Wednesday , March 29 2017
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Sri Lanka

Sri Lanka exports down 2.2% in 2016


COLOMBO: Sri Lanka’s exports fell 2.2 percent to 10.3 billion rupees in 2016 from a year earlier amid lower commodity prices and apparels, the main industrial export growing 1.3 percent to 7,940 million dollars, amid falling exports in several Asian nations, official data showed. In December exports rose 4.4 percent to 654 million dollars, helped by rubber products which grew ... Read More »

Sri Lankan rupee ends weaker on dollar demand from state bank

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COLOMBO: The Sri Lankan rupee ended weaker on Tuesday due to dollar demand from a state bank to cover import bills. Rupee forwards were active, with two-week forwards ending at 152.70/80 per dollar, compared with Monday’s close of 152.65/75. “There was some selling (of dollars) by a foreign bank, but a state bank bought. They have some large import bills ... Read More »

Sri Lanka banks, tech firms urged to co-operate to push e-commerce


COLOMBO: Sri Lankan banks need to co-operate among themselves and with technology companies to encourage greater use of digital transactions, Channa De Silva, chief executive of LankaClear. He said LankaClear, an electronic clearing house owned by banks which handles inter-bank funds transfers and provides links for a common automated teller machine network, was keen to encourage digital transactions and reduce ... Read More »

16 kg gold smuggled via sea from Sri Lanka


COLOMBO: The Directorate of Revenue Intelligence (DRI) has seized 16.32 kg of gold in Ramanathapuram on late Sunday night. The DRI teams from Thoothukudi and Coimbatore have intercepted a courier van at the coastal Devipattinam, near Ramnad on Sunday night, and seized smuggled gold bars. They have detained the van driver and taken him to Madurai after overnight stay at ... Read More »

Sri Lanka, Pakistan should utilize the full potential of FTA


COLOMBO: Pakistan’s Prime Minister Nawaz Sharif has said that Pakistan and Sri Lanka can collaborate to achieve the objectives of the South Asian Association for Regional Cooperation (SAARC). Prime Minister Sharif made this remark when President Pakistan-Sri Lanka Friendship Trade & Investment Association Iftikhar Aziz, called on the Prime Minister at PM House in Islamabad on Friday. While recalling a ... Read More »

Sri Lanka’s Pan Asia Coloured Yarns awarded OekoTex Standard 100 and ISO 9001:2008 Certification


COLOMBO: Sri Lanka’s leading producer of Polyester and Nylon Yarn, Pan Asia Coloured Yarns (PACY) was awarded the highest grade of OekoTex Standard 100 certification following a series of stringent tests carried out at the Hohenstein Textile Testing Institute, Germany. At the same time the company was also awarded the only Independent Yarn Dyeing Plant to be certified by ISO ... Read More »

Sri Lanka Feb tea export prices up, volumes at eight-year low


COLOMBO: Tea export volumes from Sri Lanka fell 5 percent to 22.4 million kilos in February 2017 from a year ago, the lowest shipments for the month in eight years, but earnings were higher, brokers said. The February 2017 shipments were a significant improvement from the January quantity of 20.1 million kg, according to Asia Siyaka Commodities. “The value of ... Read More »

Sri Lanka raises interest rate to 8.75%


COLOMBO: Sri Lanka has raised its standing lending facility rate by 25 basis points to 8.75 per cent in the first rate hike since July. Following its Thursday meeting, the Central Bank of Sri Lanka announced this morning it opted to raise rates “in order to contain the build-up of adverse inflation expectations and the possible acceleration of demand side ... Read More »

Sri Lanka to extend loans for rooftop solar systems


COLOMBO: Sri Lanka is taking major steps towards a solar future with this week’s announcement that it will extend the loan scheme for the installation of small solar power plants on residential and commercial buildings. Although originally the scheme titled Soorya Bala Sangramaya (Battle for Solar Energy) applied only to the consumers whose monthly electricity bill topped 2,000 rupees (around ... Read More »

Comm Bank named Best Bank in Sri Lanka for 18th time by Global Finance


COLOMBO: The Commercial Bank of Ceylon has been named Sri Lanka’s Best Bank in 2017 by USA-based Global Finance, giving the Bank its third international accolade in as many months. Just released by the authoritative and widely respected publication, the list of the 30 Best Banks in Asia Pacific has Commercial Bank in the company of the giants of the ... Read More »

Sri Lanka Hambantota port deal seen helping build forex reserves


COLOMBO: Getting China to operate Sri Lanka’s loss-making, debt-ridden Hambantota port is aimed not only at reviving the harbour’s fortunes but also managing foreign currency reserves to relieve pressure on the rupee, a central bank official said. “The government is looking at a broader level, not just the port,” said Nihal Fonseka, a member of the governing board of Sri ... Read More »

Sri Lanka NCPI inflation at 8.2% in Feb 2017


COLOMBO: Sri Lanka’s inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), increased to 8.2 percent in February 2017 from 6.5 percent in January 2017, on year-on-year basis, a statement said. “Both Food and Non-food categories contributed towards the year-on-year inflation in February 2017. The low base that prevailed in February 2016 was the significant ... Read More »

Sri Lankan rupee ends steady; rates decision awaited

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COLOMBO: The Sri Lankan rupee closed steady on Tuesday as dollar demand from importers offset selling of the greenback by exporters late in the day, even as dealers said rising imports and selling of rupee bonds by foreign investors weighed on the currency. Pressure on the rupee could ease if the country’s central bank announces a hike in key rates ... Read More »

Fairfax consolidates Sri Lanka insurance operations


COLOMBO: Fairfax Financial Holdings Limited (Fairfax) announced that it has successfully completed the amalgamation of Fairfirst Insurance Limited (Fairfirst) and Union Assurance General Limited (UAG). The amalgamated entity will operate as Fairfirst Insurance Limited with effect from 28th February 2017. Rights and obligations arising from all insurance policies issued by Union Assurance General Limited will continue to be honored by ... Read More »

Sri Lankan rupee falls on importer dollar demand; stocks edge up


COLOMBO: The Sri Lankan rupee edged down on Monday due to dollar demand from importers, while increased imports and foreign selling in rupee bonds weakened the outlook for the currency, dealers said. Rupee forwards were active, with two-week forwards trading at 152.80/153.10 per dollar at 0510 GMT, compared with Friday’s close of 152.60/80. “We have seen lot of importers in ... Read More »

Sri Lanka’s LOLC acquires majority stake in Cambodia’s PRASAC Microfinance


COLOMBO: LOLC International Private Limited, a wholly-owned subsidiary of Lanka ORIX Leasing Company (LOLC)) and The Bank of East Asia, Limited (BEA) announced Friday that they have acquired a majority interest in Cambodia’s PRASAC Microfinance Institution. LOLC Group has acquired 48 percent stake in the Cambodian microfinance company for US$ 186 million through LOLC International Private Limited from Belgian Investment ... Read More »

Former Sri Lankan ambassador to U.S. Jaliya Wickramasuriya granted bail

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COLOMBO: A Sri Lankan court on Friday granted bail to the former Sri Lankan Ambassador to U.S. Jaliya Wickramasuriya, who was arrested by the Financial Crimes Investigations Division (FCID) last year on charges of financial fraud. Colombo Fort Magistrate Lanka Jayaratne released Wickramasuriya on strict bail conditions considering his ill health. Wickramasuriya was receiving treatment in a private hospital in ... Read More »

Sri Lanka’s HNB cancels EGM to appoint new director


COLOMBO: Hatton National Bank has said that a scheduled Extra-Ordinary General Meeting (EGM) for March 27, will not be held. The EGM was called in order to adopt a resolution to appoint Dinesh Stephen Weerakkody as a director of the bank. “Hatton National Bank PLC (the “Bank”) on March 7, 2017, called for an Extra-Ordinary General Meeting (EGM) on 27th ... Read More »

Sri Lanka BIA runway renovation ahead of schedule


COLOMBO: Sri Lanka’s renovation of the Bandaranaike International Airport (BIA) runway is expected to be completed ahead of schedule, the minister of transport and civil aviation said. “The government invested around 49 million US dollars in the renovation and we need to thank our official for completing this work ahead of time,” Nimal Siripala de Silva, minister of transport and ... Read More »

Sri Lankan rupee falls; cbank moral suasion dampens trade

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COLOMBO: The Sri Lankan rupee fell on Thursday on dollar demand from importers, but moral suasion by the central bank put a dampener on trade after expectations of a nearly $1 billion inflow from a bond sale failed to ease pressure on the currency, dealers said. Dealers said the banking regulator has been preventing spot rupee trades below 151.35 per ... Read More »