Banking

Sri Lanka to bring credit regulation law for micro loan sharks

Friday April 5, 2019 11:04 am

ECONOMYNEXT – Sri Lanka will bring a credit regulation law to protect consumers from micro loans given by loan sharks, Finance Minister Mangala Samaraweera said.

Poor people and widows have been given loans at exorbitant rates and they are getting deeper into poverty from these loan sharks," he told parliament.

Samaraweera said a relief scheme had been brought especially for widows who live in great difficulty.

The credit regulation law will be brought to the parliament soon, he said.

"We have information that black money is being used by some of these loan sharks," Samaraweera said.

"Persons close to the last administration are behind some of these loan sharks," he claimed, without giving additional information.

Critics say some established firms including a stock exchange listed non-bank lender, has engaged in aggressive lending, actively pushing loans to people who do not ask for them. (Colombo/Apr05/2019-SB)

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General Industry

Sri Lanka to introduce social security system: minister

Wednesday September 27, 2023 10:01 am

ECONOMYNEXT – Sri Lanka’s Labour minister has said that they are set to introduce a comprehensive national social security system, covering all workers.

“The system will address the weaknesses of the current system and provide much-needed support to workers and their families,” Manusha Nanayakkara, Minister of Labour and Foreign Employment said on X (formerly known as Twitter).
He did not specify the details.

Nanayakkara also spoke of the need for robust social security when he met with exporters last week to discuss labor law reforms, boosting female workforce participation and attracting FDI.

Sri Lanka plans to reform labour laws for an export-oriented economy.

The pandemic and the economic crisis highlighted the need to improve the coverage of social security.

Studies have shown that Sri Lanka’s women are kept out of formal employment by childcare, elderly care and housework, as day care and elderly homes are either too expensive or too few.

The government imposed a Social Security Contribution Levy to increase its revenue last year. (Colombo/Sep27/2023)

Sri Lanka’s pandemic-hit unemployment show need for social security: IPS

Commodities

Sri Lanka’s stocks up in trading on Wednesday morning

Wednesday September 27, 2023 9:53 am

ECONOMYNEXT – Sri Lanka shares were picking up in trading on Wednesday morning.

Turnover was at 50 million. Trading in the Capital Goods Industry Group was driving turnover.

The All Share Price Index was up 0.37 percent or 41.78 points to 11,289.94, while the S&P SL20 was also up 0.68 percent or 21.66 points to 3,187.65.

Hatton National Bank, Commercial Bank and LOLC saw gains in morning trade, while Tokyo cement and Lanka Hospitals were trading down during morning trading. (Colombo/Sep27/2023)

Bonds & Forex

Sri Lanka rupee opens at 323.50/324.10 to the US dollar, bond yields stable

Wednesday September 27, 2023 9:35 am

ECONOMYNEXT – Sri Lanka’s rupee opened at 323.50/324.10 to the US dollar on Wednesday, after closing on Tuesday at 323.70/324.20 to the US dollar, dealers said.

A bond maturing on 01.08.2026 was quoted at 15.50/70 percent on Wednesday up from Tuesday’s close at 15.45/65 percent.

A bond maturing on 01.05.2028 was quoted at 14.50/55 percent from closing at Tuesday at 14.30/55 percent. (Colombo/Sep27/2023)