Economic

The Monetary Board of the Central Bank, at its meeting held on 15 April 2020, having observed the cumulative reduction of the key policy interest rates of the Central Bank, namely the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR), by 200 basis points each since 31 May 2019,
It has decided to allow the Bank Rate to automatically adjust in line with the SLFR, with a margin of +300 basis points.

In the wake of Covid-19 crisis Sri Lanka’s apparel industry is now on the verge of collapsing as it will face an immediate contraction of 1.5 billion US dollars in exports during the 3-month period ending in June when compared to the last fiscal year.

Jetwing Hotels, one of the leading hospitality brands in Sri Lanka, has announced a pay cut ranging from 10% to 50% across all employee grades to cushion the financial impact from the new coronavirus (COVID-19) pandemic.

Sri Lanka real estate and apartment developers who were already facing difficulties had got into further trouble after Covid -19 outbreaks, industry sources said.

The government has increased the Special Commodity Levy on palm oil by Rs 100 with effect from April 10.

Reversing the tax bonanza announced in January, the Government has reintroduced tax amendments for top earning individuals and companies, in another measure to overcome the economic challenges due to the coronavirus pandemic.

Google is offering financial support to local newsrooms hit by the economic fallout of the COVID-19 pandemic, as part of its Google News Initiative.

As the country’s public movement is restricted by the COVID-19 outbreak, making virtual connectivity to rise, Sri Lanka Telecom (SLT) has been faced with an unprecedented challenge of providing faultless fixed telephone and Internet services to the public

A new bank account termed Special Deposit Account (SDA) has now been introduced for all Sri Lankans living in and outside the country to remit their foreign currency earnings, savings and investments to any bank of their choice in Sri Lanka. It is in the form of Term Deposits either in any designated foreign currency or in Sri Lanka Rupees, the Presidential Media Division said.

Kapruka chairman Dulith Herath apologised for overpricing some items sold at his online store.

Huawei, the leading global ICT solution provider, has pledged to donate a range of digital solutions to the Defence Ministry to fight against the COVID-19 pandemic.

In the wake of Sri Lanka’s dwindling exports due to Covid-19 crisis the Export Development Board has called on all exporters resume their businesses although have been facing challenging times for the past two months.

Simplifies waivers and refunds policy with one unified approach worldwide
Eases concerns about pre-booked summer travel by extending waiver policy to tickets issued before 31 May 2020, for travel before 31 August 2020
Offers three options: Keep your ticket for 760 days; exchange ticket for travel vouchers valid for up to 2 years; full refunds on unused vouchers or ticket

A new bank account termed Special Deposit Account (SDA) has now been introduced for Sri Lankans living in and outside the country to remit their foreign currency earnings, savings and investments to any bank of their choice in Sri Lanka, the President’s media announced yesterday.

Taking the lead in empowering the private sector during COVID-19, the Chamber Academy of the Ceylon Chamber of Commerce in collaboration with FITIS and LK Domain Registry, hosted a webinar for over a hundred participants, on how to successfully work from home (WFH).

In January this year, the LOLC Group announced of their agreement to sell it’s 70% stake held in Cambodia’s largest Microfinance Company, PRASAC, to the world’s sixth largest Commercial Bank and Korea’s biggest Commercial Bank, Kookmin for US$ 603Mn, a Rs. 120Bn in local currency terms. Sealing the deal, LOLC confirms that both parties had received the necessary approvals from their respective regulators in both countries, the National Bank of Cambodia (NBC) and The Financial Services Commission (FSC) of Korea to conclude the transaction and the first tranche of US$ 422 Mn was received by LOLC International Pvt Ltd recently. The balance of US$ 181 Mn will be due in 2022 and the post transaction value of PRASAC is valued at US$ 862Mn.

The Government of Sri Lanka in consultation with the Monetary Board of the Central Bank of Sri Lanka (CBSL) has introduced a Special Deposit Account (SDA) with the view to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in the country.

A new bank account termed Special Deposit Account (SDA) has now been introduced for all Sri Lankans living in and outside the country to remit their foreign currency earnings, savings and investments to any bank of their choice in Sri Lanka. It is in the form of Term Deposits either in any designated foreign currency or in Sri Lanka Rupees.