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Local businesses urge Central Bank to further extend moratorium

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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

Imported milk powder prices slashed

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The price of imported milk powder will be reduced with effect from tomorrow (April 25), the Milk Powder Importers’ Association states.

Accordingly, the price of a 01 kg pack will drop by Rs. 250 – Rs. 300 while the price of 400g pack will be slashed by Rs. 100ත් – Rs. 130.

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CBSL names 8 more companies conducting prohibited schemes

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The Central Bank of Sri Lanka has named 08 more entities that conduct and/or have conducted prohibited schemes.

“Participating in Pyramid Schemes is a Punishable Offence” Central Bank said in a notice to general public.

The named entities are :
1. Beecoin App/Sunbird Foundation
2. Fast Win (Pvt) Ltd
3. Fruugo Oline App/ Fruugo Oline (Pvt) Ltd
4. Genesis Business School/ Era Miracle (Pvt) Ltd
5. Isimaga International (Pvt) Ltd 
6. Ledger Block 
7. Qnet/Questnet 
8. Ride to Three Freedom (Pvt) Ltd

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6 RfQs received to acquire SriLankan shares

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Sri Lanka’s State-Owned Enterprise Restructuring Unit (SOERU) announces that 06 Request For Qualifications (RfQ) were received for the acquisition of shares of SriLankan Airlines.
These RfQs were received from :

  1. 1. AirAsia Consulting Sdn. Bhd.
  2. 2. Dharshaan Elite Investment Holding (Pvt) Ltd
  3. 3. FITS Aviation (Private) Limited
  4. 4. Sherisha Technologies Private Limited
  5. 5. Treasure Republic Guardians Limited
  6. 6. Hayleys PLC

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