Category: Economy
Sri Lanka holds rates, expects growth from lower crowding out
Apr 16, 2013 (LBO) – Sri Lanka held policy rates steady amid heavy demand for bank credit from the state but expected economic activity to pick up after state borrowing reduce helped by an electricity tariff hike.“Inflation is expected to remain at these benign levels supported by prudent demand management policies, although the proposed revisions […]
Sri Lanka fiscal and monetary authorities in harmony: officials
Apr 16, 2013 (LBO) – Sri Lanka’s monetary and fiscal policy is in harmony with both authorities aiming for stability low inflation, and the presence of a Treasury official in the central bank was a not a threat to its independence, officials said.The secretary to the finance ministry is an ex-officio member of the Monetary […]
Sri Lanka and Burkina Faso looks for closer economic ties
Apr 15, 2013 (LBO) – Sri Lanka will train students from Burkina Faso and strengthen economic ties, the economic development ministry said following a ministerial delegation from the African nation.Burkina Faso is a member of the UN Human Rights Council. It was among the eight countries that abstained from voting on a UN resolution that […]
Sri Lanka water supply board plugs some leaks, ups profit
Apr 14, 2012 (LBO) – Sri Lanka’s state-run National Water Supply and Drainage Board, has increased provisional operating profits to 3.0 billion rupees in 2012, up from 1.9 billion rupees by raising tariffs and reducing leakages. Non revenue water had fallen from 31.3 percent of the total to 30.7 percent in the Greater Colombo Area, […]
‘s savings ratio to go up if state firms cut losses
Apr 12, 2013 (LBO) – Sri Lanka’s domestic savings ratio will be boosted if large losses in state enterprises are reduced, Central Bank deputy Governor Nandalal Weerasinghe said. In 2012, Sri Lanka had a domestic savings rate of 17.0 percent of gross domestic product with the central government running a current account deficit (dis-saving) of […]
Sri Lanka to publish accurate private savings number
Apr 10, 2013 (LBO) – Sri Lanka will consider publishing an accurate number for private savings from next year, separating out state enterprises which are lumped together as ‘private’ firms at the moment, officials said.Domestic savings are made up from central government savings, state enterprise and private entities. A deficit in the current account of […]
Sri Lanka economic growth to pick up in 2013: ADB
Apr 10, 2013 (LBO) – Sri Lanka’s economic growth will pick up to 6.8 percent in 2013 from 6.4 percent and extend to 7.2 percent in 2014, the while there will also be positive export growth, the Asian Development Bank has said.Sri Lanka’s merchandise exports will pick up 4 percent in 2013 and 5 percent […]
Sri Lankan energy utilities lose Rs150bn in 2012, bank debt Rs245bn
Apr 10, 2013 (LBO) – Sri Lanka’s state energy utilities lost 150.9 billion rupees in 2012, which is equal to 2.0 percent of gross domestic product, while debt taken from banks to fund losses rose 53 percent to 245 billion rupees, official data shows. The Ceylon Electricity Board made an operational loss of 61.2 billion […]
Sri Lanka aiming for low inflation, 7.5-pct growth in 2013: CB Governor
Apr 09, 2013 (LBO) – Sri Lanka’s interest rates and inflation would fall in the coming months in a virtuous cycle, helped also by market pricing energy which will lower credit pressure, Central Bank Governor Nivard Cabraal said. Sri Lanka’s inflation rose 7.5 percent in the 12 months to March 2013 but eased from 9.2 […]
Sri Lanka aiming for low inflation, 7.5-pct growth in 2013: CB Governor
Apr 09, 2013 (LBO) – Sri Lanka’s interest rates and inflation would fall in the coming months in a virtuous cycle, helped also by market pricing energy which will lower credit pressure, Central Bank Governor Nivard Cabraal said.Sri Lanka’s inflation rose 7.5 percent in the 12 months to March 2013 but eased from 9.2 percent […]
Sri Lanka heath sector to be modernized with US$200mn from World Bank
Apr 02, 2013 (LBO) – A 200 million US dollar credit has been approved to develop Sri Lanka’s health sector to meet the challenges of emerging new diseases, the World Bank said. Injuries affect mainly the young male population and account for 15 percent of all registered deaths and for approximately 18 percent of all […]
Sri Lanka consumer durables firm in rural push
Mar 31, 2013 (LBO) – Sri Lanka’s Dinapala group, a consumer durables distributor says electrification of rural areas is increasing the demand and the firm is also strengthening a network in former war torn areas. “This year we are going to expand in to another 10 branches, likewise we are targeting to open 10 branches […]