President Gotabaya Rajapaksa instructed the relevant authorities to meet the responsibility of producing skilled workers for the local and international job markets by reviving the vocational training sector. President emphasized this during a meeting with officials of the Ministry of Skills Development, Employment and Labour Relations held at the Presidential Secretariat last Friday (27). President…
The Central Bank of Sri Lanka (CBSL) says that it will start imposing certain penalties or sanctions from next week on the banks that have not complied with the CBSL’s direction to bring down prime lending rates. CBSL Senior Deputy Governor Dr. P. Nandalal Weerasinghe told reporters Friday (27) that as per the direction issued…
South Korea’s commercial lender KB Kookmin Bank said Thursday its board has agreed to acquire a 70 percent stake in Cambodia’s lender Prasac Microfinance Institution for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings. Prasac Microfinance is the No. 1 microfinance deposit-taking institution, taking up over 40 percent of market share in Cambodia with…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 26 December 2019, decided to maintain its accommodative monetary policy stance with the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank remaining at their current levels of 7.00 per cent and 8.00…
Sujeewa Rajapakse has been appointed as the new chairperson of the People’s Bank, stated Ada Derana reporter. Sujeewa Rajapakse is a Senior Chartered Accountant and is a past President of the Institute of Chartered Accountants of Sri Lanka. He has previously served as a board member of the Sri Lanka Accounting and Auditing Standard Monitoring…
Laments absence of investment-linked visa programme to capitalise on high interest in Sri Lanka’s offering The investment opportunities in Sri Lanka’s property development sector generated significant interest at the 2019 Luxury Properties Showcase Ltd. (LPS) exhibition in Shanghai, China, according to Altair, one of the leading participants from South Asia at the invitation-only event, which…
First Capital Research has trimmed down its Rate Cut probability to 50% from the previous Dec 2019 expectation of 100% probability, considering the recent major policy changes, specifically due to the tax benefits, moratorium on loans and easing of capital adequacy to stimulate the consumer demand and revive growth in the economy. Following is the full…
The Asian Development Bank (ADB) signed a $5 million financing facility with PT SASL and Sons Indonesia (PTSASL), a subsidiary of the Silvermill Group (Silvermill)—one of Sri Lanka’s largest manufacturers and exporters of coconut-based products—to expand the group’s operations in Indonesia. ADB’s facility will promote the development of a coconut agro-industry in Central Sulawesi, with…
Director General Asanga Abeyagoonasekera from the Institute of National Security Studies Sri Lanka (INSSSL) was invited for the Global Think Tank Summit 2019 in Rio de Janeiro Brazil to Chair the plenary panel and speak on ‘Thinking about the Future of Think Tanks and Public Policy in an Age of Insecurity and Instability’ The panel…
Sri Lankan economist, academic and author Professor W.D. Lakshman has assumed duties as the new Governor of the Central Bank of Sri Lanka (CBSL). He has officially assumed duties following a brief ceremony at the Central Bank, a short while ago. Professor Lakshman takes over from former CBSL Governor Dr. Indrajit Coomaraswamy, who stepped down…
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