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Sri Lanka banks open Special Vostro accounts with Indian Banks to trade in INR

Sri Lankan banks opened special rupee trading accounts (SRVA) with Indian banks including the largest Indian Bank, State Bank of India (SBI) to conduct bilateral trade in Indian Rupees following…

Five Banks face financial penalties over non-compliance with AMT/CFT rules

Sri Lanka’s s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Financial Intelligence Unit (FIU)fined five banks for non-compliance with the provisions of the e Financial Transactions…

Sri Lanka’s Central Bank threatens administrative measures to bring down market rates

(Reuters) – Sri Lanka’s central bank on Thursday threatened administrative intervention to control high market interest rates that it regarded as out of line with its policy rates and the…

Arjun Aloysius’ W.M. Mendis & Co Ltd obtained Rs.7B-worth loans from two State Banks by mortgaging the same property

The Committee on Public Enterprises (COPE) recently observed that W.M. Mendis & Co Ltd has obtained loans by mortgaging the same property in Bank of Ceylon (BOC) and People’s Bank.…

No Stock Market Operations this week

The Colombo Stock Exchange (CSE) will not be operating on 11th and 12th April with the Government having declared special public holidays. It would mean that the stock market will…

Sri Lanka doubles interest rates to check inflation; stabilize the economy

 (Reuters) – Sri Lanka’s central bank on Friday doubled its key interest rates, an unprecedented 700 basis points each, to cushion the rise in inflation caused by a crippling shortage…

Sri Lanka’s Central Bank Withdraws Proposed additional incentive scheme for remittances and export earnings

Following the decision to float the exchange rate of the Rupee, the Central Bank of Sri Lanka (CBSL) announced the decision to withdraw the proposed scheme for additional incentives for remittances…

Sri Lanka’s Central Bank Removes interest rate caps on forex deposits

The Central Bank of Sri Lanka (CBSL) has removed the interest rate caps imposed on foreign currency deposit products of licensed commercial banks and the National Savings Bank following its…

IMF Urges Sri Lanka to implement an ambitious fiscal consolidation program to overcome the economic crisis

The International Monetary Fund (IMF) urges Sri Lanka to implement an ambitious fiscal consolidation that is based on high-quality revenue measures which consist of raising income tax and VAT rates…

CBSL increases policy rates by 50 basis points

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has increased policy rates by 50 basis points to l curtail the possible build-up of underlying demand pressures in…