Commercial banks will end up reducing interest rates on loans following a directive by the President this week for state banks to slash their interest rates to levels between 8 to 12%. Speaking to the Sunday Times FT this week, Secretary General of the Bankers’ Association Upali De Silva said that although private banks have not been given any directives and cannot be compelled to reduce interest rates, they will have to follow suit to a certain extent.
After spending nine months in remand at the Welikada magazine prison in connection with the alleged misappropriation of the deposits of failed Golden Key (GK) Credit Card Co., Ceylinco Chairman Lalith Kotelawala on Thursday was wheeled out a free man and immediately transferred to a private hospital in Colombo.
Sri Lanka’s first expressway
It was a breathtaking drive for this group of journalists (in picture) on a completed section of the Colombo-Matara expressway last week. The project, caught up in delays since 1999, is being constructed to international standards and due for completion in mid 2011. (See Page 6 for more on the expressway). Pic by J. Weerasekera
MOST VIEWED FINANCIAL TIMES ARTICLES
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
