Sri Lanka’s financial system is on the path to recovery, with expectations of improved asset quality and strengthened capital buffers, according to the Central Bank of Sri Lanka (CBSL) in its Financial Stability Review 2024. This positive outlook emerges as the economy stabilizes despite ongoing challenges stemming from previous macrofinancial imbalances, which are gradually being
The World Bank and the Government of Sri Lanka signed the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) yesterday, securing an additional $200 million in support. This marks the second installment of a two-part series that began in 2022, following the initial $500 million disbursed in June and December 2023. The
Sri Lanka’s economy will remain stable under the National People’s Power (NPP) administration, according to party leader Anura Kumara Dissanayake. Addressing the business community, Dissanayake emphasized that while economic changes will be made, they will be carefully assessed to prevent any destabilization. Dissanayake assured that the NPP’s approach is not driven by populist politics, citing
Sri Lanka’s positive economic growth, seen in early 2024, is likely to continue, supported by low inflation and a stable exchange rate, according to Central Bank Governor Nandalal Weerasinghe. In the first quarter of 2024, the country’s economy expanded by 5.3 percent, as estimated by the state statistics office. Speaking at an international forum organized
NDB Bank recently hosted a transformative financial mastery workshop aimed at empowering tech professionals with crucial financial skills. Held on July 12th at the eMarketingEye (Pvt) Limited premises, the event was initiated by NDB Bank’s Nugegoda branch to provide IT and digital marketing professionals with the tools needed for informed financial decision-making and enhanced financial
Fitch Ratings has reaffirmed the ‘A-(lka)’ National Long-Term Rating for Sri Lanka’s National Development Bank Plc (NDB), maintaining a Stable outlook. This decision reflects recent improvements in the operating environment, as indicated by macroeconomic indicators. Fitch anticipates that Sri Lanka’s stabilizing economic conditions will support NDB’s ability to grow and maintain business volumes. However, the
Fitch Ratings has affirmed the ‘BBB(lka)’ insurer rating for Sri Lanka’s National Insurance Trust Fund (NITF), maintaining a stable outlook but cautioning about the Fund’s difficulty in securing timely reinsurance cover. NITF’s major revenue source is from riots, civil commotion, and terrorism (SRCCT) premiums, with claims remaining low. Key points from Fitch’s assessment include:
Sri Lanka’s cabinet of ministers has approved a cost-based pricing formula for the state-run National Water Supply and Drainage Board, according to Minister Bandula Gunawardana. Minister Gunawardana announced on Tuesday that the new pricing formula will be implemented starting next year. This pricing reform is part of the conditions tied to a $100 million budget
IMF Cautions on Global Growth Threats from Persistent Inflation The International Monetary Fund (IMF) has issued a warning that global growth is at risk due to elevated inflation, necessitating higher interest rates. The IMF has maintained its 2024 growth projection at 3.2 percent and slightly increased its 2025 growth forecast by 0.1 percent to 3.3
Seylan Bank announced that its recent Rs. 10 billion debenture issue was oversubscribed on its opening day, receiving applications for over 100 million debentures, indicating strong investor confidence. Initially, the bank issued Rs. 5 billion in Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. Priced at Rs. 100 each, these debentures have maturity