Sri Lanka central bank unexpectedly raises policy rate by 50 bps

By Shihar Aneez and Ranga Sirilal COLOMBO, Jul 28 : Sri Lanka’s central bank raised its main interest rates by 50 basis points each on Thursday in a surprise move aimed at curbing stubbornly high credit growth that is adding to concern about inflationary pressures. The Central Bank of Sri Lanka raised the standing deposit […]

Sri Lanka appoints ex-central banker Coomaraswamy as new c bank chief

By Ranga Sirilal and Shihar Aneez COLOMBO, Jul 2 : Sri Lankan President Maithripala Sirisena has appointed former central banker Indrajith Coomaraswamy as the new central bank chief, moving to quell uncertainty after the previous governor declined to seek reappointment. The appointment was delayed after some disagreement between Sirisena, who has the power to appoint […]

Sri Lanka’s monetary board to act as c.bank governor- deputy chief

By Ranga Sirilal and Shihar Aneez COLOMBO, Jul 1 : Sri Lanka’s monetary board will be responsible for the central bank’s daily operations effective immediately, Deputy Governor Nandalal Weerasinghe told Reuters on Friday, after the previous governor declined to seek reappointment amid a corruption probe. The term of Arjuna Mahendran, who headed the central bank […]

Sri Lanka to gradually ban house maids abroad amid abuses, social cost

By Shihar Aneez COLOMBO, Jun 1 : Sri Lanka will gradually stop sending house maids abroad, mainly to the Middle East, due to rights abuses, social costs and a local labour shortage, government spokesman Rajitha Senaratne said today. Sri Lanka’s expatriate workers, mainly house maids and unskilled labourers, send back remittances – the island nation’s […]

Sri Lanka seeking to borrow $3.5 bln through foreign debt

By Shihar Aneez and Ranga Sirilal COLOMBO, May 25 : Sri Lanka is in the process of borrowing up to $3.5 billion from foreign sources via syndicated loans, sovereign bonds, and sukuk, the country’s finance minister said on Wednesday. The borrowing plan comes as the South Asian nation seeks to fix its precarious balance of […]