Sri Lanka’s banks are still owed 88 billion rupees for interest subsidies paid to senior citizens in the past, according to State Minister for Finance Ranjith Siyambalapitiya. This disclosure comes as the cabinet of ministers approved a new interest subsidy scheme aimed at providing relief to senior citizens. The newly approved scheme establishes a floor
The US markets extended their losses on Monday, continuing the downturn that began last week, while Asian markets also saw significant declines, particularly in Japan, a country with very low interest rates. The Dow Jones Industrial Average dropped by 1,033 points, or about 2.6 percent, the S&P 500 fell by 3 percent, and the Nasdaq
Last week, the Central Bank of Sri Lanka reaffirmed its stance against regulating interest rates, opting to let market forces dictate the rates. Central Bank Governor Dr. Nandalal Weerasinghe emphasized that the bank has no intention of intervening in interest rate setting, despite ongoing delays in how quickly banks pass on monetary policy benefits to
The Central Bank has reduced its key policy rates by 25 basis points, bringing the Standing Lending and Deposit Facility rates to 9.25% and 8.25%, respectively. This adjustment, while largely symbolic, underscores the Bank’s commitment to an easing monetary policy. Since shifting to a more relaxed policy stance in June 2023, the Central Bank has
The Monetary Policy Board of the Central Bank of Sri Lanka has announced a reduction in both the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points each. Effective July 22, 2024, the new rates are 8.25% for the SDFR and 9.25% for the SLFR. This decision follows
The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on July 23, 2024, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points (bps) to 8.25 percent and 9.25 percent, respectively. This decision followed a careful assessment of current
Nations Trust Bank PLC has announced plans to raise Rs. 10 billion via a listed debenture issue. The Board has resolved to issue 50 million Unlisted, Rated, Unsecured, Senior, Redeemable Debentures of Rs. 100 each, amounting to Rs. 5 billion, with an option to issue a further 30 million debentures and an additional 20 million
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