Tuesday , October 17 2017
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Sri Lanka

Sri Lanka’s central bank chief sees no pressure to lift rates


COLOMBO: Sri Lanka’s central bank doesn’t see any pressure to tighten policy even as inflation accelerates on the back of a severe drought and poor weather, Governor Indrajit Coomaraswamy said. “We feel our monetary policy stance at the moment is OK,” Coomaraswamy said in an interview in Washington recently. “There is no demand side pressure that we see.” The central ... Read More »

Sri Lanka Finance Minister chair of G-24; calls for freer trade, investment


COLOMBO: Sri Lanka’s Finance Minister Mangala Samaraweera assumed the Chairmanship of the Group of Twenty-Four (G-24) has called for freer trade and private sector investment. “Experience has shown that growth in output alone is not enough to improve the welfare of the people,” Minister Samaraweera said at the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), was ... Read More »

Sri Lankan rupee ends down on dollar demand from oil importers

Sri Lankan rupee

COLOMBO: The Sri Lankan rupee ended weaker on Wednesday as banks bought dollars on behalf of state-run Ceylon Petroleum Corp, which stocked up crude ahead of an expected fuel price hike, dealers said. The spot rupee ended at 153.50/60 per dollar, edging down from Tuesday’s close of 153.43/48. “State banks were buying dollars mainly for oil imports. As the fuel ... Read More »

Sri Lanka’s Pan Asia Bank secures USD33Mn for green lending business

Pan Asia Bank

COLOMBO: Sri Lanka’s Pan Asia Banking Corporation (PABC) has secured a US 33 million dollar funding arrangement with the Global Climate Partnership Fund, the bank said in a statement. The funding will be used to enhance the green lending business of PABC. PABC said already US 20 million has been released and the balance 13 million dollars will be disbursed ... Read More »

Sri Lanka, Finland to ink digitalization deal

Switzerland, Italy inks accord to exchange tax data

COLOMBO: Sri Lanka and Finland expects to sign a memorandum of understanding on digitalization, Economic Minister Mika Lintila had said during an official visit of Prime Minister Ranil Wickremesinghe. Prime Minister Wickremesinghe’s visit had laid a strong foundation for closer relations between the two countries, he had said, during a banquet held in Helsinki to welcome a delegation from Sri ... Read More »

Sri Lanka arrests two over hacking of Taiwan bank accounts


COLOMBO: Two people have been arrested in Sri Lanka for suspected money laundering from a Taiwanese bank whose computer system was hacked to enable illicit transactions abroad, police said on Monday. Police acted after state-owned Bank of Ceylon reported a suspicious transfer into one of its accounts of $1.2 million from Taiwan Far Eastern Bank, following by a withdrawal of ... Read More »

Sri Lanka revises import license fee for tea re-exports

tea exports

COLOMBO: Sri Lanka has cut an import license fee of 1.0 percent of import valued with freight charged on flavoured and non-flavoured tea and replaced it with a 1,000 rupee fee, according to a government notice. The Minister of Development Strategies and Trade Malik Samarawickrama which was raised in February 2016. The import license fee are issued by gazette using ... Read More »

Sri Lanka to import 18,000MT of fertilizer for state firms


COLOMBO: Sri Lanka’s state-run Lanka Fertilizer Colombo Commercial Fertilizer Company Ltd, will distribute 18,000 metric tonnes of urea and 3,000 metric tonnes of triple super phosphate imported by the ministry of agriculture. The cabinet of ministers had given the nod for a proposal by agriculture Minister Duminda  Disanayake to import the stocks of fertilizer, the state information office said. They ... Read More »

New Sri Lanka e-commerce platform targets small business

e commerce

COLOMBO: Commercial Bank said it has partnered with WEBXPAY, an online e-commerce platform for small and medium enterprises to enable transactions in Sri Lankan rupees and US dollars through credit and debit cards, mobile wallets and internet banking networks. The bank will provide an online sales channel to merchants in Sri Lanka through WEBXPAY, a statement said. “WEBXPAY helps manage ... Read More »

Ten more Sri Lanka SOEs to sign corporate plans


COLOMBO: Ten Sri Lanka state enterprises will sign ‘statements of corporate intents’ setting out plans and targets with the Treasury, the state information office said. Sri Lanka’s key SOEs that de-stabilize the economy by running losses including in energy, water, ports and airports have already signed SCI’s under a stabilization program implemented with the International Monetary Fund. The cabinet of ... Read More »

World Bank loan for Sri Lanka financial sector reforms

soft loans

COLOMBO: Sri Lanka is to get US$75 million from the World Bank for financial sector reforms that will modernize regulatory frameworks and infrastructure and improve access to affordable finance especially for small businesses and entrepreneurs. The loan, which amounts to about Rs11.4 billion, is provided by the International Development Association (IDA), the World Bank’s grant and low-interest arm, with a ... Read More »

Sri Lanka’s long awaited LNG discovery to come into operation by 2021


COLOMBO: Sri Lanka plans to commercialize the natural gas discoveries in one of the gas blocks in the Mannar Basin by 2021, Petroleum Resources Development Secretariat (PRDS) said in a recently launched “Petroleum Exploration Development Plan”. “The economic analysis of these two discoveries indicates a very competitive gas price and about 11 oil and gas companies including few major exploration ... Read More »

Tonga’s public debt amounting to half of GDP by end of 2017


COLOMBO: Tonga’s public debt at the end of the current 2017 fiscal year is estimated to be equivalent to half of our Gross Domestic Product GDP (about TOP$444.7m), according to an updated version of the Asian Development Outlook ADO 2017, published by the Asian Development Bank at the end of September. Government operating expenditures during the FY2017 Fiscal Year are ... Read More »

Sri Lanka exports grow 14% in July 2017 driven by industrial, argi sectors

grow heigher

COLOMBO: Sri Lanka’s exports grew 13.9 percent with earnings from exports up to 1,016 million dollars in July 2017, the Central Bank said. “Since March 2017 Sri Lanka’s exports have performed well and exports earnings crossed the one billion dollar mark in July from a year ago for the second time,” it said. “Earnings from industrial exports grew by 11.6 ... Read More »

Sri Lanka’s Nations Trust Bank to issue listed debt


COLOMBO: Sri Lanka’s Nations Trust Bank is to issue listed rated unsecured subordinated redeemable debentures worth 3.5 billion rupees to meet BASEL III requirements. The bank said in a stock exchange filing that the Director Board on Wednesday resolved to issue 35,000,000 debentures at 100 rupees each, subject to necessary approvals. Nations Trust Bank said the debt issue will be ... Read More »

CB says 5% tax to be deducted from NRFC interest payments

Bangladesh frozen food exporters seek tax cut in upcoming budget

COLOMBO: Sri Lanka’s Central Bank on Wednesday confirmed that under the new Inland Revenue Act, a 5 percent With Holding Tax (WHT) should be deducted from the interest paid on all NRFC deposits. The confirmation is related to the taxation of interest income on the Non-Resident Foreign Currency (NRFC) accounts in the new Inland Revenue Act. On September 7, Island’s ... Read More »

Sri Lanka gets new lady customs chief


COLOMBO: P S M Charles, a special grade officer of the Sri Lanka Administrative Service has been appointed the director general of customs, by Finance Minister Mangala Samaraweera. She was government agent Batticaloa, the finance ministry said in a statement. It has been a practice to appoint senior administrative officer, who had not been customs officers as the customs director ... Read More »

Sri Lankan arrested with nearly 1kg of gold in his rectum


COLOMBO: Sri Lankan authorities have arrested a man for allegedly trying to smuggle gold and jewellery weighing up to 1kg (2.2lb) hidden in his rectum. Customs officials found 904 grams of gold, worth about 4.5m Sri Lankan rupees ($29,370, £21,700) inside the suspect’s rectal cavity. The 45-year-old Sri Lankan man was bound for India but was stopped at Colombo’s international ... Read More »

Sri Lankan woman nabbed attempting to smuggle gold worth over Rs. 1.5 mln


COLOMBO: Sri Lanka Customs officials at the Bandaranaike International Airport in Katunayake have arrested a Sri Lankan woman, who was attempting to smuggle 314.5 grams of gold worth over Rs 1.5 million. The suspect, a resident of Wattala, was arrested when she arrived from India on a SriLankan Airlines flight with the gold stock concealed in her luggage. Customs officials ... Read More »

Sri Lanka Customs nab couple attempting to smuggle currency worth nearly Rs. 90 mln

sl customs

COLOMBO: Sri Lanka Customs officials have arrested a man and a woman at the Katunayake Airport Thursday while attempting to smuggle out local and foreign currency worth nearly Rs. 90 million. According to the Customs officials, this is the largest amount of currency attempted to smuggle out from the country. The Sri Lanka Customs Anti-Narcotics Unit arrested the young couple ... Read More »