The Cabinet of Ministers has approved the establishment of a Financial Stability Fund aimed at strengthening Sri Lanka’s bank resolution framework as part of the Central Bank of Sri Lanka’s (CBSL) financial crisis management program. The initiative will begin with an initial allocation of Rs. 1 billion from the Ministry of Finance, Economic Stabilisation, and
The Sri Lankan rupee opened slightly stronger at 300.75/301.00 to the US dollar on Tuesday, following Monday’s close of 301.50/302.00. Bond yields also saw a significant rise, according to market dealers, while stocks showed a modest increase of 0.13 percent in early trading. In secondary market bond trading, activity was subdued ahead of a bond
DFCC Bank PLC in Sri Lanka is set to launch a senior, rated, 3-year green bond issue to raise Rs 2 billion, with a potential Greenshoe option to increase the amount to Rs 2.5 billion. The subscription list for the green bond issue opens on Thursday, the 12th. The bank will initially issue 20 million
Sri Lanka is set to amend its Value Added Tax (VAT) Act to phase out temporary VAT registrations by the end of 2024, targeting importers and distinguishing between personal and commercial imports to prevent tax revenue loss, according to a recent Parliamentary report. The Third Report by the Committee on Ways and Means revealed that
Sri Lanka’s National Development Bank Plc (NDB) has announced plans to raise up to 10 billion rupees through a debenture issue. The bank will offer Basel III-compliant, Tier 2 listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at 100 rupees each. Initially, 50 million of these 5-year debentures will be issued, with the
As of September 2, 2024, gold prices in Sri Lanka have been updated as follows: Gold Unit Gold Price Gold Ounce Rs. 757,240.00 24 Carat 1 Gram Rs. 26,720.00 24 Carat 8 Grams ( 1 Pawn ) Rs. 213,700.00 22 Carat 1 Gram Rs. 24,500.00 22 Carat 8 Grams ( 1 Pawn ) Rs. 195,950.00
Sampath Bank announced a significant financial performance for the first half of 2024, with a 45% increase in profit after tax (PAT) to Rs. 11.1 billion, up from Rs. 7.7 billion in the same period last year. The profit before tax (PBT) also saw a notable rise, reaching Rs. 18.5 billion, a 40% increase compared
On Tuesday, the Sri Lankan rupee opened stronger at 302.20/35 against the US dollar, according to dealers. This is an improvement from Monday’s closing rate of 302.63/73. Bond yields remained broadly stable, while stocks experienced a slight decline. In the secondary bond market, treasury bond yields were steady. A bond maturing on December 15, 2026,
The Cabinet of Ministers has approved a set of amendments aimed at expediting the tax appeal process to address delays that have impeded the collection of Rs. 73 billion in taxes. In response to the need for a more efficient system, the Cabinet has directed the Legal Draftsman to prepare a draft that will streamline