Finance Minister issues gazette valid for three months from 2 April Order suspends outward remittances other than remittances on current transactions through Business Foreign Currency Accounts or Personal Foreign Currency Accounts Limits eligible migration allowance for those claiming migration allowance for first time up to maximum of $ 30,000 Prime Minister Mahinda … [Read more...] about SL clamps down on outward remittances by residents
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Thoughts on economic recovery and return to normalcy after COVID-19
At a time when Muslim organisations, activists and civil societies are bending backwards to help GR in his efforts to free the country of the deadly virus, incriminating and demonising the whole community seems to cover a more dangerous and sinister plan. There is already ample documentary evidence showing a systematic growth of Muslim phobia at least since 2009. This phobia … [Read more...] about Thoughts on economic recovery and return to normalcy after COVID-19
EDB cuts 2020 export target by $ 7.75 b on COVID-19 worries
Original target was $ 18.5 b in 2020 Revised target $ 10.75 b as COVID-19 bites But confident exports will bounce back faster than remittances and tourism New space for apparel, pharmaceuticals, agriculture due to virus Fresh areas need to boost forex revenue Considering the unprecedented disruption to the global economy and trade due to the COVID-19 pandemic, the Export … [Read more...] about EDB cuts 2020 export target by $ 7.75 b on COVID-19 worries
CB gets hyper with rate cuts
Reduces rates by 25 basis points marking third rate cut this year CB hopes loosening monetary policy will counter COVID-19 impact Announcement comes nearly a week early The Central Bank yesterday decided to reduce rates even further by an additional 25 basis points, the monetary authority said in a statement.Accordingly, the Standing Deposit Facility Rate (SDFR) and … [Read more...] about CB gets hyper with rate cuts
COVID-19 crisis triggers cry for forex flow
Central Bank, Treasury make joint appeal for foreign currency deposits from Sri Lankans living abroad and here, as well as charity organisations, well wishers Assure all forex remittances will be exempted from exchange control regulations and taxes, and protected under banking secrecy provisions 3-month offer aimed at boosting reserves and economy to face COVID-19 … [Read more...] about COVID-19 crisis triggers cry for forex flow
Banks can leverage up to Rs. 400 b to support COVID-19 hit biz: CB
Opportunity follows CB extending Rs. 50 b re-financing facility At end 2019, total capital adequacy ratio of banking sector was 16.5%, well above regulatory minimums of 13.5-14% and 12.5% applicable to D-SIBs and non-SIBs respectively At present, capital buffers in excess of CCB in banking sector is Rs. 200 b whilst CCBs amount to Rs. 170 b; buffers can be drawn, … [Read more...] about Banks can leverage up to Rs. 400 b to support COVID-19 hit biz: CB
Pathfinder Foundation’s 10 basic principles for achieving economic recovery in post-COVID-19 SL
Pathfinder Corona Alert #2 Short-term1. Continued enforcement of social distancing, including the lockdown of hotspots, to ensure that the number of infections does not exceed the capacity of the health system. 2. Delivery of essential food and pharmaceuticals, with a special focus on maintaining supply chains, particularly in lockdown areas.3. Clear inclusive frameworks … [Read more...] about Pathfinder Foundation’s 10 basic principles for achieving economic recovery in post-COVID-19 SL
New COVID-19 cases peak | Daily FT
Highest single-day new caseload of 20 drives total up to 142 Police ultimatum for those who returned between 16-19 March ends midday today Enhanced security for Colombo from today; Police, STF beef up presence 11 doctors, nurses from Negombo hospital who treated infected patient moved to quarantine in Waikkal Govt. scrambles to prepare hospitals on west coast for … [Read more...] about New COVID-19 cases peak | Daily FT
CB gives banks more flexibility for COVID-19 support
8 new regulatory measures announced to give relief to struggling businesses Major banks given permission to draw down capital buffers by 100 basis points to smoothen credit flows Foreign currency loans given option of being recovered in rupees as last resort Dues in March given 2-month extension, capital enhancement deadline of banks extended till 2022 Any changes made … [Read more...] about CB gives banks more flexibility for COVID-19 support
CB unveils Rs. 50 billion refinance deal for banks
Major six-month initiative with range of relief to support all COVID-19-hit businesses, individuals and the self-employed The Central Bank has unveiled a Rs. 50 billion six-month refinancing facility for banks to help COVID-19-hit businesses, individuals and the self-employed.The refinance facility is to enable the implementation of the decisions taken by the Cabinet last … [Read more...] about CB unveils Rs. 50 billion refinance deal for banks
