Sri Lankan finance companies have substantially increased investments in government securities, repurchase agreements (repos), and unit trusts in the first half of 2024, as reported by the Central Bank. This shift comes as vehicle imports remain banned following the foreign exchange shortage that stemmed from inflationary rate cuts in 2020. The Central Bank’s report notes
Sri Lanka’s rupee opened slightly weaker against the US dollar on Tuesday, trading at 293.70/75 compared to 293.60/70 the previous day, according to dealers. Bond yields, however, remained largely stable. A bond maturing on December 15, 2026, was quoted at 10.60/80 percent, a minor increase from 10.55/75 percent. Meanwhile, a bond maturing on December 15,
Sri Lanka’s rupee strengthened slightly on Thursday, closing at 292.85/293.00 to the US dollar, improving from the previous day’s rate of 293.00/20, according to dealers. Bond yields remained steady ahead of the upcoming Treasury Bond auction scheduled for Friday, where the central bank plans to issue 95 billion rupees worth of bonds. A bond maturing
Senior Professor Hareendra Dissabandara has been appointed as the new Chairman of the Securities and Exchange Commission (SEC) of Sri Lanka. Dissabandara has a rich background in the financial sector, having previously served as the SEC’s Director General from 2012 to 2013. He also held the position of Director of the Financial Services Academy and
Sri Lanka’s rupee appreciated against the US dollar, trading at 293.70/90 on Friday, compared to 294.00/50 the previous day, while bond yields remained stable, according to dealers. The rupee has shown a consistent upward trend in recent days, coinciding with a reduction in the central bank’s bill stock. As the exchange rate strengthens, importers are
Sri Lanka’s newly elected President Anura Dissanayake’s economic team held its first meeting with an International Monetary Fund (IMF) delegation. The discussions, which took place at the Presidential Secretariat, focused on reviewing the current IMF program and exploring future collaboration. The IMF delegation, which included Peter Breuer (Senior Mission Chief), Sarwat Jahan (Resident Representative), and
Dinesh Weerakkody, a highly regarded professional with extensive experience in the banking sector, has been appointed as the new Chairman of Union Bank of Colombo, following the resignation of Nirvana Chaudhary. Chaudhary will continue to serve on the Board as a Director. Union Bank is predominantly owned by Nepalese billionaire Binod Choudhary through Culture Financial
Tokyo Cement Company (Lanka) PLC has strengthened its Board by appointing two new Independent Non-Executive Directors, Mano Sekaram and Averil Anne Ludowyke. Both directors bring a wealth of experience from their respective industries, further bolstering the company’s leadership. Mano Sekaram, a tech entrepreneur and investor, has over 30 years of experience in the Sri Lankan
Dhammika Perera will rejoin the board of Hayleys Plc as Co-Chairman and non-executive director, effective October 1. Known as a philanthropist, strategist, and influential business leader, Perera has interests in industries such as manufacturing, banking, finance, leisure, plantations, and hydropower generation, according to a stock exchange filing by Hayleys. Perera currently holds 382,596,970 ordinary shares,
Hela Apparel Holdings Plc, a leading apparel manufacturer in Sri Lanka, has successfully raised Rs 1.5 billion through a rights issue, according to a stock exchange filing. The company issued 319,514,110 ordinary voting shares, raising Rs 1,597,570,550 in total. The company previously announced in June that the funds from the rights issue would be allocated