Ceylon, first in the world to have the Queen’s portrait on currency
As the world mourns the death of Britain’s Queen Elizabeth II, it is useful to remember that her portrait appeared in Ceylon currency notes dated 1952-June-3rd, even before Great Britain began using her picture on their currency notes, which was only in 1960. It was also the world’s first dated currency with the Queen’s portrait [...]
Govt. earmarking 10 SOEs for liquidation
The government will soon roll out a special scheme for salvaging loss- making State-Owned Enterprises (SOEs) via restructuring or privatisation opening up its management or ownership while liquidating failing institutions with insolvency issues that cannot be resolved efficiently. At least 10 out of 55 SOEs are earmarked for liquidation following recommendations of the Auditor General’s [...]
Mysterious funds approach Sri Lanka in this crisis
The current crisis in Sri Lanka has presented a fresh opportunity for mysterious funds to extend credit lines to local banks, bankers said. They said this trend has come in the wake of the exchange rate crisis and the country’s default along with the country rating being very low. When the government is downgraded to [...]
Rates go wild at SL wildlife parks
The Wildlife Department has nearly doubled the rates of entrance fees to national wildlife parks as a result of which the tourism industry has been severely hit owing to the directive being issued without prior notice. Previous rates per person Rs.9,688 has been increased to Rs.14,920 resulting in an increase of Rs.5,232. This has caused [...]
Inward remittances improved last month
Remittances by migrant workers and others are seen improving over the past month, bankers say. Last month has seen a marked improvement in inward remittances by migrant workers, Kanchana Ratwatte, Chairman Bank of Ceylon told the Business Times noting that this is because the grey market has considerably shrunk. He said that the Central Bank’s [...]
Finding niche markets
Aldoris’s tuk-tuk with its merry tune could be heard from the beginning of the lane this Thursday morning. Stopping at our gate, he greets the trio with a ‘good morning madam’ and proceeds to display his breakfast food. He was indeed in a happy mood compared to the trio grumbling about the rising cost of [...]
IMF and the IMF!
The original mandate of the International Monetary Fund (IMF) was to assist its member countries faced with foreign exchange crises; but if you scrutinise the key elements of the reform programme that has been agreed upon between the IMF and the Sri Lankan Government as well as elsewhere; here’s another term: It’s Mostly Fiscal (IMF)! [...]
Social welfare schemes undergo reforms benefiting vulnerable groups
After a methodical review, the Government will soon overhaul the existing social welfare schemes and their benefits targeting delivery of subsidies to the poor and vulnerable communities. The identification of needy recipients countrywide is to be made via a credible procedure while evaluating existing schemes without political differences or favouritism, Finance Ministry sources divulged. The [...]
Citi Foundation helps uplift lives of 5,200 farmers
Citi Foundation has joined hands with the United Nations Development Programme (UNDP) in Sri Lanka to pledge a Rs.70 million contribution, with a primary focus on the diversification of agricultural livelihoods. The focus would be from paddy to cash crops such as cowpea and mung beans under uncultivated minor irrigation tanks, to not only boost [...]
Sri Lanka will not go hungry
Sri Lanka will be able to avert the predicted food shortage in October as authorities are said to have taken the right measures in time by importing sufficient quantities of rice. “We predicted shortages after October but the government imported 424, 000 MT of rice and another 45, 000 MT is made available under the [...]
Revenue loss due to compromises by tax officers, consultants and taxpayers
While the present economic crisis is the result of many political, economic and social factors, the Inland Revunue Department is optimistic of improving the revenue collection and to get back the foreign currency lying outside the country, said the new Commissioner General of Inland Revenue (IRD) D.R.S. Hapuarachchi in his address at the ceremony to [...]
Angel Fund focused on helping its portfolio weather economic storm
Sri Lanka’s first Angel Fund has completed funding rounds for Chakra Suthra and Mintpay as of its most recent operational quarter. Further, the Fund aided a third start-up, Magicbit, in growing its team and setting up a new local office, from which it has shipped to 38 countries so far. Most important of all, Chakra [...]
Dialog Enterprise’s new fuel-monitoring system
Dialog Enterprise recently unveiled a timely technological solution for monitoring and measuring fuel and energy consumption with precision. Developed in partnership with the University of Moratuwa Research Laboratory and rigorously tested and used on Dialog’s own base stations, the solution was released ahead of schedule to help organisations efficiently manage their fuel usage and consumption. [...]
Solid performance from SL’s oldest NBFI – Alliance Finance
Alliance Finance Company PLC (AFC), the first company in South Asia to achieve the prestigious endorsement of “a holistic sustainability certified value driven financial institution”, has concluded the first quarter of the financial year 2022/23 with a resilient performance amidst inimical domestic and external environs which impacted the country. Despite external challenges, the company reported [...]