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Sri Lanka’s FIU imposes financial penalties on DFCC Bank and Union Bank for non-compliance with AML/CFT rules

Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the Financial Intelligence Unit (FIU) imposed financial penalties on Union Bank of Colombo PLC and DFCC Bank PLC…

Central Bank of Sri Lanka eyes to attract Singaporean Fintech players to its Fintech Sandbox

Sri Lanka – Singapore Business Council (SLSBC) headed by leading venture capitalist Prajeeth Balasubramaniam is facilitating cooperation between Sri Lankan and Singaporean authorities to support the Central Bank of Sri Lanka…

Central Bank of Sri Lanka holds policy rates at their current levels despite inflationary concerns

The Central Bank of Sri Lanka (CBSL) decided to hold key policy rates at their current levels despite concerns over rising inflation rates and possible inflationary pressures over the medium…

Ceylon Graphite Enters into Strategic Partnership with Sri Lanka’s LOLC to Capture Global Battery Anode Market

Sri Lanka’s diversified Conglomerate LOLC Holdings PLC has entered into MOU with Vancouver-based Ceylon Graphite Corp. to jointly develop at least three new graphite mines and to set up a…

Sri Lanka extends forex restrictions on capital flight by six months

The government has extended suspensions/restrictions on capital forex outflows (outward remittances) by six months with effect from the 2nd of July this year to preserve the country’s shrinking FX reserves.…

A surging crisis in Sri Lanka: A new wave of COVID-19 is causing chaos

By Jeevethan Selvachandran Over the last few months, the world has watched India struggle through an unimaginable COVID-19 situation – over the first half of 2021, the pandemic’s second wave wreaked havoc…

Sri Lanka Retailers’ appeals for cost-sharing from Business Partners amid current economic crisis

The Sri Lanka Retailers’ Association (SLRA), the apex body for organized retail in Sri Lanka is requesting landlords, lessors, and business partners to reduce leases and rentals for the Association’s…

IFC’s Investment in Sunshine Holdings to Help Diversify Business Operations in Sri Lanka, Drive Efficiency

Consumers in Sri Lanka are set to benefit from a  new $5 million investment by International Finance Corporation (IFC) to Sunshine Consumer Lanka Ltd, a subsidiary of Sunshine Holdings PLC…

IMF Welcomes G7 Action to Support the World Exit the Pandemic Crisis

International Monetary Fund Managing Director Kristalina Georgieva made the following statement yesterday at the conclusion of her virtual participation in the G7 Leaders’ Summit: “I would like to thank Prime…

Sri Lanka’s FX reserves hit a new low of $ 4.02 billion in May

Sri Lanka’s gross official foreign exchange reserves tumbled to $ 4.02 billion at end of May from $4.5 billion a month ago as the country faces $3.5 billion external debt…