The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.
July 7, 2020The CBSL will provide credit guarantees ranging from 80% for smaller loans to 50% for larger loans issued to businesses affected by Covid-19.
July 2, 2020A CBSL scheme announced in April to drive inward remittances and investment may risk Sri Lanka falling back into the FATF's grey list, says Duruthu Chandrasekera.
June 22, 2020The CBSL has cut the statutory reserve ratio by 200 basis points, releasing $617mn in liquidity in the banking system. The size of its re-finance facility has also been tripled.
June 17, 2020The tripling of the limit was proposed to the Cabinet following complaints from various parties that they had not received relief from their banks.
June 8, 2020Exacerbated by a seven-week stock market shut down, foreign investors sold large quantities of Sri Lankan bank stocks following a ban on bank dividends this month.
May 26, 2020Foreign banks are prohibited from repatriating profits. LCR and NSFR requirements have been reduced to 90%. Banks are told to refrain from non-essential expenditures.
May 15, 2020Loans granted to businesses by participating FIs under the facility will be limited to two months working capital, with 2 years repayment terms and a 4% p.a. interest rate.
April 21, 2020The central bank has also suspended overseas investment and outward remittances by Sri Lankan residents, and cut interest rates for the second time in three weeks.
April 8, 2020Banks can draw down on capital conservation buffers, defer capital requirements, and avoid classifying borrowers as non-performing.
April 2, 2020