BIZ

Local businesses urge Central Bank to further extend moratorium

Published

2 years ago

December 31, 2022

editor

The local businesses urged the Central Bank this week to look at the possibility of further extending the moratorium, so that more breathing space is provided to settle the loans.

According to the National Trade Protection Council, the borrowings from SMEs have reached Rs.1,000 billion, which the sector is struggling to pay back, due to the prevailing challenges in the national economy.

The council’s President Mahendra Perera shared that the members are continually complaining about their inability to service their borrowings at the prevailing high-interest rates.

The moratorium offered expires on December 31, 2022.

The council asserted that the moratorium has failed to give the desired results, mainly due to the grim macroeconomic circumstances.

“We requested the governor to extend the moratorium. What we asked for was to create a win-win situation for us and for the banks. If not, the banking sector in this country would also fall,” said Perera.

The council is of the view that at least 20,000 SMEs would be forced to shut down by January, if no action is taken by the government to delay the repayment of interest and capital on the loans taken by the sector.

Perera shared that Central Bank Governor Dr. Nandalal Weerasinghe had indicated to local business associations on Thursday that efforts would be taken to look into the possibility of obtaining the assistance of agencies such as the Asian Development Bank, once the relief from the International Monetary Fund is obtained.

The National Trade Protection Council has requested a reduction of interest rates and to keep the borrowing rate at 15 percent throughout 2023, while partly and fully wavering the interest during settlements.

The council also requested the Central Bank to not allow the financial institutions to demand additional security to cover the interest.

(dailymirror.lk)

BIZ

Several BoC branches closed early today!

Published

6 days ago

April 10, 2025

editor

Several branches of the state owned Bank of Ceylon (BoC) had closed their counters today (April 10) earlier than usual, inconveniencing customers, reports say.
Counters at certain BoC branches had closed at 12.30pm today, due to a result of a Trade Union action, reports add.

The BoC Board of Directors had previously approved an incentive for its employees based on the profit of the year 2024, and it is said that a delay in securing the Ministry of Finance’s approval for this had led to this situation.

‘Sri Lanka Mirror’ reached out to the Ceylon Bank Employees Union (CBEU) Chairman – Channa Dissanayake in this regard and was told that no bank branches were closed earlier than usual.

When we had insisted that certain branches had indeed closed their counters after 12.30pm and mentioned photographic evidence, Mr. Dissanayake’s phone line went dead.

BoC has been in the centre of controversy recently, after providing a hefty loan to Nawaloka Group which is already in deep debt.

Related News :

BoC’s loan to Nawaloka also grabs minister’s attention

BIZ

New Year ‘Kevili’ costs 7% more in 2025 than in 2024: report

Published

6 days ago

April 10, 2025

editor

The cost of preparing a traditional kevili or sweetmeats table for the Sinhala and Tamil New Year has increased by 7% in 2025 compared to 2024, and is now more than twice as high as it was in 2019, according to a report by Verité Research.
The analysis found a 7% rise in the cost of ingredients between March 2024 and March 2025, driven primarily by significant increases in the prices of coconuts and coconut oil, which rose by 80% and 40% respectively. Most other ingredients either remained stable or decreased in price.

In 2024, the cost of ingredients had increased by 2.2 times compared to 2019, and by 2025, this figure has risen to 2.4 times the cost in 2019.

A kevili table typically features a selection of traditional Sri Lankan sweet treats that symbolise prosperity and happiness. While contents vary across households, common items include milk rice, kokis, bananas, aluwa, kevum, dodol, mun kevum and butter cake.

The analysis used quantities based on recipes from the popular YouTube channel “Ape Amma,” estimating portions for a household of 4–5 people. Only main ingredients were considered in the costing; utility costs (electricity/gas) and spices were excluded. Price data was sourced directly from the Department of Census and Statistics, specifically from its Open Market Weekly Average Retail Prices in the Colombo District for the following periods: April Week 1 of 2019 and 2023, and March Week 3 of 2024 and 2025.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)

BIZ

USD climbs above Rs. 300 since Sep. 2024

Published

6 days ago

April 10, 2025

editor

The Sri Lankan rupee has declined against the US dollar today (10), with the spot exchange rate surpassing the Rs. 300 mark for the first time since September 27, 2024.

According to the daily exchange rate data released by the Central Bank of Sri Lanka (CBSL), the buying rate for the US dollar stands at Rs. 294.13, while the selling rate is recorded at Rs. 303.20.

Meanwhile, the spot exchange rate has been registered at Rs. 301.20 today.

The spot rate reflects the weighted average of all spot transactions carried out in the domestic interbank foreign exchange market, including any market interventions conducted by the CBSL through Requests for Quotations (RFQs) on the previous or most recent business day.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)