deepened. Sri Lanka’s only Capital Market All Share Price Index (ASPI) crashed down by 2.89% of 144.82 points to 4,874.73, dipping below the psychological 5,000 points. The index last hit lowest before today is on 24 July 2012. Meanwhile, the S & P SL20 closed at 87.72 points, closing…
Urging the public to remain calm and not to panic unnecessarily, JKH Retail Sector President assured that despite the global impact of the coronavirus outbreak, there is no shortage in the availability of products in the country. This comes after consumer sentiment marginally tilted towards staying well-stocked for a number of reasons, which include preparations…
In one corner shoppers are emptying shelves as fears grow over the spread of coronavirus and in another corner the stock market is under pressure following tracking global peers, Ada Derena has observed. The government yesterday (12) announced that schools, tuition classes and religious education institutes are closed until April after two Sri Lankans were…
With a view to accelerating economic growth in the country, special credit support scheme to eligible Small and Medium Enterprise borrowers of Banking sector had been introduced. Subsequently, considering the importance of extending the benefits of the borrowers of Non-Bank Financial Institutions Sector (NBFI), it was decided to introduce similar scheme for NBFI. Accordingly, the…
The five biggest tech firms, Amazon, Apple, Alphabet, Facebook, and Microsoft, lost a combined $416.63 billion in value as the markets continued to crater on coronavirus fears and economic uncertainty. Shares of Apple plunged 9.88%, Facebook fell 9.30%, Alphabet dropped 8.2%, Amazon fell 7.98% and Microsoft dropped 9.48%, as investors continued to worry about the spread of coronavirus and its potential…
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