Finance News.lk

16/01/2024

𝐅𝐢𝐫𝐬𝐭 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐒𝐭𝐚𝐧𝐝𝐬 𝐚𝐬 𝐭𝐡𝐞 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐚𝐥 𝐒𝐩𝐨𝐧𝐬𝐨𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐒𝐂 𝐎𝐩𝐞𝐧 𝐓𝐞𝐧𝐧𝐢𝐬 𝐂𝐡𝐚𝐦𝐩𝐢𝐨𝐧𝐬𝐡𝐢𝐩 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐓𝐡𝐢𝐫𝐝 𝐂𝐨𝐧𝐬𝐞𝐜𝐮𝐭𝐢𝐯𝐞 𝐘𝐞𝐚𝐫

First Capital Holdings PLC has come forward as the principal (title) sponsor of the SSC Open Tennis Championship for the 3rd consecutive year. The SSC Open 2024 is taking place from 06th January to 21st January 2024 at the Sinhalese Sports Club (SSC) tennis courts. The Championship is a major open ranking tennis tournament that will commence the 2024 tennis calendar year with over 750 entries as one of the most anticipated and highly coveted sporting events of the year.

Read More :> https://financenews.lk/first-capital-stands-as-the-principal-sponsor-of-the-ssc-open-tennis-championship-for-the-third-consecutive-year/

Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

22/12/2023

𝐉𝐚𝐧𝐚𝐬𝐡𝐚𝐤𝐭𝐡𝐢 𝐋𝐢𝐟𝐞 𝐆𝐫𝐞𝐚𝐭 𝐌𝐚𝐧𝐚𝐠𝐞𝐫 𝐀𝐰𝐚𝐫𝐝𝐬 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐝 𝐒𝐞𝐭𝐭𝐢𝐧𝐠 𝐍𝐞𝐰 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬 𝐟𝐨𝐫 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩.

Janashakthi Life, a leading life insurance provider in Sri Lanka, recently launched the “Janashakthi Life Great Manager Awards” to celebrate outstanding performance of its managerial talent within the sales force. The event was graced by a special guest, cricket legend, and Director Mahela Jayawardena, who shared valuable insights on effective management, leadership, and the significance of work-life balance with the audience. Prakash Schaffter, Deputy Chairman of Janashakthi Life, and Ravi Liyanage, Director/CEO, were also present at the gathering.

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Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

15/12/2023

𝐅𝐢𝐫𝐬𝐭 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐖𝐢𝐧𝐬 𝐆𝐎𝐋𝐃 𝐚𝐭 𝐓𝐀𝐆𝐒 𝐀𝐰𝐚𝐫𝐝𝐬 𝟐𝟎𝟐𝟑 𝐟𝐨𝐫 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐜𝐞.

First Capital Holdings PLC, the pioneering investment institution, has secured a prestigious accolade at the TAGS Awards 2023, organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) for the 58th consecutive year. The company was honoured with the prestigious Gold Award in the Investment Banking category, recognizing its outstanding performance and dedication to transparency, accountability, governance, and sustainability in corporate reporting. The TAGS Awards bestowed recognition upon exemplary companies spanning 29 industry sectors, reflecting a commitment to comprehensive progress and governance.

Read More : https://financenews.lk/first-capital-wins-gold-at-tags-awards-2023-for-inclusive-reporting-excellence/

Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

17/08/2023

𝐅𝐢𝐫𝐬𝐭 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐈𝐦𝐩𝐫𝐞𝐬𝐬𝐢𝐯𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐏𝐫𝐨𝐟𝐢𝐭𝐬 𝐒𝐨𝐚𝐫𝐢𝐧𝐠 𝐭𝐨 𝐑𝐬. 𝟐.𝟖𝟏 𝐁𝐢𝐥𝐥𝐢𝐨𝐧

First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year.

Read More :>>>> https://financenews.lk/first-capital-reports-impressive-financial-performance-with-profits-soaring-to-rs-2-81-billion/

10/08/2023

𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐳𝐢𝐧𝐠 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐜𝐞: 𝐉𝐚𝐧𝐚𝐬𝐡𝐚𝐤𝐭𝐡𝐢 𝐋𝐢𝐟𝐞’𝐬 𝐀𝐜𝐡𝐢𝐞𝐯𝐞𝐫𝐬 𝐒𝐡𝐢𝐧𝐞 𝐚𝐭 𝐆𝐨𝐥𝐝𝐞𝐧 𝐍𝐢𝐠𝐡𝐭 𝐄𝐯𝐞𝐧𝐭 𝐚𝐭 𝐋𝐨𝐭𝐮𝐬 𝐓𝐨𝐰𝐞𝐫, 𝐂𝐨𝐥𝐨𝐦𝐛𝐨.

Janashakthi Life, a pioneering life insurance provider in Sri Lanka, recently hosted the ‘Janashakthi Life Achievers Golden Night,’ at the iconic Lotus Tower in Colombo. The event celebrated the outstanding performances of 300 highflyers who excelled in the first half of the year. Esteemed guests, including Janashakthi Life’s Deputy Chairman, Prakash Schaffter, and Group MD/CEO, Ramesh Schaffter, graced the occasion alongside Janashakthi Life’s Director/CEO, Ravi Liyanage, and the key management of the company.

Read more :>>>> https://financenews.lk/recognizing-excellence-janashakthi-lifes-achievers-shine-at-golden-night-event-at-lotus-tower-colombo/

Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

10/08/2023

𝐅𝐢𝐫𝐬𝐭 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐢𝐞𝐬 𝐏𝐋𝐂 𝐚𝐩𝐩𝐨𝐢𝐧𝐭𝐬 𝐒𝐚𝐜𝐡𝐢𝐭𝐡 𝐏𝐞𝐫𝐞𝐫𝐚 𝐚𝐬 𝐂𝐄𝐎 𝐚𝐧𝐝 𝐃𝐢𝐥𝐬𝐡𝐚𝐧 𝐖𝐢𝐫𝐚𝐬𝐞𝐤𝐚𝐫𝐚 𝐭𝐨 𝐥𝐞𝐚𝐝 𝐆𝐫𝐨𝐮𝐩’𝐬 𝐞𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲.

First Capital Treasuries PLC, Sri Lanka’s oldest operating non-bank primary dealer, announced the appointment of Sachith Perera as the company’s Chief Executive Officer with effect from 31st July 2023.

Read more :>>>> https://financenews.lk/first-capital-treasuries-plc-appoints-sachith-perera-as-ceo-and-dilshan-wirasekara-to-lead-groups-expansion-strategy/

Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

09/08/2023

රාජ්‍ය උකස් සහ ආයෝජන බැංකුවට (SMIB) නව සභාපතිවරයෙකු පත් කෙරේ.

දශක නවයකටත් වඩා දිගු ඉතිහාසයක් පුරාවට ශ්‍රී ලාංකික ජනතාවගේ සහ ව්‍යාපාරවල මූල්‍ය අවශ්‍යතා සඳහා නිරතුරුවම විශ්වසනීයත්වය සහ සුරක්ෂිත සේවාවක් තහවුරු කළ රජයේ පූර්ණ හිමිකාරීත්වය සහිත බලපත්‍රලාභි සුවිශේෂී මූල්‍ය ආයතනයක් වන රාජ්‍ය උකස් සහ ආයෝජන බැංකුවේ (SMIB) නව සභාපතිධූරය සඳහා ජෝශප් සූසයිතාසන් මහතා පත් වී ඇත. SMIB බැංකුව තීරණාත්මක මොහොතකදී මෙම නව පත්වීම සඳහා එළඹ ඇත්තේ සිය ශාඛා ජාලය සහ ඩිජිටල් හැකියාවන් තවදුරටත් වැඩි දියුණු කිරිම මෙන්ම විවිධ පාරිභෝගික අවශ්‍යතා සමඟ ගැළපෙන පරිදි සකස් කළ මුල්‍ය සේවාවක් සැපයීම අරමුණු කර ගනිමිනි.

තව දුරටත් :>>>>> https://financenews.lk/%e0%b6%bb%e0%b7%8f%e0%b6%a2%e0%b7%8a%e2%80%8d%e0%b6%ba-%e0%b6%8b%e0%b6%9a%e0%b7%83%e0%b7%8a-%e0%b7%83%e0%b7%84-%e0%b6%86%e0%b6%ba%e0%b7%9d%e0%b6%a2%e0%b6%b1-%e0%b6%b6%e0%b7%90%e0%b6%82%e0%b6%9a/

Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

27/07/2023

𝐅𝐢𝐫𝐬𝐭 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐑𝐞𝐭𝐚𝐢𝐧𝐬 𝐂𝐫𝐨𝐰𝐧 𝐚𝐬 𝐭𝐡𝐞 𝐌𝐨𝐬𝐭 𝐕𝐚𝐥𝐮𝐚𝐛𝐥𝐞 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐁𝐫𝐚𝐧𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐒𝐞𝐜𝐭𝐨𝐫 – 𝐁𝐫𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐑𝐚𝐧𝐤𝐢𝐧𝐠𝐬 𝟐𝟎𝟐𝟑

First Capital, the pioneering investment institution in Sri Lanka, is delighted to announce its triumph as the ‘Most Valuable Consumer Brand in the Investment Banking Sector,’ featured in the esteemed ‘Brands Annual 2023’ edition by Brand Finance. This achievement marks the second consecutive year that First Capital has secured the top spot, affirming its position as the most valued brand in the sector. Moreover, First Capital has also been recognized among the top 100 brands in the country.

Read More :>>> https://financenews.lk/first-capital-retains-crown-as-the-most-valuable-consumer-brand-in-the-investment-banking-sector-brand-finance-rankings-2023/

19/07/2023

𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐯𝐞𝐭𝐞𝐫𝐚𝐧 𝐒𝐮𝐧𝐢𝐦𝐚𝐥 𝐖𝐞𝐞𝐫𝐚𝐬𝐨𝐨𝐫𝐢𝐲𝐚 𝐣𝐨𝐢𝐧𝐬 𝐭𝐡𝐞 𝐚𝐝𝐯𝐢𝐬𝐨𝐫𝐲 𝐛𝐨𝐚𝐫𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐜𝐲𝐛𝐞𝐫𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐟𝐢𝐫𝐦, 𝐒𝐜𝐲𝐛𝐞𝐫𝐬

Scybers Inc, the global cybersecurity firm, today announced the addition of Sunimal Weerasooriya, a highly experienced financial services technology professional, to its global advisory board. With over 30 years of industry expertise, Sunimal brings a wealth of knowledge in financial services, electronic payments, automated clearing houses/payment infrastructure, information security, business process outsourcing, cash management, and investment banking. His specialized focus on technology strategy, digital transformation, business strategy, and innovation aligns strengthen Scybers’ commitment to providing advanced cybersecurity solutions and advisory services for the banking, fintech and financial services industry.

Read more :>>>> https://financenews.lk/financial-services-industry-veteran-sunimal-weerasooriya-joins-the-advisory-board-of-the-global-cybersecurity-firm-scybers/

Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

09/06/2023

𝐃𝐞𝐛𝐮𝐧𝐤𝐢𝐧𝐠 𝐚 𝐜𝐫𝐲𝐩𝐭𝐨 𝐦𝐲𝐭𝐡: 𝐈𝐬 𝐜𝐫𝐲𝐩𝐭𝐨 𝐫𝐞𝐚𝐥𝐥𝐲 𝐛𝐚𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐞𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭?

The environmental impact of cryptocurrencies has been a widely-discussed topic in recent years, with many believing that the underlying technology is inherently bad for the environment – notably, the process of crypto mining. To address this misconception, it is essential to understand the reasons behind this belief, how blockchain networks compare to other systems on energy consumption.

Read more : https://financenews.lk/debunking-a-crypto-myth-is-crypto-really-bad-for-the-environment/

Is a crowd-sourced content service for financial markets. Articles and research covers a broad range of stocks, asset classes, ETFs and investment strategies. In contrast to other equity research platforms, insight is provided by contributor base of investors and industry experts rather than sell si...

29/05/2023

𝐆𝐮𝐥𝐟 𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐠𝐫𝐚𝐧𝐭𝐞𝐝 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐚𝐬𝐬𝐞𝐭 𝐨𝐩𝐞𝐫𝐚𝐭𝐨𝐫 𝐥𝐢𝐜𝐞𝐧𝐬𝐞𝐬 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝

Gulf Binance Co., Ltd., (“Gulf Binance”), a joint venture between Binance and Gulf Innova Co., Ltd. (“Gulf”) has been granted digital asset operator licenses by the Thailand Ministry of Finance through the Securities and Exchange Commission (“SEC”) in Thailand. Gulf Binance was established following a 2022 agreement between the two organizations to set up a digital asset exchange in Thailand. Having secured these licenses, Gulf Binance will be able to operate as a digital asset exchange and digital asset broker and is set to launch in Thailand in the fourth quarter of 2023.

Read more : https://financenews.lk/gulf-binance-granted-digital-asset-operator-licenses-in-thailand/

20/04/2023

𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐇𝐚𝐫𝐦𝐨𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝐂𝐫𝐲𝐩𝐭𝐨 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧

By Leon Foong, Head of APAC, Binance

The events in 2022 served to remind us of the importance of regulatory compliance when it comes to protecting users and maximizing user security and trust in the industry. As we move forward and usher in a new chapter of growth for the crypto industry, regulatory harmonization will play a fundamental role in driving adoption, protecting users, and facilitating innovation in the industry.

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10/03/2023

𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐑𝐞𝐧𝐞𝐰𝐬 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 𝐭𝐨 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐖𝐨𝐦𝐞𝐧 𝐢𝐧 𝐓𝐞𝐜𝐡

With an increased focus on women-focused education, mentorship and scholarships, crypto exchange aims to level its industry’s gender gap

Ahead of International Women’s Day, Binance, the world’s largest cryptocurrency exchange, is renewing its commitment to increase the number of women active and employed in Web3. Through women-focused education and mentorship initiatives, Binance to date has invested more than $2 million to support women in more than 10 countries around the world and will increase those efforts in the year ahead.

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06/09/2022

𝐒𝐫𝐢 𝐋𝐚𝐧𝐤𝐚’𝐬 𝐨𝐥𝐝𝐞𝐬𝐭 𝐍𝐁𝐅𝐈 – 𝐀𝐥𝐥𝐢𝐚𝐧𝐜𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐬 𝐚 𝐫𝐨𝐛𝐮𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐞𝐬𝐩𝐢𝐭𝐞 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐢𝐧𝐠 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬

Alliance Finance Company PLC ( AFC), the First Company in South Asia to achieve the prestigious endorsement of “a holistic sustainability certified value driven financial institution” concluded the first quarter of the Financial year 22/23 with a resilient performance amidst inimical domestic and external environs which impacted the country.

Read more :>>>> https://financenews.lk/sri-lankas-oldest-nbfi-alliance-finance-delivers-a-robust-performance-despite-challenging-economic-conditions/

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24/08/2022

𝗢𝗿𝗶𝗲𝗻𝘁 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗿𝗶𝘀𝗲𝘀 𝗮𝗯𝗼𝘃𝗲 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝘁𝗼 𝗱𝗲𝗹𝗶𝘃𝗲𝗿 𝘀𝘁𝗿𝗼𝗻𝗴 𝗿𝗲𝘀𝘂𝗹𝘁𝘀

Posting a steady performance, Orient Finance PLC, a member of the Janashakthi Group and a leading financial service provider, recorded a 27% increase in the company’s turnover with LKR 809.8 Mn for the first quarter of the financial year 2022-23. Indicating a growth of 11% in comparison to the corresponding period in the previous financial year, the company recorded a profit before tax of LKR 66.4 Mn for the period under review.

Read more :> https://financenews.lk/orient-finance-rises-above-challenges-to-deliver-strong-results/

22/02/2022

𝐃𝐡𝐚𝐧𝐚𝐌𝐚𝐠𝐚 – 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐣𝐮𝐬𝐭 𝐚 𝐜𝐥𝐢𝐜𝐤 𝐚𝐰𝐚𝐲!

Asia Securities champions financial inclusion in Sri Lanka with a free, trilingual, short video-based Financial Literacy initiative

First-ever comprehensive private sector initiative to promote Financial Literacy in Sri Lanka

Asia Securities, a leading investment firm in Sri Lanka, launched DhanaMaga (ධනමග / தன மார்க்கம்) a trilingual financial literacy program aimed at helping Sri Lankans take control of their financial future

Read more :>>>> https://financenews.lk/dhanamaga-financial-education-is-just-a-click-away/

19/02/2021

⚫️𝗕𝗮𝘀𝗲𝗹 𝗖𝗼𝗺𝗺𝗶𝘁𝘁𝗲𝗲 𝗽𝗿𝗼𝗽𝗼𝘀𝗲𝘀 𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀 𝘁𝗼 𝗿𝘂𝗹𝗲𝘀 𝗼𝗻 𝗵𝗮𝗶𝗿𝗰𝘂𝘁 𝗳𝗹𝗼𝗼𝗿𝘀 𝗳𝗼𝗿 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀

The Basel Committee on Banking Supervision has published for consultation two technical amendments to the standard on minimum haircut floors for securities financing transactions (SFTs).

Read more:>>> https://financenews.lk/basel-committee-proposes-amendments-to-rules-on-haircut-floors-for-securities-financing-transactions/

06/01/2021

⚫𝐂𝐁 𝐞𝐱𝐩𝐞𝐜𝐭𝐬 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐢𝐧𝐟𝐥𝐨𝐰𝐬 𝐟𝐫𝐨𝐦 𝐢𝐭𝐬 𝐝𝐨𝐦𝐞𝐬𝐭𝐢𝐜 𝐚𝐧𝐝 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐜𝐨𝐮𝐧𝐭𝐞𝐫𝐩𝐚𝐫𝐭𝐬

The Central Bank (CB) says it’s in negotiations with its domestic and foreign counterparts to boost the level of foreign exchange reserves are reaching an advanced stage.

In a press release, the CB stressed that its official reserves remain unchanged at November levels of $5.6 billion.

“The receipt of these expected inflows as well as the ongoing improvements in the domestic production economy leading to the expansion of foreign exchange earnings will facilitate the maintenance of exchange rate stability, while meeting Sri Lanka’s debt obligations on time, in the period ahead as well,” it noted.

According to the CB, Sri Lanka has nearly $6 billion worth of extreal debt servicing commitments over the next one year period.

More>>> https://financenews.lk/cb-expects-foreign-inflows-from-its-domestic-and-foreign-counterparts/

06/01/2021

⚫𝐋𝐢𝐜𝐞𝐧𝐬𝐞𝐝 𝐁𝐚𝐧𝐤𝐬 𝐭𝐨 𝐜𝐨𝐦𝐞 𝐮𝐧𝐝𝐞𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 𝐭𝐨 𝐢𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭 𝐑𝐞𝐜𝐨𝐯𝐞𝐫𝐲 𝐩𝐥𝐚𝐧𝐬

Sri Lanka’s Licensed Banks come under requirements to implement Recovery plans in order to strengthen crisis preparedness and to enhance their ability to respond effectively to adverse scenarios with the expected rise in sour loans when COVID-19 related moratoriums are expired, the Central Bank (CB) announced today

Read more::>>>>> https://financenews.lk/licensed-banks-come-under-requirements-to-implement-recovery-plans/

25/12/2020

𝑾𝒊𝒔𝒉𝒊𝒏𝒈 𝒚𝒐𝒖 𝒂𝒏𝒅 𝒚𝒐𝒖𝒓 𝒇𝒂𝒎𝒊𝒍𝒚 𝒂 𝒔𝒑𝒂𝒓𝒌𝒍𝒊𝒏𝒈 𝒉𝒐𝒍𝒊𝒅𝒂𝒚 𝒔𝒆𝒂𝒔𝒐𝒏 𝒂𝒏𝒅 𝒂 𝒃𝒓𝒊𝒍𝒍𝒊𝒂𝒏𝒕 𝑵𝒆𝒘 𝒀𝒆𝒂𝒓!

23/12/2020

⚫️𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐬 𝐭𝐨 𝐟𝐚𝐜𝐞 𝐝𝐢𝐥𝐞𝐦𝐦𝐚 𝐨𝐧𝐜𝐞 𝐭𝐡𝐞 𝐰𝐢𝐭𝐡𝐝𝐫𝐚𝐰𝐚𝐥 𝐟𝐫𝐨𝐦 𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐦𝐞𝐚𝐬𝐮𝐫𝐞𝐬 𝐛𝐞𝐠𝐢𝐧𝐬

The Financial Regulators across the World will face a dilemma once the withdrawal from Covid-19 measures begins as to how and when to exit from regulatory relief measures in balancing the benefits of economic relief with financial stability considerations.

“The challenge will be how and when to exit from regulatory relief measures. In terms of timing, authorities need to steer a course between Scylla and Charybdis. Acting too early may remove much needed credit to support economic growth.

Waiting too long may delay necessary resource reallocation and put additional long-run pressure on the financial sector as the solvency phase of the crisis could expose any depletion of loss-absorbing resources, potentially undermining confidence in the post-crisis regulatory regime and its ability to preserve the financial system’s stability,”the Bank of International Settlements (BIS), General Manager, Agustín Carstens said.

In pacrtalur, he assrted that the Regultors need to monitor for assest quaility of banksc closely.

“Supervisors need to closely monitor bank practices in identifying non-performing loans and provisioning. Such assessments, which require banks to distinguish between borrowers facing short-term liquidity problems and those with longer-term solvency issues, may become particularly challenging the longer that the crisis persists,” he noted.

The Central Bank of Sri Lanka (CBSL) is among the many financial regulators across the world that have relaxed certain regulatory requirments on the banking sector to support the economy to bounce back from COVID-19 ecobomic crisis.

Ultimately, he stressed that the authorities would have to balance the benefits of economic relief with financial stability considerations.

We are in the midst of a major transformation. An economist would say that Covid-19 has caused a structural break. Detecting that break was easy; much harder is the question how to deal with it, especially since the pandemic’s trajectory remains uncertain.

“Thus, supervisors will have to remain on high alert in the immediate future, as they face formidable supervisory challenges. Meanwhile, it will be important for them to keep an eye on issues beyond Covid, such as the sustainability of banks’ business models and resilience more broadly,” he conlucded.

Read more>>>>>

23/12/2020

☑️𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐏𝐫𝐨𝐦𝐨𝐭𝐞𝐬 𝐘𝐯𝐞𝐭𝐭𝐞 𝐅𝐞𝐫𝐧𝐚𝐧𝐝𝐨, 𝐃𝐡𝐚𝐦𝐦𝐢𝐤𝐚 𝐍𝐚𝐧𝐚𝐲𝐚𝐤𝐤𝐚𝐫𝐚 𝐚𝐬 𝐃𝐞𝐩𝐮𝐭𝐲 𝐆𝐨𝐯𝐞𝐫𝐧𝐨𝐫𝐬

The Central Bank (CB) announced that Yvette Fernando, Dhammika Nanayakkara promoted as Deputy Governors to fill the positions vacated by Deputy Governors Dr. Nandalal Weerasinghe and H.A. Karunaratne upon their retirements in September.

“The Monetary Board, with the concurrence of the Minister of Finance, has promoted Assistant Governors, Mrs. T M J Y P Fernando and Mr. N W G R D Nanayakkara to the post of Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 14th December 2020,” the CB said.

The most senior CB officials, Dr. Weerasinghe and Karunaratne left the CB in September this year, taking three-month prior to their retirements.

Fernando has over 30 years of service in the CB in the areas of supervision and regulation of banks, foreign exchange management and currency management. During this period, she has served as the Director of Bank Supervision and the Controller of Exchange and has played a key role in contributing to the financial system stability by providing leadership to implement a strong regulatory framework for banks in line with international standards and best practices.

Prior to the appointment as a Deputy Governor, she held the position of Assistant Governor and was in-charge of the departments of Bank Supervision, Currency, Foreign Exchange, and Employees’ Provident Fund.

Nanayakkara has over 27 years of experience in the CB, especially in the areas of Supervision and Regulation of Banks, Foreign Reserves Management and International Operations, Domestic Operations, Macroprudential Surveillance, and Public Debt Management.

Prior to the appointment as a Deputy Governor, he held the position of the Assistant Governor in-charge of Public Debt, Regional Development, Financial Consumer Relations, and Staff Services Management Departments of CB.

Read more: https://financenews.lk/central-bank-promotes-yvette-fernando-dhammika-nanayakkara-promoted-as-deputy-governors/

23/12/2020

⚫𝐉𝐮𝐬𝐭𝐢𝐜𝐞 𝐊. 𝐒𝐫𝐢𝐩𝐚𝐯𝐚𝐧 𝐭𝐨 𝐛𝐞𝐜𝐨𝐦𝐞 𝐭𝐡𝐞 𝐍𝐞𝐰 𝐂𝐡𝐚𝐢𝐫𝐦𝐚𝐧 𝐨𝐟 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐁𝐚𝐧𝐤

The Board of Directors of Commercial Bank has resolved to appoint Justice K. Sripavan as the New Chairperson of the Bank with effect from 21st of this month, upon the retirement of K G D D Dheerasinghe.

Dheerasinghe is set to retire on 20th of this month, after completing his 9-year tenure as the Chairperson of the Bank.

Justice K. Sripavan has been serving as an Independent Non-Executive Director of the Board of Commercial Bank since April 2017.

Meanwhile, Prof. A.K.W.. Jayawardane is set to take over as the Deputy Chairperson of the Bank from 29th of December this year, following the retirement of M P Jayawardena on 28th of this month.

Prof.Jayawardane has been serving as a Non-Executive Independent Director of the Commercial Bank of Ceylon PLC since April 2015.

He was a former Vice-Chancellor of Moratuwa University and a nior professor in civil engineering.

Read more:>>> https://financenews.lk/justice-k-sripavan-to-become-the-new-chairman-of-commercial-bank/

23/12/2020

☑𝐒𝐫𝐢 𝐋𝐚𝐧𝐤𝐚’𝐬 𝐁𝐚𝐧𝐤𝐬 𝐚𝐫𝐞 𝐮𝐧𝐥𝐢𝐤𝐥𝐲 𝐭𝐨 𝐫𝐞𝐭𝐮𝐫𝐧 𝐭𝐨 𝐏𝐫𝐞-𝐜𝐨𝐯𝐢𝐝 𝐩𝐫𝐨𝐟𝐭𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐥𝐞𝐯𝐞𝐥𝐬 𝐢𝐧

Sri Lanka’s Banks are unlikly to return to Pre-covid proftiability levels next year, Fitch Ratings said in a special report.

“We expect this trend to continue in to 2021, albeit at a slower pace. Deteriorating asset quality and the associated higher credit costs are expected to keep banks’ profitability lower in 2021 than pre-2019 levels, despite improvement from 2020 profitability,” the Rating Agency said.

It expects that sluggish economic activity, external and domestic vulnerabilities, muted private credit growth and the sovereign’s weakened credit profile to pose significant downside risks to the operating environment for Sri Lankan banks.

The rating Agency lowered its assessment of the operating environment score for Sri Lankan banks to ‘ccc’ with negative outlook from ‘b-‘ with negative outlook, after the Sri Lanka sovereign rating was downgraded to ‘CCC’ from ‘B-‘ in November 2020.

It noted that the weaker sovereign credit profile could affect the banks’ operating environment, which is already weak due to the coronavirus pandemic.

Fitch expects Sri Lanka’s real GDP to expand in 2021 by 4.9% in 2021, albeit off a lower base, following a contraction of 6.7% in 2020.

However, it noted that these forecasts are subject to a high degree of uncertainty regarding the evolution of the pandemic globally and in Sri Lanka.

“In our view, the operating environment continues to have a high influence on bank ratings in Sri Lanka, as it affects the level of risk of doing business and banks’ financial and non-financials rating factors,” it stated.

Fitch expects heightened operating environment risks to manifest primarily in the banks’ financial profiles, with asset quality and profitability likely to be the most impacted. Fitch-rated banks’ impaired (stage 3) loan ratios have been rising (9M20: 10%, 2019: 9.4%) despite the spate of relief measures announced by the Central Bank for borrowers as well as banks in terms of bad loan recognition.

Read more:>>>> https://financenews.lk/sri-lankas-banks-are-unlikly-to-return-to-pre-covid-proftiability-levels-in-2021/

11/12/2020

☑𝐒𝐫𝐢 𝐋𝐚𝐧𝐤𝐚’𝐬 𝐛𝐚𝐧𝐤𝐬 𝐛𝐞𝐜𝐚𝐦𝐞 𝐦𝐨𝐫𝐞 𝐟𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐢𝐧 𝐥𝐞𝐧𝐝𝐢𝐧𝐠 𝐢𝐧 𝟑𝐐

Sri Lanka’s banking sector was more open to lending for borrowers in retail, corporate, and SME categories in the third quarter of the year amidst improved risk perception and improved liquidity
position.

Read more: https://financenews.lk/sri-lankas-banks-became-more-flexible-in-lending-in-3q/

11/12/2020

🔲𝐒𝐫𝐢𝐋𝐚𝐧𝐤𝐚’𝐬 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐑𝐞𝐬𝐞𝐫𝐯𝐞𝐬 𝐟𝐚𝐥𝐥𝐬 𝐭𝐨 𝐫𝐞𝐜𝐨𝐫𝐝 𝐥𝐨𝐰 𝐥𝐞𝐯𝐞𝐥𝐬

Sri Lanka’s gross foreign reserves fell to $5.54 billion, the lowest levels seen since April 2017.

Amidst, COVID-19 infused crisis, the foreign exchange flows through exports and tourism declined to the country while the existing reserves were utilized for foreign debt settlements including a $1 billion ISB settlement in October.

In November, the country’s gross foreign reserve fell to 5.549 billion from $5.855 billion in October.

The Previous lowest reserve level was recorded in April 2017 at $ 5.045 billion.

Read more

11/12/2020

⚫𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐚𝐝𝐝𝐬 𝐒𝐫𝐢 𝐋𝐚𝐧𝐤𝐚𝐧 𝐑𝐮𝐩𝐞𝐞 𝐭𝐨 𝐢𝐭𝐬 𝐏𝟐𝐏 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐥𝐢𝐬𝐭

Binance, one of the largest cryptocurrency exchanges in the World has added Sri Lanka Rupee to its peer-to-peer trading list.

Read more>>> https://financenews.lk/binance-adds-sri-lankan-rupee-to-its-p2p-trading-list/

04/12/2020

🔲𝐒𝐫𝐢 𝐋𝐚𝐧𝐤𝐚 𝐭𝐨 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞 𝐧𝐞𝐰 𝐥𝐚𝐰𝐬 𝐭𝐨 𝐩𝐫𝐨𝐭𝐞𝐜𝐭 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬

Sri Lanka’s President Gotabaya Rajapaksa vowed to bring in new laws to protect both local and foreign investors as the government aims to encourage investments to reduce reliance on borrowings.

“Our overreliance on loans must come to an end. That is why the focus of
the Government is on fostering investments. We must attract more Foreign Direct Investment and encourage more local investment to drive our economic growth. With this in view, the Government is bringing in new laws to fully protect investments,” Rajapaksa asserted at the Sri Lanka Economic Summit organized by the Ceylon Chamber of Commerce.

Further, he stressed that the government is committed to enhancing the ease of doing business in Sri Lanka.

The President noted that delays in projects funded by foreign parties including foreign governments in the past have painted a negative picture of the country internationally.

“In this context, I must also note there have been several instances of projects, including some funded by foreign Governments, that have stalled due to various reasons. Such delays are deeply problematic because they inhibit the benefits of these projects from reaching the people. They also create a negative picture of the way the country
operates,” he added.

He stressed that the Government is keen on addressing such problems that discourage investors.

More>>> https://financenews.lk/sri-lanka-to-introduce-new-laws-to-protect-investments/