BIZ

Questions raised on investing in the Ceylon Dollar Bond

Published

1 year ago

April 10, 2024

editor

Personal Foreign Currency Accounts (PFCs) and Business Foreign Currency Accounts (BFCAs) cannot be invested in the Ceylon Dollar Bond Fund, says a spokesman of the Foreign Exchange Department at the Central Bank of Sri Lanka.

He said that banks are well aware of this.

The spokesman was responding to ‘Sri Lanka Mirror’ on queries raised on social media promotions being done by Ceylon Asset Management Co. Ltd, with regard to such investments.

Ceylon Asset Management Co. Ltd. is also a company that is registered with the CSE.

The spokesman further notes that the CBSL has only permitted them to invest in ISBs.

However, promotions done by the company have indicated that dollar investments can also be done through PFCs, and that the investors can expect around a 24% dollar returns.

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Experts state that expecting such high profits in ISB investments, is questionable.

Upon contacting the DG of Ceylon Asset Management Co. Ltd, – Dulindra Fernando, he briefly stated that the CBSL has permitted their company to do such foreign fund transfers while some banks have refused to do so.

However, he urged to submit a formal request via email for further details.

BIZ

Imported milk powder prices upped

Published

19 hours ago

July 10, 2025

editor

The price of a 400g pack of imported milk powder has been raised by Rs.100, according to the Milk Powder Importers’ Association.

Previously priced at Rs.1,100, the new cost for a 400g pack is now Rs.1,200.

BIZ

No cases filed against 22 banned pyramid schemes – CBSL

Published

2 days ago

July 9, 2025

editor

Although the Central Bank of Sri Lanka (CBSL) has banned 22 institutions operating illegal pyramid schemes, no legal action has been taken against any of them so far, according to reports.

This was disclosed during a workshop held at the CBSL yesterday (July 08) on the dangers of pyramid schemes.

According to CBSL officials, after initial investigations, the files were handed over to the Criminal Investigation Department (CID) for further inquiry.

The CID’s Financial Crimes Unit has reportedly completed its investigations and submitted findings to the Attorney General’s Department, which is responsible for filing cases.

However, it was noted that not a single case has been filed to date.

The CBSL states that investigations will be continued against companies engaged in these illegal practices and hopes at least one or two such cases would be filed by the end of this year or early next year (2026).

BIZ

Bowser owners warn of fuel distribution crisis

Published

2 days ago

July 9, 2025

editor

The Ceylon Petroleum Private Bowser Owners’ Association has alleged that fuel distribution operations have been arbitrarily handed over to another party, which could disrupt fuel transportation across the country.

The association’s Treasurer – Jagath Parakrama warned that the move could jeopardize distribution if not reversed immediately, claiming there is an attempt to create a monopoly over fuel transport.

Parakrama noted that bowser owners, numbering around 400–500 in the association, have long handled the transport of fuel from bulk storage depots island-wide.

He alleged that authorities are now trying to award the fuel transportation route from Colombo and Muthurajawela to Kurunegala to a single businessman via a tender process.

He added, “If we don’t transport the fuel, no one else will be able to do so. However, in the last two or three years, this business was about to be handed over to a few large-scale business people. We, as an association, intervened and managed to stop it for a long time. But now, they are trying to hand over this transportation service to their close associates.”

He stressed that fuel transportation should remain a public service, warning that allowing a monopoly could lead to issues similar to those faced by other transport services.