Thursday , August 17 2017
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Sri Lanka

Sri Lanka’s Central Bank seeks clarity on National Payment Platform

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COLOMBO: Sri Lanka’s Central Bank says they are still awaiting a response regarding concerns raised regarding the National Payment Platform (NPP) from ICTA. The CBSL requested more information about NPP when it was presented in 2016 and a request was made in order to gather details on system development, operation manuals, system security, compliance with system standards and the external ... Read More »

Sri Lankan rupee ends lower on importer dollar demand

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COLOMBO: The Sri Lankan rupee ended weaker on Tuesday as dollar demand from importers outpaced selling of the US currency by banks and exporters, dealers said. The spot rupee finished at 153.15/25 per dollar, compared with Monday’s close of 153.10/15.  “There was demand from state banks, probably to pay oil bills and there is not much of selling,” a currency ... Read More »

Sri Lanka Customs seizes a haul of toxic tobacco products worth Rs. 3.5 mn


COLOMBO: Sri Lanka Customs at the Bandaranaike International Airport in Katunayake today seized a stock of narcotics and pills made of toxic tobacco brought by two passengers. The Customs say they have arrested the two suspects along with the seizure of the drugs worth Rs. 3.5 million. The suspects have arrived in a flight from Dubai. According to the Customs, ... Read More »

Sri Lanka Central Bank suspends primary dealer Pan Asia Banking Corporation


COLOMBO: The Monetary Board of Sri Lanka’s Central Bank has decided to suspend the business activities of a Primary Dealer of Pan Asia Banking Corporation PLC (PABC) from today for a period of six months. The Central Bank in a statement released said the PABC will be suspended with effect from 10.00 a.m. on 15th August 2017. This regulatory action ... Read More »

Central Bank of Sri Lanka grants concessions on loans to flood affected borrowers

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COLOMBO: The Central Bank of Sri Lanka said it has permitted licensed banks to grant concessions to their borrowers who have been affected by the recent floods, adverse weather conditions and connected circumstances. The Central Bank has taken the measure with a view to facilitating the recommencement of affected people’s businesses and normalization of their activities. Accordingly, licensed banks can ... Read More »

Sri Lanka’s industrial production index increases 0.3% in June 2017


COLOMBO: According to the monthly Index of industrial Production (IIP) released by the Census and Statistics Department, the volume of industrial production in Sri Lanka has increased by 0.3 percent in June 2017 compared to the same month in 2016. Among the manufacturing industries, volume of ‘Basic pharmaceutical products’ increased by 19.5%, ‘Basic metal products’ by 14.0% and ‘Fabricated Metal ... Read More »

Sri Lanka’s economic growth held up in 2016 despite inclement weather and fiscal consolidation


COLOMBO: Sri Lanka’s economic growth held up in 2016 despite the fiscal consolidation and weather-related shocks the International Monetary Fund (IMF) said releasing its country report Thursday. The economic growth was supported by robust activity in the industry and service sectors, and improved confidence following the Extended Fund Facility (EFF) program agreement in June, the global lender said. Despite some ... Read More »

Sri Lankan rupee holds steady as dollar demand offsets supply

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COLOMBO: The Sri Lankan rupee traded steady on Friday as banks and exporters sold the dollar, offseting mild importer demand for the U.S. currency, dealers said. The spot rupee traded at 153.10/15 per dollar at 0650 GMT, compared with Thursday’s close of 153.10/20. “Rupee is trading steady. We don’t see state banks in the market,” a currency dealer said, requesting ... Read More »

Sri Lanka’s Foreign Minister resigns over corruption allegations


COLOMBO: Sri Lanka’s Foreign Minister Ravi Karunanayaka on Thursday announced his resignation in parliament over corruption charges leveled against him. Making a statement in Parliament Karunanayake said he is resigning from the ministerial post with pride and to prevent moves to destabilize the Yahapalanaya government. Karunanayaka denied all allegations against him and said he wanted to set an example in ... Read More »

Sri Lanka’s Melstacorp June quarter net down 41%


COLOMBO: Profits at Melstacorp, the holding company of Sri Lanka’s largest hard alcohol maker Distilleries Corporation, fell 41 percent to 1.1 billion rupees from a year ago in the June quarter, interim accounts showed. The diversified group, which has interests in beverages, plantations, telecommunications and financial services, has reported basic earnings of 98 cents per share for the quarter compared ... Read More »

Sri Lanka rupee steady; dealers expect slight rise


COLOMBO: The Sri Lankan rupee traded steady on Wednesday, as dollar selling by banks offset importer demand for the greenback, while the market expects the local currency to appreciate due to inflows, dealers said. The spot rupee traded at 153.20/25 per dollar, as of 0628 GMT, compared with Tuesday’s close of 153.20/30. “Importer (dollar) demand is there today, but we ... Read More »

Sri Lanka’s May fiscal deficit down; tax collection up 13%

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COLOMBO: Sri Lanka’s fiscal deficit for May 2017 fell 10.93 percent compared to 12 months ago to Rs.52.16 billion, with increased public investment overtaking higher income revenue, pushing the deficit for the first five months of the year down, overshadowing progress made earlier. Tax collection this May increased 13.15 percent year-on-year (YoY) to Rs. 143.50 billion. Since the increased Value ... Read More »

Sri Lanka tax revenues up 23% to May 2017, current deficit down


COLOMBO: Sri Lanka’s tax revenues rose 23 percent to 697.8 billion rupees in the five months to May 2017, and current spending rose at a slower 10 percent to 769.3 billion rupees, sharply narrowing the revenue deficit from a year earlier, official data shows. Finance Ministry data showed that the revenue or current account deficit fell to 26 billion rupees ... Read More »

Sri Lanka plans to increase investment on exports to relieve debt burden

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COLOMBO: Sri Lanka’s Prime Minister Ranil Wickremesinghe says the government is burdened with the payment of installments and interest of massive loans obtained by the previous regime. Speaking at the opening ceremony of the newly modernized Ambeywela Highland Milk Powder Factory today, the Prime Minister said the debt burden can be relieved by increasing investment on exports. The Highland Milk ... Read More »

Pakistani national arrested at Sri Lanka airport with heroin worth Rs 3.7 mln


COLOMBO: Sri Lanka Customs at the Bandaranaike International Airport (BIA) has arrested a Pakistani national attempting to smuggle a stock of heroin worth 3.7 million rupees. The 54-year-old Pakistani national has arrived at the Bandaranaike International Airport last night from Bangkok, Thailand. Customs Spokesman said the stock of heroin weighing 376 grams was found concealed in the suspect’s hand luggage. ... Read More »

National Chamber holds seminar and workshop on Custom Procedures, Documentation


COLOMBO: The National Chamber of Commerce in Sri Lanka (NCCSL) in association with Sri Lanka Customs will conduct a seminar on latest changes in the procedures of the Customs Department and a workshop on Customs documentation. The NCCSL will conduct a business session on the latest Customs procedures, trade facilitation, on line payments, automation service, exports/imports etc on Wednesday 23 ... Read More »

Sri Lanka’s Sampath Bank June profit up 39%


COLOMBO: Profits at Sri Lanka’s Sampath Bank rose 39 percent to almost 3.5 billion rupees in the June 2017 quarter from a year ago, supported by robust growth in deposits and loans, according to interim accounts filed with the stock exchange. The group reported earnings of 18.72 rupees per share for the quarter. The stock was trading at 281 rupees ... Read More »

Sri Lanka rupee, stocks little changed; dull trade ahead of long weekend

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COLOMBO: The Sri Lankan rupee was little changed on Friday, as mild importer demand for the dollar offset light greenback sales by banks in dull trade ahead of the long weekend, dealers said. Analysts said the market shrugged off Thursday’s policy decision by the central bank as it was widely expected. The spot rupee traded at 153.35/45 per dollar at ... Read More »

Sri Lanka’s Opex Holdings invests Rs550 mln in liquid fertilizer plant


COLOMBO: Opex Holdings, an agriculture company, said that they have invested 550 million rupees in a liquid fertilizer manufacturing plant in Maradagamuna. The plant will be the first liquid fertilizer plant in the South Asian region and is due to commence operations today. “This is a bid to slash the fertilizer import bill which is around 28 billion rupees annually,” ... Read More »

Sri Lanka cbank keeps rates steady, says inflation and credit growth cooling


COLOMBO: Sri Lanka’s central bank held its policy rates steady on Thursday and said past tightenings are helping cool inflation and credit growth, signalling receding concerns about price pressure as it focuses on supporting an economy hit by extreme weather. As widely expected, the central bank kept the standing deposit facility rate (SDFR) at 7.25 percent and standing lending facility ... Read More »