The Bank of Ceylon (BoC) has announced plans to issue 100 million debentures valued at Rs. 100 each, totaling Rs. 10 billion. The bank also intends to issue an additional 50 million debentures worth Rs. 5 billion if there is high investor demand, bringing the potential total to Rs. 15 billion.
Fitch Ratings has assigned a National Long-Term Rating of A(EXP)(lka) to this debenture issue, indicating strong credit quality within the Sri Lankan context.
In a letter dated March 24, the Chairman of the Ceylon Electricity Board (CEB), Dr. Tilak Siyambalapitiya, informed Deputy Minister of Economic Development Prof. Anil Jayantha Fernando of an urgent electricity tariff hike in accordance with the guidelines issued by the Public Utilities Commission of Sri Lanka (PUCSL) in 2024, Anidda newspaper reported. Copies of…
The reimplementation of the controversial Parate Execution Law in Sri Lanka has sparked renewed debate across the business and legal sectors. The law, under the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990, allows licensed commercial banks to auction properties mortgaged against loans without judicial proceedings if borrowers fail to settle…
Sri Lanka’s automobile market has become a focal point for competition between Indian and Chinese automobile manufacturers, each striving to establish a strong presence in this strategically located island nation. Indian Automotive Influence Indian automobile manufacturers have a longstanding relationship with Sri Lanka, historically dominating sectors such as motorcycles and three-wheelers (tuk-tuks). Prior to 2020,…
A woman has been appointed as the 39th Commissioner General of the Inland Revenue Department, with the responsibility of increasing Sri Lanka’s tax revenue to 15% of the Gross Domestic Product (GDP). The new Commissioner General is Rukdevi Fernando, also known as I.R.D. Fernando. Fernando emphasized that her focus will be on expanding the tax…
Specialist Dr. Nilantha Ratnayake of the Sri Lanka Dental Association revealed that 50% of Sri Lanka’s population brushes their teeth only once a day. He expressed this observation during a press conference held to mark World Oral Health Day which falls on March 20. According to Dr. Ratnayake, oral diseases are among the most common…
Sri Lanka will secure biometric data for its national ID system using cryptographic hashing, which converts data into non-reversible random values for enhanced security. Waruna Sri Dhanapala, Acting Secretary of the Ministry of Digital Economy, said this measure will protect user identities and prevent unauthorized access. Sanjaya Karunasena, ICTA Director, highlighted that biometric-backed digital identity…
