The Central Bank, at the request of the Union Bank of Colombo PLC (UBC), has granted approval for UBC to cease its operations as a Primary Dealer with effect from May 1.
UBC will continue to function as a Dealer Direct Participant in the LankaSettle system and transact in scripless government securities on behalf of its customers and maintain its customer accounts in the LankaSecure system, the Central Bank statement on Friday said.
“The Central Bank wishes to emphasize that the above approval is purely based on a business decision of UBC and it does not affect carrying out any of its activities/services as a licensed commercial bank,” it said.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
Read these and more on tomorrow’s edition of the Sunday Times
Cabinet has approved the appointment of Commodore (retired) M.B.N.A. Premaratne of the Sri Lanka Navy, as the new Commissioner General of Excise.
Villagers in Nirmalapura, Daluwa, Norochcholai today staged a protest over an incident where a group of Navy officials and sailors had assaulted a resident in the area over night, Police said.
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