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Market Infrastructure
Sri Lanka Expects to Secure IMF Loan Within Two Months
By Duruthu E Chandrasekera | 28/04/2022
Sri Lanka is trying to restructure its loans from Chinese banks, offering golden visas to foreigners, and relaxing rules on securities margin financing.
Sri Lanka to Temporarily Stop Servicing Foreign Debt
By Manesh Samtani | 14/04/2022
The government is suspending repayment of foreign debt pending the completion of a loan restructuring programme with the IMF.
Market Infrastructure
CBSL, Finance Ministry Declare Sri Lankan Banking System Stable
By Duruthu E Chandrasekera | 31/03/2022
The Finance Ministry of and CBSL were responding to rumours of a default by a state bank, which reportedly did not have enough FX to honour a swap with two other banks.
ESG / Sustainability
CBSL to Incentivise Green Finance, Create Taxonomy
By Duruthu E Chandrasekera | 29/03/2022
Sri Lanka’s banks and the private sector need to be incentivised to make investments in low carbon energy projects, the CBSL said.
Market Infrastructure
CBSL Devalues Currency After IMF Calls for Market-based Rates
By Duruthu E Chandrasekera | 10/03/2022
Sri Lanka’s official exchange rate has been effectively pegged to the USD since April 2021. The IMF called for a return to a market-determined and flexible exchange rate.
CBSL Calls on Public to Report Illegal FX Dealers
By Duruthu E Chandrasekera | 03/03/2022
The public is asked to inform the Foreign Exchange Department of CBSL of any person, institution or any other entity that is engaged in unauthorized FX dealings.
Market Infrastructure
Sri Lanka Launches National Remittance Mobile App
By Duruthu E Chandrasekera | 20/02/2022
The new mobile app is expected to lower the cost of inward remittances by foreign workers and reduce the use of black market channels.
Capital / Liquidity
CBSL Says NBFI Consolidation is Strengthening the Sector
By Duruthu E Chandrasekera | 07/02/2022
Nine NBFIs have introduced fresh capital, while another 12 entities have received preliminary approvals for consolidation, the CBSL said.
Sri Lanka Increasingly Vulnerable Amid Depleting FX Reserves
By Duruthu E Chandrasekera | 02/02/2022
Sri Lanka is seeking advice from the IMF and credit from China, India, Pakistan and Australia, while the central bank offers to pay migrant workers for FX inflows.
CBSL Issues Corporate Governance Rules for Finance Companies
By Duruthu E Chandrasekera | 12/01/2022
Directors must undergo annual performance assessments and impose measures to limit related party transactions and manage conflicts of interest.
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