Temporarily Closure of the Colombo Stock Exchange (CSE) Colombo Stock Brokers Association (CSBA) defends the decision by the Securities and Exchange Commission of Sri Lanka (SEC) to temporarily close down the Colombo Stock Exchange (CSE) for 5 business day as a warranted measure, considering the prevalent economic crisis in the country as well as the…
COLOMBO, April 18 (Reuters) – Sri Lanka’s worst economic crisis has triggered an unprecedented wave of spontaneous protests as the island nation of 22 million people struggles with prolonged power cuts and a shortage of essentials, including fuel and medicines. President Gotabaya Rajapaksa’s government has come under growing pressure for its mishandling of the economy,…
At a briefing at the Ministry of Foreign Affairs on 12 April 2022, Minister of Foreign Affairs Professor G. L. Peiris, Minister of Finance, M. U. M. Ali Sabry PC and the Governor of the Central Bank, Dr. Nandalal Weerasinghe informed donor nations of the current economic situation in the country. The Diplomatic community was…
The payment industry in Sri Lanka is currently undergoing a rapid change due to the introduction of new payment instruments, methods and processes. Along with the traditional payment methods, these new payment processes have completely redefined the customer experience and enabled businesses and consumers to conduct their financial transactions safely and efficiently. In this backdrop,…
By Mahika Ming PM Sirima (1970 – 77) was globetrotting while the masses were suffering, thus planted her own “political jungle” and stayed there in till 1989. President JR had a steam roller majority (with undated letters of resignation from MPs) since 1978 when India moved in to help SL 10 years later with their…
The Board of Directors of the Colombo Stock Exchange (CSE) by way of a communication dated 15th April 2022 has called upon the Securities and Exchange Commission of Sri Lanka (SEC) to temporary close the stock market citing the present situation in the country. Many other stake holders of the securities market including the Colombo…
Reuters – Sri Lanka’s creditors face losing a third to half of their investment in the country’s dollar bonds, after the government announced it would restructure $11 billion worth of debt, the first such financial shake-up in its modern history. Formal debt talks haven’t started but analysts are already crunching the numbers to estimate what…
SriLankan Airlines has issued four requests for proposal (RFPs) to lease up to 21 aircraft to support its long-term business strategy. This includes two RFPs covering existing fleet types (320 and 330 family aircraft) and two parallel RFPs to compare with alternative aircraft types. Roughly 60 per cent of the planned aircraft will be for…
Reuters – India is willing to commit up to another $2 billion in financial assistance to Sri Lanka while also supporting the island nation with food and fuel, five sources told Reuters, as New Delhi tries to regain ground lost to China in recent years. Sri Lanka, hit by its worst economic crisis since independence…
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on foreign-currency bonds issued on international markets have also been downgraded to ‘C’ from ‘CC’. The Long-Term Local-Currency IDR has been affirmed at ‘CCC’ and the Country Ceiling at ‘B-‘. A full list of rating actions…
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