Assetline Leasing Company Limited (ALCL) recently introduced several projects as part of its efforts to further develop its operations in the Northern Province. The financial services arm of the David Pieris Group of Companies, Assetline, has built its brand and reputation as providing funding, and financial assistance to the less affluent economic classes, entrepreneurs as well as small and medium enterprises. It is their anticipation that rollout of the initiatives under these projects in the Jaffna District which will benefit the entire Northern Province will contribute to uplifting the livelihood of the people and contribute to revitalize the economy in the Northern Province.
With this agenda and leveraging on Group synergies C. K. Motors, Chunnakam, Jaffna, a longstanding dealer of David Peiris Motor Company (Pvt) Ltd was brought on board as a Business and Cash Collection Centre representing ALCL. In addition to the ALCL Branch, the Company’s Leasing customers can now pay their lease rentals here. For C. K. Motors now in an addition to offering “DPMC Certified Three-Wheelers” their scope of business has expanded with the partnership with ALCL and the financial support provided.
“Jaffna Vehicle Spot”, a popular business entity in Kokuvil was also appointed as a business introducer with the aim of adding convenience to customers looking for financial assistance. Currently discussions are under way for “Jaffna Vehicle Spot” to partner the Group’s registered vehicle sales operation “Riyasakwala” which would mean both vehicles and tailor-made leasing solutions at attractive interest rates will be available at the same place.
Concurrently, as part of their commitment to the local community, a seminar was sponsored and facilitated for the traffic police officers under the guidance of Jaffna DIG Priyantha Liyanage, Jaffna HQI, Chief Inspector Chamly Palihena and other officials. The resource persons for this seminar were facilitated by the Police Headquarters, Colombo. More than 100 traffic police officers attached to 16 police stations in Jaffna Division participated in this workshop, the objective of which was to enhance road safety and traffic management in Jaffna.
Commenting on these recent initiatives, Mahesh de Silva, Chief Operating Officer, Assetline Leasing, said; “As a responsible financial institution, we are carrying out these projects aligned to Northern Province Development Plan of the Government and Road Map outlined by the Hon Governor Mr. Jeevan Thiagarajah, creating a win-win for both the Company and the people in the region.”
Launched in 2003, Assetline Leasing is one of the largest specialized leasing companies in the country and has a significant presence in the leasing market. Assetline has 54 branches covering all major regions of the island and offers a wide range of innovative solutions to suit the needs of a diverse customer base.
Seven factors of concern at upcoming Monetary Policy Review
by Sanath Nanayakkare
The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.
In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.
* Foreign Reserves USD 3.1 billion – Dec 2021
* Inflation CCPI 12.1% – Dec 2021
* GDP Growth -1.5% – 3Q2021
* Private Credit LKR 60.5 billion – Nov 2021
* 03M T-Bill rate 8.38% as at 12.01.22
Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion
Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21
First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.
“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.
As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.
First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.
However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.
Sri Lanka’s dash brand enters international markets
Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.
Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,
Janaka Abeysinghe appointed SLT CEO
Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.
The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.
Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.
In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.
He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.
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