Author: LBO
Sri Lanka’s Central Bank stays pat on interest rates
Mar. 15 (LBO) – Sri Lanka’s Central Bank Wednesday left its policy rates at current levels for the third straight months, as it expects the 25-basis point hike last December to put the brakes on money supply growth.In a statement, the bank said it left its overnight repurchase rate at 8.75 percent and the reverse […]
Sri Lanka’s balance of payments records US$100 mn surplus
Mar. 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a US$100 million surplus for the two-months to February, the Central Bank said Wednesday as it stayed pat on interest rates for the third straight month. Please click here to read Central Bank’s monetary policy statement for March -Mel Gunasekera: mel@ The overnight […]
Sri Lanka’s John Keells scouts new Maldivian property
Mar. 06 (LBO) – Sri Lanka’s largest hotel operator, John Keells Holdings, is in the process of picking up another Maldivian resort to add to their growing hospitality chain, a top official said Monday. JKH, which is splashing billions of rupees to re-brand key properties, has been scouting for a new Maldivian property to replace […]
Rising costs of electricity, firewood and milk tea fail to push Sri Lanka’s inflation
Feb. 18 (LBO) – Sri Lanka’s annual inflation rate for February slipped to 10.3 percent from 11.1 percent in January, despite high costs of firewood, electricity and milk tea, the Census & Statistics Department said Tuesday. The government uses the 12-month moving average – as measured by the Colombo Consumer Price Index (CCPI) – to […]
Illiteracy, no jobs, high risk activities among South Asia’s young could stifle progress
Illiteracy, no jobs and high risk behaviour among South Asia’s young people could affect the region’s progress and development, the World Bank says. About 20 percent of South Asia’s population is between 15 and 24, 30 percent are illiterate and they account for half of the unemployed in the region. The World Bank is meeting […]
Here’s Hoping
Reports that the treasury has set off tax liabilities of the Ceylon Petroleum Corporation against the full subsidy due from the government, has raised expectations that Lanka IOC would also get the full subsidy owed to it. The treasury has agreed to set off Rs. 25 billion in taxes due to the government, a top […]
Sri Lanka’s Central Bank stays pat on interest rates
Feb. 16 (LBO) – Sri Lanka’s Central Bank Thursday stayed put on policy rates for the second straight month, as it expects the 25-basis point hike last December to put the brakes on money supply growth. Overnight repurchase rate remains at 8.75 percent and the reverse repurchase rate stays at 10.25 percent, the bank said […]
Oil prices fuel Sri Lanka’s trade gap
Feb. 10 (LBO) – Sri Lanka’s trade deficit widened by 12 percent to US$ 2.5 billion for the year ended 2005, though foreign remittances helped strengthen the island’s balance of payments, the Central Bank said Friday. The country’s trade balance reported a US$ 502 million surplus as at end 2005, helped by a 26 percent […]
Colombo’s Cleanup
Feb 08 (LBO) – The Social Service Ministry hopes to put-up Colombo’s estimated 1523 homeless in transitional housing by end 2006. Secretary to the Ministry V. Jegarasasingham said that poverty, the war and domestic abuse among other reasons has led over 1523 Sri Lankan men, women and children to take shelter on Colombo’s streets. Not […]
Sri Lanka’s top donors not convinced that the situation is conducive for reconstruction and investment
Feb 06 (LBO) – A drop in violence and impending peace talks between warring factions has failed to convince Sri Lanka’s top donors that the situation is conducive for reconstruction and investment, officials said Monday. Top officials of the tropical island’s key donors – the World Bank and the Asian Development Bank (ADB) – said […]
Bomb scare puts off Sri Lanka MP’s
Colombo, Feb 2 (PTI) Panic-stricken Sri Lankan legislators today agreed to put off their sittings by nearly two weeks following a bomb scare inside the assembly hall. Speaker W. J. M. Lokubandara said political party leaders agreed to put off the assembly till February 14. The assembly opened today half an hour behind schedule after […]
High prices of firewood, cigarettes fail to ignite Sri Lanka’s inflation
Jan. 31 (LBO) ? Sri Lanka’s annual inflation rate for January eased marginally to 11.1 percent from 11.6 percent, despite high prices in firewood and cigarettes, the Census & Statistics Deparment said Tuesday. Jan. 31 (LBO) ? Sri Lanka’s annual inflation rate for January eased marginally to 11.1 percent from 11.6 percent, despite high prices […]