Category: Economy and Markets
No Attachments
The Rs. 1bn will be allocated as an outright grant for rehabilitation and reconstruction in 2004, Niranjan Deva Aditya EU Parliamentarian said in a statement this week.rn rnLast years EU budget for Sri Lanka was Rs. 2 bn. In addition Sri Lanka received Rs.1.5bn in Aid of displaced people and Rs.1bn under the Humanitarian Office […]
No Surprises
The Central Bank left its key short-term rates unchanged on Thursday, signalling that it was comfortable with the country quote s economic fundamentals. The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy […]
Flat Rates
Treasury bill yields remained flat on Wed. amidst speculation that that the Central Bank is unlikely to tinker with its short-term interest rates on Thu.rnrnrnrnrnrnNew Page 1rnrnrnrnrn The Central Bank has been following a soft rate stance amid reduced government borrowing following the February 2002 ceasefire. rn The bank has cancelled several government bond auctions […]
New Blood
Merchant Bank of Sri Lanka is tapping the local debt market to raise up to Rs. 200 mn to fuel its expansion programme.rnrnrnrnrnrnNew Page 1rnrnrnrnrn Arnfour-year unsecured debenture, which comes with a combination of fixed andrnfloating interest rates starting from 10 percent, will be on offered to thernpublic shortly.rn rn rn rn THE ISSUE rn […]
Help at Hand
ThernrnAsian Development Bank on Thursday approved a rnUS$ 80 million loan package to improve daily living conditions in the North and rnEast of Sri Lanka. rnThe project will focus its activities on the most-severely conflict-affected districts: Jaffna, Mannar, Kilinochchi, Mullaittivu, Vavuniya, Trincomalee, Batticaloa, and Ampara, where essential infrastructure will be rehabilitated along with restoring community […]
New Money
The Ministry of Enterprise Development, Industrial Policy and Investment Promotion. is hoping to raise US$ 90 mn next year to fund the second leg of a concessionary loan scheme to small and medium scale enterprises. Ministry officials say they could approach the Asian Development Bank (ADB) for assistance, this time to help the state raise […]
Saving Face
Starting off talks on environmental conservation the World Conservation Union (IUCN) called for a change of attitude among conservationists and corporates to enable sustainable development in Asia. The IUCN conference on regional conservation issues kicked off its first session in Colombo on Tuesday laying emphasis on the role of businesses and industries in environmental conservation.rn […]
Mix and Match
The Govt., the World Bank and the Asian Development Bank are preparing a survey on the investment climate in Sri Lanka.The survey will help policy makers address impediments to investment including legal, policy and institutional reforms.rn rnThe exercise forms part of a regional effort to attract more investment and promote information sharing between the countries. […]
Mock Runs
The Central Bank plans to start mock runs for scripless trading on government securities next week after parliament approved the legislative amendments.Deputy Superintendent Public Debt, Dr.W M Hemachandra says trial runs for market participants starts off on Dec.9, with live runs schedule to take place at the end of January.rn rnAmendments to the Registered Stock […]
Its A Wrap
Upcoming debt market specialist, National Wealth Corp. wrapped up a complex debt-restructuring deal for the governments supermarket chain.rnrnrnrnrnrnNew Page 1rnrnrnrnrn Arnconsortium of six commercial banks endash Bank of Ceylon, Peoples Bank,rnCommercial Bank, HSBC, Hatton National Bank and Seylan Bank endash inked the dealrnon Monday, in what NatWealth claims is the largest debt restructuring deal inrnSri […]
Upward March
Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first nine months of this year, which helped the trade deficit shrink marginally, the Central Bank said Monday.The positive sentiment contributed to a rise in exports and a higher import bill in September.rn rnHigher export numbers helped lower the trade […]
Leg Up
The Sri Lankan rupee is on course for a firmer footing against the US dollar, despite recent political cross currents that have shaken the currency.After appreciating some two percent against the dollar, the currency has hit some rough weather due to the ongoing political tussle.rn rnThe rupee closed weaker at 96.00 against the greenback on […]