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DateLine Tuesday, 5 August 2008

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DFCC Bank to reduce ComBank stake

Central Bank Monetary Board ruling:

The DFCC Bank has been asked to reduce its stake in Commercial Bank to 15 per cent within 18 months under the Central Bank (CB) Monetary Board ruling.

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SAARC success, eye opener for tourism

The SAARC Summit held last week in Colombo has proved that Sri Lanka is a safe destination and it is an eye opener for countries that have clamped adverse travel advisories.

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NTB reports Rs. 285m profits for first half

In the interim financials recently released to the Colombo Stock Exchange, Nations Trust Bank PLC reported that the Group achieved an excellent overall growth in performance during the first half of 2008.

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Beach Fest: The inaugural Hikkaduwa Beach Fest organised by the Sri Lanka Tourist Board was held over the weekend with over 17, 000 local and foreign spectators attending it. Chairman Sri Lanka Tourism Renton De Alwis claimed that this was the biggest beach carnival to be staged in the region. The success has prompted the organisers to host more events in Negombo and other areas. Internationally famed musical personality Alston Koch too attended the event. The members of the Glam Slam professional dance group from England specially flown down for the event was a major attraction. Here the group pose for Daily News Business at Light House Hotel Galle. Picture by Sulochana Gamage.

The tight monetary policy stance pursued by the Central Bank was successful in containing the growth in reserve money within the targeted path during the year. As a result, reserve money expansion, which was at 21.2 per cent in 2006, was brought down to 10.2 per cent in 2007. The resulting increase in reserve money, or new money injected, in 2007 was Rs. 24.6 billion compared with the increase of Rs. 42 billion in 2006.
                         (Central Bank Annual Report - 2007)



 
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