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Sri Lanka is facing a threat of rapid foreign currency out flows exerting pressure on the country’s foreign reserves, official sources said.

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Sri Lanka’s economy is managed through new policies in an ‘alternative way’ Central Bank Governor W D Lakshman said rejecting economic experts claim of fiscal and monetary set back the in the second quarter of 2020 to predict , doom and gloom situation for 2021.

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Sovereign’s weakened credit profile will affect Sri Lankan Banks Sluggish economic activity, external and domestic vulnerabilities.

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All licensed non-bank financial institutions (NBFIs) including leasing companies have been warned of stern regulatory action for the failure to grant concessions including a debt moratorium granted to tourism sector employees in recovering their loan instalment with interest in accordance with Central Bank circulars.

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The US International Development Finance Corporation (DFC) has approved a US$ 40 million (Rs. 7.5 billion) term loan facility to SDB bank to promote financial inclusion, resulting in more support to SMEs, particularly female-owned Small and Medium Enterprises.

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It was a battle between two powerful lobbies – the tile importers group and powerful interests representing local tile manufacturers. Eventually the local manufacturers, fronted by a politically powerful businessman who also controls Sri Lanka’s largest added value rubber products group, won the day.

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Sri Lanka is gearing to outperform other frontier equity markets during 2021 since it is trading at attractive valuations with the creation of a conducive environment for investors to visit the island under an investor bubble scheme, State Minister of Finance Ajith Nivard Cabraal told the Business Times.

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A gazette notification was issued yesterday (February 02, 2021) relaxing the import restrictions on tiles and ceramic products.

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The Central Bank has established a new “Financial Consumer Relations Department” (FCRD) to serve as the single point of contact to handle all external complaints and grievances directed to CB on entities regulated under the provisions of Section 33 of the Monetary Law Act No. 58 of 1949, as amended.

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With unprecedented level of trading activity, the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) have issued new directives to monitor credit exposure undertaken by brokers and dealers.

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