Category: Economy and Markets
Slight Tremor
Treasury bill rates perked up at this weeks auction, ahead of the Central Banks monthly Monetary Policy meeting on Thursday.Three month paper rose two basis points to 7.79 percent, while six and 12 month paper remained flat at 7.76 percent and 7.71 percent, the Central Bank said Wednesday.rn rnThe bank offered and accepted bids for […]
Face To Face
Norways foreign minister met with the top Tamil Tigerrnleader Tuesday in efforts to revive peace talks between the Sri Lankanrngovernment and the guerrillas that stalled a year ago.rnThe meeting between Jan Petersen and Tiger chief Velupillai Prabhakaranrnin northern rebel-held Kilinochchi came amid concerns that a recent spate of killings may jeopardize Sri Lankas fragile cease-fire […]
Closing The Gap
Sri Lankas trade deficit for February contracted marginally, on the back of a lower import bill and a drop in apparel sector revenues, the Central Bank said Monday.Trade deficit for February fell to US$ 90 mn from US$ 119 mn in 2003, bringing the cumulative deficit for Jan-Feb down to US$ 242 mn.rn rnEXPORTS rn […]
Spadework
Prime Minister Mahinda Rajapakse, has told the BBC that peace talks with Tamil Tigers rebels will resume before the end of July.Rajapakse told the BBC Sinhala service that the opposition United National Party has already said that it will support the negotiations. rn rnRajapakse was speaking after meeting the Norwegian Foreign Minister Jan Petersen in […]
Building Up
Sri Lankas foreign reserves took a 2.2 percent dip in February, slightly above a 5.7 percent drop in January 2004, according to latest data released by the Central Bank.rnrn Officialrnor Central Bank reserves slipped to US$ 2,277.5 mn, while total reserves, whichrnalso includes private holdings, rose 4.9 percent to US$ 3,374.2 mn.rn SrirnLanka has to […]
U Too
Top donors like the World Bank and the IMF say Constitutional reforms without a two-third majority in the parliament will not affect their lending program to the country. However, analysts pointed out that any attempt at tinkering with the Constitution without a two-thirds majority in parliament could lead to political uncertainty, which will directly affect […]
Dim View
Suspected Tamil Tigers shot dead a soldier in eastern Sri Lanka after the rebels warned that Norways renewed efforts to broker peace in the island were in jeopardy, a local official saidThe victim, a member of an intelligence unit, was taken off of a bus and killed in broad daylight near the town of Batticaloa, […]
At Your Service
The services sector made the biggest contribution to economic growth last year.The sector that accounted for a little over forty percent of economic activity when the country adopted a market economy, today accounts for nearly 55 percent of the countrys GDP.rn rnOver 54 percent of the countrys GDP is accounted for by the service sector. […]
First Innings
Former Sri Lankan cricket captain Arjuna Ranatunga Friday mended fences with President Chandrika Kumaratunga and was sworn in as deputy minister of industries, tourism and investment promotion.rnOfficials said Ranatunga, 40, who refused to be sworn in last month unless he was given the sports ministry, had his appointment confirmed at a ceremony held at Kumaratungas […]
Second Thoughts
India will pursue a comprehensive economic partnership agreement with Sri Lankas new government amid plans for an aid package to rebuild the islands embattled regions, a top envoy said on Thursday.The Indian High Commissioner (ambassador) here, Nirupam Sen, said talks initiated with the previous government on the economic agreement would continue with the new administration […]
Enlisting Babies
Sri Lankas Tamil Tiger rebels have stepped up recruiting hundreds of child soldiers amid renewed moves by peace broker Norway to revive stalled talks, officials and residents said Thursday.rn Tamil Tigers have begun enlisting young fighters in the northern Wanni district in the past two weeks after demobilising nearly 1,000 child soldiers who were loyal […]
Bala Returns
The London-based top Tamil Tiger negotiator returned to Sri Lanka Friday ahead of resuming Norwegian-backed peace talks with the new Colombo government, officials said.rnAnton Balasingham, 65, arrived at the only international airport here and was immediately flown in a military helicopter to the rebel-held town of Kilinochchi, 330 kilometres (206 miles) north of here, officials […]