The Sri Lankan Rupee has appreciated slightly against the US Dollar across commercial banks in Sri Lanka today (10), compared to last Friday, with the US Dollar selling rate steady at Rs. 339. 

According to Seylan Bank, the buying rate of the US dollar remains unchanged at Rs. 331.25 while the selling rate is also unchanged at Rs. 340.50.

At NDB Bank, the buying and selling rates of the US Dollar remain unchanged at Rs. 330.85 and Rs. 339.85 respectively.

At People’s Bank, the buying rate of the US Dollar has decreased from Rs. 331.27 to Rs. 331.07 while the selling rate has also dropped from Rs. 339.48 to Rs. 339.28.

Commercial Bank reports that the buying rate of the US Dollar remains unchanged at Rs. 329.55, while the selling rate is also unchanged at Rs. 339.50.

At Sampath Bank, the buying rate of the US Dollar has decreased from Rs. 331.75 to Rs. 331.50, while the selling rate also reduced from Rs. 339.75 to Rs. 339.50. (Newswire)

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The Sri Lankan Rupee has largely appreciated against the US Dollar across commercial banks in Sri Lanka today (18), compared to Wednesday, with the selling rate Rs. 339 in some banks.

According to Seylan Bank, the buying rate of the US dollar has increased from Rs. 328.25 to Rs. 329.25, while the selling rate is unchanged at Rs. 339.50. 

At NDB Bank, the buying rate of the US dollar has decreased from Rs. 330.50 to Rs. 330, while the selling rate has also decreased from Rs. 339.50 to Rs. 339.00.

However, at People’s Bank, the buying rate of the US Dollar has decreased from Rs. 328.87 to Rs. 328.13, while the selling rate decreased from Rs. 349.21 to Rs. 338.46.

Commercial Bank reports that the buying rate has decreased from Rs. 328.56 to Rs. 328.06 and the selling rate has decreased from Rs. 338.50 to Rs. 338.00, respectively.

At Sampath Bank, the buying and selling rates have increased from Rs. 329.00 to Rs. 329.50 and from Rs. 338.00 to Rs. 338.50, respectively. (Newswire)

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Sri Lanka’s banking sector marked a major step in digital payments today with the announcement of a nationwide PayPal launch, backed by several leading local banks.

The announcement was attended by the leadership of Commercial Bank of Ceylon, Sampath Bank and Bank of Ceylon, who highlighted the significance of the collaboration in expanding access to international digital transactions.

Speaking at the event, Commercial Bank CEO Sanath Manatunge said the initiative reflected a shared effort to build the future of digital trade in Sri Lanka.

“The future is not something we simply wait for, it is something we must build together,” he said.

The introduction of PayPal services is expected to make international online transactions more accessible and convenient for Sri Lankan users, particularly freelancers, entrepreneurs and online businesses. (Newswire)

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The Sri Lankan Rupee has depreciated slightly against the US Dollar at commercial banks in Sri Lanka today (23 Jan), compared to Thursday, with the selling rate steady to Rs. 313 in some banks.

At Seylan Bank, the buying rate of the US Dollar has increased to Rs. 307, while the selling rate has increased toRs. 311.75.

According to NDB Bank, the buying rate has increased to Rs. 306.50, while the selling rate has also increased from Rs. 313.

People’s Bank reports the buying rate of the US Dollar increased to Rs. 306.23, and the selling rate has also increased to Rs. 312.99.

At Commercial Bank, the buying and selling rates of the US Dollar remain unchanged at Rs. 304.49 and Rs. 313, respectively.

According to Sampath Bank, the buying rate of the US Dollar is unchanged at Rs. 306.50, and the selling rate at Rs. 313. (Newswire)

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The Sri Lankan Rupee depreciates slightly against the US Dollar at commercial banks in Sri Lanka today (20 Jan), compared to Monday, with the selling rate moving up to Rs. 313 in some banks.

At Seylan Bank, the buying rate of the US Dollar is unchanged at Rs. 306.90, while the selling rate is also unchanged at Rs. 311.65.

According to NDB Bank, the buying rate is Rs. 306.45, while the selling rate is Rs. 312.95.

People’s Bank reports the buying rate of the US Dollar is steady at Rs. 306.23 and the selling rate at Rs. 312.99.

At Commercial Bank, the buying and selling rates of the US Dollar are Rs. 304.49 and Rs. 313, respectively.

According to Sampath Bank, the buying rate of the US Dollar is Rs. 306.50, and the selling rate is Rs. 313. (Newswire)

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The United Transport Trade Union Alliance has raised concerns over the government’s move to introduce card payments for bus fares, citing unfair bank commissions. 

The pilot project introducing card payments for bus fares was launched at the Makumbura Multimodal Centre yesterday. 

Commenting on the initiative, the United Transport Trade Union Alliance President, Sampath Ranasinghe, said that during discussions with the Transport Ministry on the project, it was assured that bank commission would remain under 1%.

He said, however, it has now come to notice that the banks were charging card transaction commissions between 1.3 to 1.8%, in violation of what is approved by the government.

“Bus owners are not ready to provide their hard-earned income as commissions to banks. We request that banks support us. It is unfair for banks to earn from our income. Buses are not here to strengthen the banking sector. We request banks to support us with low commissions,” he added. (Newswire)

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A number of Sri Lankan banks have urged customers to be vigilant against fraudulent websites that mimic official banking portals to steal personal and financial information.

According to notices issued this week, scammers are circulating links through emails and text messages, directing users to fake websites with altered spellings or unusual characters.

Customers have been advised to avoid clicking on such links and instead type official web addresses directly into their browsers.

The warnings stress that individuals should carefully verify URLs before entering sensitive details such as login credentials and report any suspicious activity immediately. (Newswire)

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Fitch Ratings has upgraded the National Long-Term Ratings of 10 Sri Lankan banks following the recent sovereign upgrade and recalibration of the agency’s Sri Lankan national rating scale. 

According to the Ratings Agency, at the same time, Fitch has affirmed the National Long-Term Ratings of five Sri Lankan banks.

The recalibration reflects changes in the relative creditworthiness of Sri Lankan issuers after Fitch upgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC-‘ on 20 December 2024. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below.

National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Sri Lanka’s national scale ratings are denoted by the unique identifier ‘(lka)’. Fitch adds this identifier to reflect the unique nature of the Sri Lankan national scale. National scales are not comparable with Fitch’s international rating scales or with other countries’ national rating scales. 

The banks’ National Ratings consider their creditworthiness relative to other issuers in the country. The recalibration of the Sri Lankan National Rating scale has resulted in upgrades of the National Long-Term Ratings of the following banks. The Outlooks remain Stable.

• Bank of Ceylon (BOC) to ‘AA-(lka)’, from ‘A(lka)’
• People’s Bank (Sri Lanka) (PB) to ‘AA-(lka)’, from ‘A(lka)’
• Commercial Bank of Ceylon PLC (COMB) to ‘AA-(lka)’, from ‘A(lka)’
• Hatton National Bank PLC (HNB) to ‘AA-(lka)’, from ‘A(lka)’
• Sampath Bank PLC to ‘AA-(lka)’, from ‘A(lka)’
• Seylan Bank PLC to ‘A+(lka)’, from ‘A-(lka)’
• DFCC Bank PLC to ‘A(lka)’, from ‘A-(lka)’
• National Development Bank PLC (NDB) to ‘A(lka)’, from ‘A-(lka)’
• Nations Trust Bank PLC (NTB) to ‘A(lka)’, from ‘A-(lka)’
• Pan Asia Banking Corporation PLC (PABC) to ‘BBB(lka)’, from ‘BBB-(lka)’

Fitch Ratings has also affirmed the national ratings of the following banks. 

• Amana Bank PLC – https://www.fitchratings.com/site/pr/10283247
• Union Bank of Colombo PLC (UB) – https://www.fitchratings.com/site/pr/10283288
• SANASA Development Bank PLC (SDB) – https://www.fitchratings.com/site/pr/10283289
• Housing Development Finance Corporation Bank of Sri Lanka (HDFC) – https://www.fitchratings.com/site/pr/10283246
• Cargills Bank PLC (CBL) – https://www.fitchratings.com/site/pr/10283245

For more details: https://shorturl.at/lDQLT (Newswire)

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Sri Lankan banks’ operating environment (OE) assessment and overall credit profiles will be supported by any improvement in the sovereign’s credit profile (Long-Term Foreign-Currency IDR: RD, Long-Term Local-Currency IDR: CCC-) following a completed debt restructuring, says Fitch Ratings. 

Issuing a statement, the Ratings Agency said this is due to the strong link between sovereign financial health and banks’ operating conditions. 

“We believe this would be positive for the National Ratings of Fitch-rated large Sri Lankan banks – albeit based on their creditworthiness relative to other Sri Lankan issuers,” it added.

Fitch Ratings further noted; “We expect an improvement in Sri Lanka’s credit profile to alleviate sovereign-related pressures on the banks, which is likely to be credit positive in terms of our financial and non-financial assessments.”

Sri Lankan banks’ current OE score of ‘ccc-’/stable is linked closely to the sovereign’s local-currency credit profile, given their predominant exposure to the domestic economy and government securities (local-currency treasury instruments: 33.4% of assets and foreign currency instruments: 3.4% at end-1H24) and lending to the broader public sector. The sovereign exposure tends to be higher among the large banks, and state-owned enterprise (SOE) exposure is primarily at the two state-owned D-SIBs. “We expect an improvement in Sri Lanka’s credit profile to alleviate sovereign-related pressures on the banks, which is likely to be credit positive in terms of our financial and non-financial assessments.”

As per Fitch’s National Scale Rating Criteria, the starting point to derive a national rating is an assessment of the issuer’s credit quality on the international rating scale, which may be reassessed following a sovereign rating change. In such instances, Fitch will update the national ratings of affected local issuers to reflect changes in relative rankings following the sovereign rating change. Fitch last recalibrated the agency’s Sri Lankan national rating scale on 12 January 2023 to reflect changes in the relative creditworthiness among Sri Lankan issuers following the downgrade of the sovereign’s Long-Term Local-Currency IDR to ‘CC’ from ‘CCC’. For more information see Fitch Downgrades 10 Sri Lankan Banks’ Ratings and Fitch Downgrades Bank of Ceylon’s Local Currency IDR to ‘CCC-‘; Maintains RWN.

The Ratings Agency said the ratings of locally incorporated banks, excluding Cargills Bank PLC (A(lka)/Negative) which is driven by our expectation of extraordinary shareholder support, are based on their standalone credit profiles. “We do not factor support into the ratings on the two state-owned D-SIBs, despite their strong state linkages, given the sovereign’s constrained ability to provide extraordinary support. However, a sustained improvement in the sovereign’s financial flexibility may lead to a reconsideration of state support,” it added.

Sri Lanka is close to completing its foreign-currency debt restructuring. A successful outcome, in line with the proposed framework for local bondholders, would be likely to significantly reduce the challenges faced by banks, improving their financial profiles. Pressures on foreign- and local-currency funding and liquidity have eased considerably due to better external sector flows and the bank’s efforts to preserve liquidity. 

Fitch Ratings states it expects banks to regain access to foreign-currency wholesale funding, following the restoration of the sovereign’s creditworthiness. (Newswire)

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WHY are foreign banks leaving Pakistan? In the last couple of decades, we have seen a number of global banking companies — Barclays, ABN-AMRO, Royal Bank of Scotland, HSBC, Crédit Agricole, Société Générale, etc — foray into the Pakistani market only to exit it after a few years just like most foreign airlines. Other international banks like Samba, owned by the Saudis, too are trying to wrap up operations and disinvest their assets here, or scale down their business and branch operations. There is no denying that some of them have left Pakistan as part of a strategy to consolidate their global operations in the aftermath of the international financial meltdown of 2008. However, most have exited or are considering leaving because it is not sufficiently profitable for multinational banks to continue their operations in Pakistan for several reasons. For example, multiple economic shocks, leading to abrupt and large currency depreciation, restrictions on outward remittances of bank dividends and profits by their shareholders, inconsistent policies, and huge taxes on the banks’ earnings are challenging for them. This is the message a foreign banker tried to convey at a business conference in Karachi recently, saying that foreign banks are gradually withdrawing due to the country’s declining credit profile. Last but not the least, banks operating out of Pakistan are being closely watched due to the risks of money laundering and terrorism financing in spite of the green chit given by FATF to Pakistan a couple of years ago after Islamabad took extensive actions to strengthen its AML/CFT regime in line with the global watchdog’s requirements.

In the past few years, Pakistan’s business climate has declined rapidly due to worsening economic conditions, especially the recurring balance-of-payments crises, and policy inconsistency. This has resulted in several foreign companies — drug manufacturers, airlines, oil marketing firms, oil and gas exploration companies, etc — quitting the Pakistani market to cut their losses. It is possible that these companies might not have left Pakistan had the multinational banks chosen to stay. The latter’s presence in any country is important because it inspires confidence among foreign investors in the strength of the state’s economy and its financial policies. Thus, when a foreign bank leaves a market it hurts the host economy more than the exit of an oil marketing company or any other firm. (The Dawn)

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The Sri Lankan Rupee has dropped below the Rs. 300 rate at some private banks in Sri Lanka today (Mar 14), compared to yesterday.

At Commercial Bank, the buying rate of the US Dollar has dropped from Rs. 300.41 to Rs. 299.91, while the selling rate has dropped from Rs. 309.75 to Rs. 309.25.

According to NDB Bank, the buying rate of the US Dollar is Rs. 298.75, while the selling rate is Rs. 309.75.

However, at Peoples Bank, the buying and selling rates of the US Dollar remain in the Rs. 300 range, with the buying rate at Rs. 300.08 and the selling rate at Rs. 310.54.

The Dollar also remains in the Rs. 300 range at Sampath Bank, with the buying rate at Rs. 301 and the selling rate at Rs. 310. (NewsWire)

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The Sri Lankan Rupee remains steady against the US Dollar at commercial banks in Sri Lanka today (Jan 01).

Compared to last week (Dec 29), at Peoples Bank, the buying and selling rates of the US Dollar have increased from Rs. 317.99 to Rs. 318.14 and from Rs. 329.08 to Rs. 329.23, respectively.

According to Commercial Bank, the buying rate of the US Dollar is unchanged at Rs. 317.02, while the selling rate is also unchanged at Rs. 328.

At Sampath Bank, the buying and selling rates of the US Dollar are unchanged at Rs. 318.50 and Rs. 327.50, respectively. (NewsWire)

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The Sri Lankan Rupee has slightly appreciated against the US Dollar at commercial banks in Sri Lanka today (Sep. 11) compared to last Friday.

At Peoples Bank, the buying and selling rates of the US Dollar have dropped from Rs. 314.34 to Rs. 313. 85 and from Rs. 329.11 to Rs. 328.60, respectively.

According to Commercial Bank, the buying rate of the US Dollar has dropped from Rs. 314.73 to Rs. 314.24, while the selling rate has reduced from Rs. 326 to Rs. 325.50.

At Sampath Bank, the buying and selling rates of the US Dollar remain unchanged at Rs. 317 and Rs. 327, respectively. (NewsWire)

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The Sri Lankan Rupee remains steady against the US Dollar at commercial banks in Sri Lanka today (August 14) compared to last week.

At Peoples Bank, the buying and selling rates of the US Dollar remain unchanged from Friday’s rates of Rs. 311. 42 and Rs. 326.74, respectively.

According to Commercial Bank, the buying rate of the US Dollar remains unchanged at Rs. 309.78, while the selling rate too is unchanged at Rs. 325.

At Sampath Bank, the buying and selling rates of the US Dollar also remain unchanged at Rs. 315 and Rs.327, respectively. (NewsWire)

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The Sri Lankan Rupee has depreciated further against the US Dollar at commercial banks in Sri Lanka today (July 25) compared to yesterday.

At Peoples Bank, the buying and selling rates of the US Dollar have increased from Rs. 318.72 to Rs. 321.15 and from Rs. 334.40 to Rs. 336.95, respectively.

According to Commercial Bank, the buying rate of the US Dollar has increased from Rs. 320.67 to Rs. 322.65, while the selling rate has also increased from Rs. 332 to Rs. 334.

At Sampath Bank, the buying and selling rates of the US Dollar have increased from Rs. 322 to Rs. 323 and from Rs. 335 to Rs. 326, respectively. (NewsWire)

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The Sri Lankan Rupee has depreciated further against the US Dollar at commercial banks in Sri Lanka today (July 24) compared to last week.

At Peoples Bank, the buying and selling rates of the US Dollar have increased from Rs. 317.26 to Rs. 318.72 and from Rs. 332.87 to Rs. 334.40, respectively.

According to Commercial Bank, the buying rate of the US Dollar has increased from Rs. 318.19 to Rs. 320.67, while the selling rate has also increased from Rs. 329.50 to Rs. 332.

At Sampath Bank, the buying and selling rates of the US Dollar have increased from Rs. 319 to Rs. 322 and from Rs. 332 to Rs. 335, respectively. (NewsWire)

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The Sri Lankan Rupee has depreciated further against the US Dollar at commercial banks in Sri Lanka today (July 21) compared to yesterday.

At Peoples Bank, the buying and selling rates of the US Dollar have increased from Rs. 315.80 to Rs. 317.26 and from Rs. 331.34 to Rs. 332.87, respectively.

According to Commercial Bank, the buying rate of the US Dollar has increased from Rs. 317.20 to Rs. 318.19, while the selling rate has also increased from Rs. 328.50 to Rs. 329.50.

At Sampath Bank, the buying and selling rates of the US Dollar have increased from Rs. 317 to Rs. 319 and from Rs. 330 to Rs. 332, respectively. (NewsWire)

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The Sri Lankan Rupee has depreciated against the US Dollar at commercial banks in Sri Lanka today (July 14) in comparison to yesterday.

At Peoples Bank, the buying rate of the US Dollar has increased from 307.53 to 311.42 while the selling rate has also increased from Rs 322 to 326.

According to Commercial Bank, the buying and selling rates of the US Dollar have increased from Rs 306.59 to Rs 311 and Rs. 322 respectively.

At Sampath Bank, the buying rate of the US Dollar has increased from Rs. 307 to 309 while the selling rate has increased from Rs 322 to 324 (NewsWire)

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The Sri Lankan Rupee has slightly depreciated against the US Dollar at commercial banks in Sri Lanka today (July 10).

At Peoples Bank, the buying rate of the US Dollar has increased from Rs. 302. 17 to Rs. 303.63, while the selling rate has also increased from 320.05 to Rs. 321.60.

According to Commercial Bank, the buying and selling rates of the US Dollar have also increased from Rs. 300.88 to Rs. 303.85 and from Rs. 316 to Rs. 317, respectively.

However, at Sampath Bank, the buying rate of the US Dollar remains unchanged at Rs. 302, as well as the selling rate at Rs. 317. (NewsWire)

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The Sri Lankan Rupee remains in the Rs. 300 range against the US Dollar at commercial banks in Sri Lanka today.

At Peoples Bank, the buying rate of the US Dollar is Rs. 302. 17, while the selling rate is Rs. 320.05.

According to Commercial Bank, the buying and selling rates of the US Dollar are Rs. 300.88 and Rs. 316, respectively.

At Sampath Bank, the buying rate of the US Dollar is Rs. 302, while the selling rate is Rs. 317. (NewsWire)

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