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Sampath Bank recently inaugurated the ‘10,000 Trees Campaign’ in collaboration with the Rotary Club of Colombo at the We Oya Estate of Kelani Valley Plantations in Yatiyanthota governed by the Hayleys group of companies. This marks the materialisation of the Bank’s plan to plant a total of 7,500 trees at Hayleys Plantations in a bid to protect the environment and mitigate the effects of climate change, as part of the Rotary Club of Colombo’s ‘10,000 trees campaign’.
The planting ceremony held recently was graced by Nanda Fernando – Managing Director, Sampath Bank PLC, Tharaka Ranwala – Senior Deputy General Manager/Group Marketing, Deposit Mobilization and Digitalization, Sampath Bank PLC, Lalith Weragoda – Group Chief Human Resource Officer, Sampath Bank PLC, Dulsiri Jayasinghe – Assistant General Manager, Sampath Bank PLC and Aroshi Nanayakkara – President, the Rotary Club of Colombo and Non – Executive Director, Sampath Bank PLC. Officials from Kelani Valley Plantations and Sampath Bank were also present.
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SLT-MOBITEL, the leading national Information and Communication Technology services provider, met with US Ambassador to Sri Lanka Julie J. Chung and other US officials recently to discuss the investment opportunities in Sri Lanka for U.S. based-businesses. The discussion was led by the company’s Group Chairman Rohan Fernando, Group Chief Executive Officer Lalith Seneviratne and other senior officials from SLT-MOBITEL.
During the meeting, the telecommunications sector was identified to be an important area for US investors, as it has been able to keep critical industries and services connected, especially in the face of unprecedented national challenges in the last three years. Another high-potential investment area identified is Sri Lanka’s digital economy, which is also a national priority.
Commenting on the meeting, Rohan Fernando – Group Chairman, Sri Lanka Telecom said, “As a national entity invested in the progress of Sri Lanka, our goal is to seek like-minded partners. This meeting was an important first step in encouraging more US-based businesses to invest in Sri Lanka. It is critical to build a diverse, multi-faceted investor community in the country. With our superior connectivity solutions, ready-to-go technology platforms, advanced network backbone services and digital infrastructure capabilities, we are poised to be a high-potential Sri Lankan partner for any enterprise investor in the world.”
With the outbreak of the COVID-19 pandemic, the Central Bank of Sri Lanka (CBSL) has introduced several concessionary schemes since March 2020, to assist affected borrowers. Such concessions include concessionary debt moratoriums, loan restructuring/rescheduling, suspension of recovery actions, low-cost working capital loans and waivers of fees and charges for certain banking transactions.
These concessions were provided to individuals including private sector employees and small and medium enterprises (SMEs) and other businesses engaged in tourism, transportation, manufacturing, services, agriculture, construction, apparel, IT, and related logistic services. Accordingly, the last phase of the moratorium granted to COVID-19 affected borrowers ended on 31.12.2021, while the last phase of the moratorium granted to the tourism sector ended on 30.06.2022. In the meantime, CBSL has required the licensed banks to set up post COVID-19 revival units in licensed banks in order to identify and assist under-performing and non-performing borrowers affected by the pandemic for the purpose of reviving viable businesses with the potential of contributing to the national economic growth, thus facilitating the unwinding of moratorium in a sustainable manner. Considering the current macroeconomic challenges and the requests made by several stakeholders including Government Institutions, CBSL has requested the licensed banks to provide appropriate concessions, for a period of six months, to borrowers whose income or businesses have been adversely affected due to the current macroeconomic and/ or due to COVID-19 pandemic while preventing any undue stress on the banking sector stability. These concessions are provided on a case-by-case basis depending on the future repayment capacity of the individuals and the viability of businesses/ projects. The salient features of the concessions are summarised below.
a. Concessions for performing credit facilities: Borrowers can avail appropriate concessions (i.e., grace periods for capital or interest or both capital and interest or part of the capital or interest, re-structuring of credit facilities, or any other concession) for a period of six months.
b. Concessions for non-performing credit facilities: Borrowers can request for rescheduling of existing non-performing credit facilities over a longer period. Further, licensed banks are requested to suspend recovery actions against credit facilities classified as non-performing after 01.01.2020. SME paddy millers are given further concessions subject to conditions. c. However, these concessions are not available for wilful defaulters, defaults due to diversion of funds, misuse of funds, mismanagement and/ or frauds and unviable projects. d. Repayment plans: In the case of regular instalment loans, the new instalment amount should not exceed the contracted instalment value of the existing loan. In the case of other credit facilities, the licensed bank and the borrowers should mutually agree on an appropriate repayment plan. e. Interest rate applicable for the amount for the period of concession: In the case of Rupee credit facilities, the interest rate to be charged on the amount for the period of concessions, should not exceed the latest contracted rate of interest (i.e., in the case of variable interest credit facilities, the latest repriced interest rate as at 07.07.2022 or in the case of fixed interest credit facilities, the interest rate agreed at the time of granting the facility) or the current Standing Lending Facility Rate (i.e., 15.5%), whichever is higher. With regard to foreign currency facilities, the licensed bank and the borrowers should mutually agree on the rate of interest. f. Opportunity to settle the loans early without any additional cost: Licensed banks have been requested to consider, on case-by-case basis, the requests made by borrowers to settle their credit facilities early, without paying any additional fee. In the case of lease facilities, recovery of future interest will also be waived off. Borrowers who intend to avail the early settlement options should make such request to the bank on or before 30.09.2022. g. Licensed banks have been requested not to decline the new loan applications from eligible borrowers under this scheme solely based on adverse CRIB records. h. Request for concessions: The affected borrowers are requested to apply for the above concessions on or before 31.07.2022, in writing or through electronic means. The applicants will be duly informed regarding the decision of the respective licensed bank within one month of the receipt of the request. In the case of a rejected application, the licensed bank should inform the applicant the reasons for the rejection and that there is an opportunity to appeal against such rejection to the Director, Financial Consumer Relations Department of the Central Bank of Sri Lanka.
Licensed banks and borrowers are expected to collaborate in implementing and availing these concessions during these challenging times in the interest of subsiding the stress on individuals and ensuring the sustainability of businesses which are expected to address the current challenges and support the economic recovery.
Further details on COVID-19 revival units and the concessions available for affected borrowers can be obtained from Circular No. 1 of 2022 on Guidelines on Establishment of Post COVID-19 Revival Units in Licensed Banks and Circular No. 2 of 2022 on Concessions to Affected Borrowers Amidst the Prevailing Extraordinary Macroeconomic Circumstances, respectively, which can be accessed through the following links:
https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_no_1_of_2022_e.pdf
https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_no_2_of_2022_e.pdf
In a day of fluctuating fortunes, at the beginning of operations yesterday the stock market was positive, by mid-day it turned negative but later recovered, stock market analysts said.In the international arena, the European Union Central Bank is likely to do an interest rate hike soon. Besides, the high temperature levels experienced by most European countries due to climate change will likely impact global stock markets, market analysts added.
Amid those developments both indices moved upwards. The All-Share Price Index went up by 24.3 points and S and P SL20 rose by 8.87 points. Turnover stood at Rs 1.29 billion with a single crossing. The crossing took place in JKH, which crossed 1.1 million shares to the tune of Rs 128.5 million, its shares traded at Rs 120.
In the retail market top event companies that mainly contributed to the turnover were; Browns Investments Rs 255.6 million (31.4 million shares traded), Lanka IOC Rs 152.7 million (1.9 million shares traded), Expolanka Holdings Rs 119 million (654,000 shares traded), Sunshine Holdings Rs 56 million (1.7 million shares traded), Softlogic Holdings Rs 50.5 million (791,000 shares traded), Hayleys Rs 46.1 million (634,000 shares traded) and JKH Rs 44 million (364,000 shares traded). During the day 71.1 million share volumes changed hands in 15713 transactions.
It is said that high net worth and institutional investor participation was noted in John Keells Holdings. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Hayleys, while retail interest was noted in Browns Investments, SMB Leasing non-voting and Kotagala Plantations.
The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Melstacorp and Browns Investments), while the sector index gained. A share price increase was witnessed in Sunshine Holdings, whose shares appreciated by 11.5 per cent or Rs 3.50. Its share price shot up to Rs 34 from Rs 30.50.
The Capital Goods sector was the second highest contributor to the market turnover (due to JKH).Expolanka Holdings and Lanka IOC were also included among the top turnover contributors. The share price of Expolanka Holdings recorded a gain of 25 cents to close at Rs. 180.25. The share price of Lanka IOC appreciated by 70 cents to close at Rs. 77.80.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 358.31 and selling rate Rs 368.91. Sri Lanka needs to accelerate fiscal reforms to bring back economic stability, and a stable government to carry them out, the Central Bank Executive Officers’ Union has warned.
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