Category: Economy and Markets
Exports Award
There will be more focus on value added exporters. rnrnAwards will be given for Traditional Agriculture, Non-traditional agriculture, value added tea, industry, gems and jewellery and service providers to exporters, like government departments.rn
Nobly Curve
Central Bank officials say that an initial Rs. 5 bn worth 10 or 12-year bonds will hit the market soon. rnrnThe bank expects long term investors like insurance companies and the captive funds like EPF and ETF to subscribe to the issue. rnrnldblquote We have spoken to the investors like insurance companies and provident funds […]
Extended Debt
Superintendent Public Debt, Dharma Dheerasinghe told journalists that the bank hopes to offer around Rs.5 bn at the initial issue. rnrnThe issue is targeted at captive sources like pension, EPF, ETF and insurance funds. rnrnThe 12-year issue will carry yearly interest rates, unlike the present half yearly rates. ldblquote Our discussions with the captive sources […]
Green Money
Assistant to the Governor, W A Wijewardene says Cabinet approval has been sought to raise the five-year issue, which will form of the government quote s Rs.350 bn borrowing programme. rnThe funds could either via a syndicated loan or a medium term note. The government will also not seek a sovereign rating for the issue. […]
Southern Tip
Tuesday quote s auction saw yields for two, three and four years come under the hammer. rnrnThe bank offered and accepted Rs. 2.000 bn two-year notes carrying a 12.50 percent coupon. The issue was oversubscribed with bids amounting to Rs. 9.350 bn. The weighted average yield slipped 148 basis points to 14.16 percent (with tax). […]
VATquote s The Reason – Updated
Deputy Finance Minister Bandula Gunawardana says the government sector initiative to reduce prices to reflect the zero duty on essential items is intended to set an example for the private sector to follow suite. rn rnMost state institutions that benefit from the zero duty will in effect absorb the 6.5 per cent National Security Levy […]
To Cut Or Not
The Central Bank is strongly tipped to lower its short-term discount rates by up to 100 basis points within the next few days.Central Bank officials had intimated its thoughts to Chief Executives of commercial bank quote s at a meeting on Thursday. rnrnMarket sources said the Central Bank had asked the banks to cut lending […]
Rate Cut
The Central Bank on Friday cut key short-term rates by 100 basis points in line with the bank quote s new policy of making regular changes to its key discount rates, to make it more responsive to market needs.As reported by LBO Thursday, the bank lowered the reverse repurchase rate (reverse repo) to 12.75 percent […]
Official Nod
A top Central Bank official said that cabinet has already approved the issue as part of the government quote s borrowing programme for 2002. rnThe exact structure, interest rate and tenure of the proposed debt issue have not been finalized. Officials say the funds could either come through a syndicated loan, a medium term note […]
Debt For Capital
The bank quote s capital adequacy ratio stands at little over 9 percent, which is just short of the minimum 10 percent criteria Central Bank plans to implement from next year. rnFor the first tranche, the bank will issue debt paper worth Rs. 300 mn, with the option of issuing a further Rs.300 mn in […]
Brushing Up
Mopping up past mistakes and infusing fresh discipline in the 225 state owned enterprises, a mandatory Code of Best Practices in Corporate Governance has received the cabinet green light.rn rnSeven of the largest public enterprises and four state banks are to be re-hauled when the code comes into force by January 1 next year, before […]
US$ 300 mn Hole
Surveys have indicated that unofficial operators are offering attractive rates and better service to expatriate workers. rnThe foreign exchange is kept out of the banking system and the national economy. rnMinister Samarasinghe was speaking at the launch of a new award scheme for foreign employment agencies launched by the Bureau of Foreign employment.rn