Sri Lanka banks asked not to compete for deposits: CB Governor
ECONOMYNEXT – Sri Lanka’s Central Bank has asked banks not to compete with each other for deposits Central Bank Governor Nandalal Weerasinghe said, as attempts were being made to bring…
Sri Lanka private credit down Rs255bn since May 2022
ECONOMYNEXT – Sri Lanka’s private credit contracted 30.9 billion rupees in November 2022 to 7499 billion rupees, taking the total contraction since May to 255.3 billion rupees, official data show.…
Fitch downgrades Sri Lanka insurers after sovereign rating re-set
ECONOMYNEXT – Fitch Ratings said it has downgraded seven Sri Lanka insurers after the local currency sovereign rating was lowered to CC from CCC in December 2022. All insurers are…
Sri Lanka doing assets quality review of banks: CB Governor
ECONOMYNEXT – Sri Lanka’s central bank is watching the asset quality of banks which are facing a number of pressures bad loans, changes in interest rates and exchange rate, Governor…
Sri Lanka’s banks may have to re-structure loans caught in progressive tax
ECONOMYNEXT – Sri Lanka’s banks should explore restructuring loans of salaried employees hit by progressive tax, Central Bank Governor Nandalal Weerasinghe said as progressive income taxes were imposed at lower…
Sri Lanka private credit negative for seventh month as China assurances awaited
ECONOMYNEXT – Sri Lanka’s private credit was negative for the seventh straight month in December 2022, data showed while interest rates continued to be elevated amid a delay in an…