The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on November 25, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 per cent and 5.50 per cent, respectively.
The Board arrived at this decision after carefully considering the macroeconomic conditions and expected developments on the domestic and global fronts. The Board, having noted the reduction in overall market lending rates so far during the year, stressed the need for a continued downward adjustment in lending rates to boost economic growth in the absence of demand driven inflationary pressures, particularly considering the significant levels of excess liquidity prevailing in the domestic money market.
In order to support the economic revival, the Board decided to introduce maximum interest rates on mortgage backed housing loans for salaried workers, while lending targets for selected sectors of the economy will be introduced in the near future. The second wave of COVID-19 has destabilised global growth prospects, but vaccine expectations have helped improve sentiments. Accommodative monetary policies adopted by almost all central banks across the globe continued amidst weak economic activity. Growing uncertainty, triggered by the second wave of COVID-19, has led central banks to further expand unconventional policy measures, including quantitative easing, while governments with adequate fiscal space continued to provide additional stimulus to their respective economies.
However, the recent breakthroughs in relation to COVID-19 vaccines have helped improve sentiments worldwide.
The Sri Lankan economy was seen as having recovered strongly during the third quarter of 2020, before the disruptions caused by the second wave of COVID-19
Available economic indicators suggest a notable recovery in economic activity in the third quarter of 2020. The onset of the second wave of COVID-19 in October adversely affected this momentum to some extent. However, the impact of the containment measures on economic activity is not expected to be large, as mobility restrictions were imposed only in selected areas, and most of these restrictions have already been lifted in many areas.
Despite this disturbance to the near term growth prospects, the economy is expected to rebound strongly in 2021 and sustain its growth momentum over the medium term, supported by the stimulus measures already in place and the effective implementation of the pro-growth policy proposals announced in the Government Budget 2021.
External sector remains resilient amidst challenging global developments Provisional data indicate that the deficit in the trade account continued to narrow significantly, on a year-on-year basis, for the sixth consecutive month in October 2020. Workers’ remittances increased for five consecutive months.
Union Assurance expands Bancassurance footprint with Pan Asia Bank partnership
Sri Lanka’s No.1 Bancassurance provider, Union Assurance PLC, joined hands with The Truly Sri Lankan Bank, Pan Asia Bank, to expand the scope and reach of Bancassurance in the country. Pan Asia Bank has consistently introduced ground-breaking customer solutions to Sri Lankan consumers. This strategic alliance will offer an array of best-in-class insurance solutions comprising savings, protection, and investment coupled with comprehensive financial solutions. This partnership was officially signed by the Chief Executive Officer of Union Assurance, Jude Gomes, and the Managing Director/Chief Executive Officer of Pan Asia Banking Corporation, Nimal Tillekeratne, on June 21st, 2022 at the Bank’s head office in Colombo.
The Chief Executive Officer of Union Assurance, Jude Gomes, hailed the partnership as a milestone that will expand the Bancassurance footprint in Sri Lanka. He said it will enable them to offer a new-age insurance experience to customers of Pan Asia Bank. “We are delighted to partner with Pan Asia Bank. This strategic partnership will pave the way for mutually beneficial and sustainable business growth,” he emphasized.According to Jude Gomes, Bancassurance is a growing field that offers an unmatched customer-centric experience. “I’m confident that Bancassurance, with its emphasis on service excellence, innovation, and digital leadership, will help narrow the protection gap and empower the Sri Lankan dream,” he stated.
The Managing Director/Chief Executive Officer of Pan Asia Banking Corporation, Nimal Tillekeratne, commenting on the strategic partnership, said: “We are pleased to partner with Union Assurance and this alliance will facilitate solutions that offer long-term protection and empower the Bank’s customers. Ensuring a secure future is important in these uncertain times, and as a bank with 27 years of expertise in providing financial solutions for Sri Lankans, we believe it enhances our innovative and customer-focused value proposition further,” he added.
This collaboration offers customers of Pan Asia Bank easy access to a range of innovative insurance solutions while fulfilling their banking needs. Pan Asia Bank, one of the fastest-going commercial banks in the country, is known for its innovative banking products and services. The Bank continues to report solid key profitability indicators which rank among the highest in the industry. Going from strength to strength, the nation’s Truly Sri Lankan Bank’, Pan Asia Bank is continuously recognized by many local and global entities for its performance and sustainability.
Adding further, the Chief Bancassurance Officer of Union Assurance, Vindya Cooray, said it was a privilege to be partnering with Pan Asia Bank. She described the alliance as an important step in their Bancassurance strategy to stay ahead in the field and provide value to customers. “Our expertise in Sri Lankan bancassurance landscape, coupled with our digital capabilities will enable us to provide a comprehensive solution where customers could fulfill their financial as well as protection needs under one roof,” she stressed.
BOI launches online visa recommendation accelerating its digital transformation
Aimed at enhancing the Ease of Doing Business and accelerating digital transformation, the Board of Investment (BOI), announced on Friday the completion of the integration of the visa recommendation system in coordination with the Department of Immigration and Emigration and the Ministry of Defence to provide online visa recommendation for potential investors visiting Sri Lanka and all the enterprises that fall under the purview of the BOI.The BOI has already completed the online system up to the point where investors/enterprises could submit the visa application online and obtain the approved application from the BOI. For this, the investors were required to make three physical visits to the BOI head office. However, with the integration with the Department of Immigration, there is no need for the investors to visit the BOI at all.
Under the newly launched system, visa recommendations will be granted under three visa categories namely, entry visas, residence visas, and when extending visas. In addition, the applicants, who will be eligible to apply for this, are the investor, employees, and dependents of the investor, and selected employees.
One of the major benefits enjoyed by investors/enterprises out of the novel system, is the elimination of investors’ physical presence at the BOI saving their time. Investors can also monitor the online portal and review the status of the process. Upon the completion of the process, the applicants will be notified via an SMS and email alert. Then, the applicants can take the passport and relevant documents to the Immigration Department where they will be issued the visa. Furthermore, this system will also safeguard against misuse in submission of information, down to the strict assessment.
Speaking at the occasion, BOI Director General Renuka M Weerakone, stated “the implementation of the online visa recommendation system is yet another milestone in the journey of digitizing the entire investor experience to ensure seamless delivery of services to investors,”
“Here, let me make a special mention about the officials of the Department of Immigration, the Ministry of Defence and our IT team for their competence and corporation in making the entire process a success,” she said.
Seylan enables easy payment plans for solar energy in partnership with Hayleys Solar
In its bid to ensure that customers always receive convenient products and services that will enable and better their lives, Seylan Bank entered a partnership with Hayleys Solar to provide Seylan Credit Card holders with Easy Payment Plans (EPP) to purchase solar units. With the current energy crisis across the country, and the resulting escalating electricity costs, switching to solar power has become the most sustainable option. However, the high initial cost of installing the panels has limited people from using this alternative. With Seylan Bank’s partnership with Hayleys Solar, the option of transferring to solar energy becomes accessible and affordable to the public.
The easy payment plan for Seylan cards offers 0% installment options from 3 months through 6, 12 and 24 months for a minimum transaction of LKR 10,000 and a maximum of LKR 1 million. Customers are able to convert to the easy payment plan within 7 working days through calling the hotline on 0112008888.Speaking of the partnership Ruchith Liyanage, Head of Cards at Seylan Bank said, “Seylan Cards, as the ‘essential card for essential needs’, has always looked at supporting the essential financial requirements of our customers.”
The partnership between Seylan Bank and Hayleys Solar, the renewable energy arm of Fentons Ltd., which are both leaders in their respective industries, ensures the validity of the venture. Hayleys Solar is primarily focused on renewables and energy storage systems. With over a decade of market excellence, the company has successfully completed over 75MW of solar installations island wide making it the undisputed leader in Engineering, Procurement, and Construction (EPC) in Sri Lanka. Energynet, a solution provided by Hayleys Solar offers a wide range of off-grid, hybrid, and battery backup systems.
Hasith Prematillake, Managing Director of Fentons Ltd. says, “As challenging circumstances continue to prevail, it is imperative that we find ways to collaborate to foster practical, alternate renewable energy solutions.”
Roshane Perera, Director/Chief Executive Officer of Hayleys Solar, said, “We strive to develop solutions capable of meeting the nation’s evolving energy requirements. Energynet is one of those ideal solutions for the present power cuts and non-availability of fuel, as it allows the consumers to power up key appliances required to continue their daily lives in a convenient manner.”
Herath: COPE dissolution must not hinder probe into economic crisis
JVP: Both President and ruling party MPs must be sent home
Stakeholders’ proposals to be made available
‘Dates have the highest sugar content to fight Coronavirus’
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Sunday Island 27 December – Headlines
News3 days ago
The brother’s saga according to Mahinda
News3 days ago
FSP vows to fight back
News4 days ago
SJB challenges clearing of MP on the basis of committee report
News7 days ago
Sampanthan, Wimal, Champika ready to join all-party govt.
News6 days ago
How tax revision that caused revenue loss of Rs 500-600 bn triggered collapse …
News2 days ago
Ranil claims some TNA MPs “voted for me”
Editorial7 days ago
Hold your horses!
News6 days ago
Govt. retains two foreign firms to restructure ISBs