MUMBAI: In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the RBI on Thursday allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of USD 1 billion extended by the State Bank of India…
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (restricted default) from ‘C’. Fitch typically does not assign modifiers for sovereigns with a rating of ‘CCC’, or below. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS Grace Period Ends: The…
Reuters – The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G7 finance chiefs said on Thursday in a draft communique from a meeting in Germany after the country defaulted on its sovereign debt. The once-booming island country has suspended debt payments as it grapples with its worst economic…
Reuters – An International Monetary Fund virtual mission to Sri Lanka is expected to conclude technical talks on a potential IMF loan program to the crisis-wracked South Asian country on May 24, Fund spokesman Gerry Rice said on Thursday. Rice, speaking to a virtual IMF briefing, said the IMF monitoring political and economic developments in…
Bloomberg – Sri Lanka fell into default for the first time in its history as the government struggles to halt an economic meltdown that prompted mass protests and a political crisis. Policy makers had flagged to creditors that the nation wouldn’t be able to make payments until the debt is restructured, and is therefore in…
Revenue up 56% to Rs 50 billion Records highest quarterly revenue since inception in Q4 FY 2021/22 India expansion complete, adds 20 tons a day Teejay Lanka PLC has reported a revenue milestone of Rs 50 billion at Group level for FY 2021-22, achieving its first annual sales of a quarter of a billion in…
Reuters – Sri Lanka’s central bank governor said on Thursday he will stay on as head of the bank given an improvement in political stability in the midst of an economic crisis, and he would not step down as he had earlier said he would. Governor P. Nandalal Weerasinghe also said the Central Bank of…
Records a Profit After Tax (PAT) of LKR 1.1 Bn in the quarter ended March 31, 2022 Seylan Bank PLC recorded a Profit After Tax (PAT) of LKR 1.1 Bn in Q1 2022, maintaining its forward momentum in a period of volatile macroeconomic challenges. The Bank capitalized on its strong fundamentals with capital adequacy ratios…
The IT/BPM sector in Sri Lanka has witnessed a continuous trajectory of growth and has been a significant contributor to the country’s export revenue. Sri Lanka Association for Software Services Companies (SLASSCOM)has been the key driving force for the industry, helping to catapult the IT/BPM sector to the next level of growth and innovation through…
The Sri Lanka High Commission in South Africa, in collaboration with Sri Lanka Export Development Board (EDB) and the Mozambique Chamber of Commerce & Industry concluded a successful virtual meeting on May 10, 2022, regarding Construction, Engineering Services and Renewable Energy Project opportunities available in Mozambique for Sri Lankan companies. Mr. Alvaro Massingue, the President…
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