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Tuesday, 9 April 2013

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Sri Lanka’s financial sector expands

Sri Lanka’s financial sector expanded and strengthened playing a key role in supporting the growth momentum of the economy. This was highlighted in the annual Financial System Stability Review presented by the Central Bank’s 2012 issue. It further stated that despite challenging global as well as domestic market conditions, the risk absorbency capacity and the overall soundness of the financial sector improved with higher levels of capital, adequate liquidity buffers, healthy earnings, enhanced supervisory and regulatory frameworks, integrated risk management frameworks. Further, public confidence improved with financial safety net mechanisms and consumer protection measures in place. Although asset growth moderated responding to the ceiling on credit growth in force during the year, access to finance increased with the extension of branch networks specifically in the regional areas.

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MBSL debentures get listing on CSE today

The debentures of Merchant Bank of Sri Lanka PLC (MBSL) will be listed today on the Debt Securities Main Board of the CSE. The listing follows the MBSL’s successful raising of Rs 2 billion via the issuance of Unsecured Redeemable Debentures for the purpose to raise long term funds required for increasing the lending portfolio and for the settlement of short term borrowings of the company. This debenture issue was oversubscribed on the opening date.

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Bank of Ceylon international bond sale begins

An international bond of sale of Sri Lanka’s state-run Bank of Ceylon has got underway with an initial price guidance issued to investors by lead managers, a media report said. Sri Lanka’s state-run Bank of Ceylon has sold a 500 million dollar 5-year sovereign bond to yield 6.875 percent a year with the investors oversubscribing the issue 7.7 times.

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Pakistan’s Foreign Secretary Jalil Abbas Jilani with Economic Development Minister Basil Rajapaksa



 
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