Economic

An effective mechanism has been devised to safeguard the rights of consumers and investors in the financial industry in Sri Lanka, Central bank announced on Friday 20.

The Ceylon Chamber of Commerce with a view to support companies to promote exports from Sri Lanka, entered into a partnership agreement to integrate an “Online Market Place”, The platform will be integrated to Chamber’s e-commerce portal https://bizinfosrilanka.lk

Plantation companies will sustain a cumulative loss of more than Rs. 500 million within months due to policy inconsistencies and vacillation by the Government on a well-regulated expansion of Sri Lanka’s oil palm cultivation, the sector’s apex industry association has warned.

A day-long Parliamentary debate on the Statement of Government Policy made by President Gotabaya Rajapaksa will be held from 9.30 a.m. to 4.30 p.m. today.

Plantation companies will sustain a cumulative loss of more than Rs. 500 million within months due to policy inconsistencies and vacillation by the Government on a well-regulated expansion of Sri Lanka’s oil palm cultivation, the sector’s apex industry association has warned.

The Commercial Bank of Ceylon Group has reported mixed results for the first half of 2020, with robust top line growth negated by a combination of factors including pressure on interest margins due to reduced credit demand and interest concessions granted as pandemic relief to borrowers, increasing impairment provisions and low yields on surplus liquidity.

Blindsided by the unexpected 1.6% contraction in the first quarter, the Central Bank yesterday declined to give fresh growth projections for the rest of the year, but said a substantial pick up is needed in the fourth quarter for Sri Lanka to end 2020 with at least 0% growth.

Tourism Minister Prasanna Ranatunga will present to the Cabinet the case for re-opening the Sri Lankan borders as early as possible for tourists.

The Sri Lanka Banks Association (SLBA) representing all licensed banks in Sri Lanka has extended congratulations to President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and the new Government on receiving a strong electoral mandate to develop Sri Lanka.

Cinnamon’s city hotels, part of the premier Cinnamon Hotels & Resorts chain, will debut its unique Cinnamon 21 campaign today, Friday, 21 August.

President Gotabaya Rajapaksa yesterday kicked off the effort towards building a people-centric economy by harnessing local industries and entrepreneurs.

The Export Development Board (EDB) is cautiously optimistic in moving towards the last quarter, with plans to revise the $ 10.75 billion export target upwards.

The Central Bank of Sri Lanka continues its accommodative monetary policy stance The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 19 August 2020, 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 per cent and 5.50 per cent, respectively.

Economic Revival and Poverty Alleviation Task Force Chairman Basil Rajapaksa yesterday said that the Government will increase dairy production to meet the domestic demand.

The Consumer Affairs Authority has issued a directive to all manufacturers, importers, distributors, and traders of 76 products making certain markings mandatory on all packs, containers or on the wrappers of all such articles/goods.

The Ministry of Finance disclosed that a four-member committee has been appointed to look into the allegations of irregularities, unproductive measures and instances where actions were taken contrary to the objectives at the four main state banks of the country, during the last 05 years.

කොමර්ෂල් බැංකුවේ ක්‍රෙඩිට් කාඩ්පත් හිමියන්ට කොමර්ෂල් බැංකු වෙබ් අඩවියේ දිස්වන QR කේතය ඔවුන්ගේ ජංගම දුරකතන QR ගෙවීමේ ඇප් සේවාව තුළින් ස්කෑන් කිරීම මගින් ඉතාමත් පහසුවෙන් සහ ක්ෂණිකව ඔවුන්ගේ ක්‍රෙඩිට් කාඩ්පත් හිඟ මුදල් ගෙවීමේ අවස්ථාව බැංකුව විසින් ලබාදී තිබේ.

Asset rich People’s Bank has stepped into boost Sri Lanka education sector extending assistance to modernise the country’s traditional teaching methods.