Development and Economic News
CB slaps banks with administrative caps to push interest rates down
The Monetary Board of the Central Bank has decided to impose administrative caps on certain lending products of financial services institutions, as interest rates charged on these products still remain at extremely high levels despite the sharp decline in policy interest rates.
‘No-objection’ letters not required for vehicle insurance claims: IRCSL
Insurance Regulatory Commission of Sri Lanka (IRCSL) yesterday said it had informed insurance companies not to ask for ‘No-objection’ letters from financiers to pay insurance claims on vehicles that are under hire purchase or lease agreements.
Lanka Mineral Sands gives Rs. 1.5 Bn dividends to Treasury
An amount of Rs 1.5 billion was given to the Treasury yesterday as the 2022 annual dividend of Ceylon Mineral Sands Limited under the Ministry of Industry.
$200 million loan: Sri Lanka repaid $50 million to Bangladesh, says central bank
DHAKA, Aug. 21 -- Sri Lanka has repaid $50 million to Bangladesh, an official of Bangladesh Bank has said. Bangladesh had earlier lent $200 million amid economic crisis in the island nation.
Sri Lankan Airlines faces a dearth of pilots
According to the Airline Pilots’ Guild of Sri Lanka (ALPGSL) a staggering shift of almost 70 pilots to rival airlines underscores the gravity of the situation.
SL government achieves revenue target of Rs. 1,317 trillion in 1H2023
During the six months ending June 2023, the Government revenue and grants had increased to Rs. 1,317 trillion in comparison to Rs. 919.5 billion recorded in the corresponding period of 2022, the Central Bank has announced.
India imposes 40% duty on onion exports effective toda
Hili, Aug. 20 -- The Revenue Department of the Indian Finance Ministry has imposed a 40 percent duty on onion exports to Bangladesh effective today, causing a hike in the price of the item mainly used as spice in local markets.
Much delayed SL – Iran tea for oil deal activates
The much delayed tea for oil deal between Sri Lanka and Iran has begun following the intervention of President’s chief of staff Sagala Ratnayake who took prompt action to send stock of tea worth US$5 million to Iran.
Investors compel to pay ready cash to start PPP projects in Sri Lanka
Public Private Partnerships Projects in Sri Lanka will be allowed subject to settlement of the total cost of such projects
Chinese experts to begin pilot project on high-yielding paddy farming in SL
After a brief but productive visit to Yunnan capital Kunming to attend the 7th China-South Asia Expo, Sri Lankan Prime Minister Dinesh Gunawardena reached the ancient capital of the province, Dali City, known for agriculture research in addition to being a major tourist attraction.