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Lowering of interest rates of deposits only escalates bank profits – by Sunil Thenabadu in Brisbane The motive of the government decision to lower the interest rates of deposits was predominantly to engross the banks to lend at lower interest rates for entrepreneurs to boost the economy of the country which is in dire straits. However, would this proposal prove productive? Obviously not so practically or on paper.as at date if statistics are searched in relation to the benefit reaped by the entrepreneurs a much larger percentage of depositors have been deprived of receiving a sizeable interest component. The Fixed Deposit interest rates have been drastically reduced from around 11% per annum to alarmingly lower rate of just 4 % which  has caused a financial distress for the depositors most are retirees who had invested their life long savings and gratuity money at retirement. With the escalating cost of living, with the ...

Oct 31, 2021 Posted by In Articles, Sunil Thenabadu Tagged , , , , ,
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Notable economic recovery by last quarter 2021 – CBSL-by Indunil Hewage Source:Dailynews Sri Lanka’s first quarter growth would be better than expected, Central Bank Governor Prof. W D Lakshman said. Despite the fact that GDP estimates for the first quarter of 2021 have not been released, Governor Prof. Lakshman said Sri Lankan economy is likely to have recorded a higher than expected growth rate in the first quarter of 2021 based on several information such as Index of Industrial Production, Agricultural sector performance and private credit, etc. “We’re pleased to observe positive developments on many fronts particularly during the first quarter. As COVID related lock downs are gradually removed and then with the vaccination drive which is in full force, we expect a notable recovery by the last quarter of the year.” ...

Jul 11, 2021 Posted by In elanka Finance Tagged ,
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Central Bank Governor’s Statement on Foreign Currency Liquidity in Domestic Market Source: Biz English   Over the past few days, concerns have been raised by various individuals and media about an assumed shortage of foreign currency liquidity in the domestic market, preventing banks from facilitating imports. Reports published or circulated by some media channels indicate seriously negative viewpoints which can be very harmful to the country. I wish to make the following statement to explain the true position about this subject. Due to heavy foreign currency borrowings in the past several years, there was adverse speculation, even by the time of the formation of the present Government in 2019/2020, about Sri Lanka’s ability to service its debt service obligations falling due in the near term. In spite of such speculation, and amidst added pressures owing to the COVID-19 pandemic on particularly our tourism cash flows, the Government of Sri Lanka ...

Jun 29, 2021 Posted by In Articles, elanka Finance Tagged , , ,
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    SRI LANKA NEWS (SEPTEMBER 2019) – Compiled by Victor Melder.   Sri Lanka’s gross official reserves were 8,532.6 million US dollars by the end of August, up from 8,343.9 million US dollars in July, latest Central Bank data showed. By the end of August, foreign currency reserves were 7,494.7 million dollars while the reserve position in the IMF was 65.5 million dollars. Special Drawing Rights were 14.5 million, reserves in Gold were 956.8 million and other reserve assets were 1.1 million US dollars. The outstanding stock of T-bills and T-bonds held by foreigners decreased by 0.45 percent during the week compared to the previous week. During the year up to 6th September 2019, the Sri Lanka rupee has appreciated against the US dollar by 1.2 percent. (Daily Island, 9.9.2019) The first-ever anti-venom serum developed in Sri Lanka to treat snake bites victims is expected to be introduced to ...

Oct 6, 2019 Posted by In Articles, Victor Melder Tagged , , , Comments 0
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