Economic
The Monetary Board of the Central Bank of Sri Lanka (Monetary Board) has decided to suspend business of Swarnamahal Financial Services PLC (SFSP), in terms of Section 31(1) of the Finance Business Act, No. 42 of 2011 (FBA) with effect from 12 April.
The Central Bank yesterday warned the public against investment or dealing in virtual currencies as there are no regulatory safeguards under Sri Lankan law and as such users run significant risks including being in violation of foreign exchange regulations.
The Colombo stock market yesterday saw old lustre as turnover topped Rs. 5 billion mark. The All Share Price Index gained by 30 points or 0.4% and S&PSL20 improved by over 20 points or 0.7%. Turnover at Rs. 5.16 billion was a two-month high.
The Sri Lankan rupee dipped further today against the US dollar, as the selling rate of a dollar was recorded at Rs.204.62.
The Central Bank yesterday revamped the mandatory conversion of 25% of exporter earnings imposed in February to 10% within 30 days despite reserves dipping to $ 4.1 billion at the end of March.
The decline of the Rupee vis-à-vis the US Dollar is likely to have a mixed impact on listed companies, according to stock broking firm CTCLSA Securities.
The depreciation of the rupee persisted, with yesterday’s $ exchange rate crossing the Rs. 203 mark.
Special Deposit Accounts (SDA) introduced by the Government last year have attracted $ 360.3 million, which has pushed the Cabinet to approve extending their validity period further, a top official said yesterday.
The public holiday declared today will not be applicable for State and private banks, the Secretary of the Ministry of Public Administration said.
The Central Bank yesterday said it was seeking support from multiple sources to manage Sri Lanka’s upcoming debt repayments and reiterated commitment to meeting its obligations even as reserves slipped to $ 4.1 billion at the end of March.
When the petition challenging the new Bill titled ‘Inland Revenue Amendment’ to amend the Inland Revenue Act came up before the Supreme Court on Monday, Counsels for the Petitioners suggested proposals to make the Bill consistent with the Constitution.
The private sector on Friday voiced their strong opposition to replace the existing Tourism Act with a new one, saying it will be destructive and untimely whilst there had not been proper consultation.
The Monetary Board, at its meeting on Tuesday, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50% and 5.50%, respectively.
The confectionery manufacturing industry yesterday expressed concerns over its survival and security of jobs, following the “sudden” decision by the Government to ban its key raw material – palm oil imports – with immediate effect.
Reuters: Shares closed higher yesterday, recording their best week in 11, helped by gains in the consumer and industrial sectors.
An equity fund to provide crucial seed capital for deserving Small and Medium Enterprises (SMEs) is likely to bear fruit following discussions between a dedicated group within Chartered Accountants of Sri Lanka and the State Minister of Money, Capital Markets and State Enterprises Reform Nivard Cabraal.
Seylan Bank’s Rs. 6 billion worth listed debenture has been snapped up on its official opening day yesterday.
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