Wednesday, 16 December, 2009

CB hopeful of high current a/c surplus

But economists suspect its sustainability

By Azhar Razak

The Central Bank of Sri Lanka (CB) is hopeful of recording a surplus on the country’s current account for the year 2009 according to its latest Monetary Policy Review.
The CB expects the current account to end on a positive note by the end of 2009, owing to the higher reduction in import expenditure recorded during the year compared with the declines in export earnings.

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Building goodwill

Children of 17 schools in Colombo are seen busy painting the boundary wall of the Maradana Police Station in an initiative of the Police to build goodwill between them and the general public
(Pic by Ravindra Dharmathilake)

Rains wreaks havoc in East

More than 80,000 families affected

By Gagani Weerakoon

More than 80,000 families in the East were affected by heavy rains caused with the cyclone “WARD” lessening into a depression affecting the weather patterns of Sri Lanka.
According to the Disaster Management Centre (DMC), 76,511 families were affected by last evening in the Batticaloa District alone, where 779 persons in 330 families were displaced.

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SL makes headway for IFRS by 2011

Accounting professionals call for a joint think tank

By Santhush Fernando

With accounting bodies in Sri Lanka preparing towards compliance to International Financial Reporting Standards (IFRS) by 2011, accounting professionals are calling for a joint industry think tank for a smooth transition.

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Record number of candidates Asha Bhosle here SF won’t make a stable leader – UPFA Sri Lanka Telecom Capex plummets amid price war

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A message of light and hope

St. Lucia’s Day at Mount Lavinia Hotel

As Mount Lavinia Hotel’s theme for the season was Christmas around the world it was no wonder that the celebration of St. Lucia, the patron saint of light, was an important part of their festivities. As Mahika, Manager Corp Comms stated, “While St. Lucia’s Day is celebrated differently in different countries, its message of light and hope resound with all who participate in the day’s festivities.”

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DINING | HEALTHCARE |
ART & ENTERTAINMENT/
LIFESTYLE/FASHION

Credit card rates to
follow interest rate cut

With many indulging in a spending spree during this festive season, the island’s banking watchdog- the Central Bank of Sri Lanka (CBSL) urged all commercial banks to reduce interest rates charged on credit cards, in view of its own relaxation of the monetary policy.
However, when The Bottom Line contacted officials of the banks, most of the banks stated that they were already in line with the Central Bank’s directive.
“Although we are still new to the credit card market and we do not have a fully fledged client base, our rates are quite competitive and in the range of 24-26 percent per annum, which we believe is in line with the market expectation,” Chief Executive Officer of DFCC Vardhana Bank, L. G. Perera, told The Bottom Line.

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