Category: Economy and Markets
New Faces
There has been a positive response to Central Bank quote s call to expand the government securities market by issuing new licences.rn rnThe bank quote s Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that lquote a few parties have already submitted their applications. quotern rnrnMarket watchers speculated that the new comers include Peoples […]
Restoring Jaffna
rnSri Lanka quote s top trade chamber, the Ceylon Chamber of Commerce, has identified three priority areas for development by the private sector, on a commercial scale. rn rnThese include low cost housing, repair and rehabilitation of road networks as well as construction and operation of up to three star level hotels and tourist facilities.rn […]
Moving On
The Central Bank cut its key short-term discount rate by lowering the overnight reverse repurchase rate (reverse repo) by ten basis points to 13.75 percent this morning.The announcement is 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 developments, […]
Rising Prices
Increasing food prices pushed the Colombo District Consumer Price Index up by 6.5 per cent (point to point) to 137.9 from 137.1 in April.
Slower Pick Up
The bank said the deficit for the first quarter shrank 18.5 percent to US$ 277 mn from US$ 340 mn recorded in the same period 2001. rnrnExport earnings for the quarter slipped 15.2 percent to US$ 1,080 mn compared with US$ 1,274 mn in 2001. rnrnImport expenditure dropped by 15.9 percent to US$ 1,358 mn […]
Colombo Venue
Held for the first time in Sri Lanka, the forum brings together donor countries and lending agencies. rnrnUnlike the earlier Paris Aid group meetings, the parley is not a pledging conference. rnrnThe government will present the second draft of its Poverty Reduction Strategy Paper (PRSP), which will highlight possible areas for donor funding. Another document, […]
Full Throttle
The government quote s residual stakes in sugar plantations have been completed.Preparation work on disposing minority stakes in Lanka Marine Services (LMS), Shell Gas Lanka Ltd and National Insurance Corp. (NIC) are progressing as schedule. rnrnldblquote We are hopeful that we can conclude these three deals by end June or so, dblquote Chairman P B […]
Cautious Nod
But IMF quote s Deputy Managing Director Shigemitsu Sugisaki warned that promised structural reforms have to be stepped up if the country is to achieve a 6 percent growth in the medium term. rnSugisaki, who is the senior most IMF official to visit Sri Lanka so far, had a series of talks with the President, […]
Sugisaki Coming
Shigemitsu Sugisaki, is the most senior official dealing with Sri Lanka, will arrive on Tuesday for a two-day visit, the Central Bank said today. rnThe IMF last month resumed the stalled US$ 253 mn standby assistance programme following talks with the new government. rnTotal disbursement today stand at US$ 190 mn. Sugisaki quote s visit […]
More Cash
The unsecured, subordinated redeemable debenture will carry a five-year tenure and will be quoted on the Colombo Stock Exchange. rnrnThe issue will be doubled by Rs. 300 mn in the event of an oversubscription, Seylan Bank quote s Ajantha Madurapperuma told Lanka Business Online. rnrnHe said the interest rate for the issue has not been […]
Terror Treasure
Proceeds from the auction will be used as seed capital for the proposed Youth Corps, Minister Bandula Goonerwardene said.rn rnThe Gold collection, which includes 1521 bangles, 1192 rings and 1242 bangles, is currently placed with the Central Bank in eight separate deposits. rn rnIt is claimed that the JVP has build up this Gold reserve […]
Money Cleansing
rnMinister Bandula Goonerwardene at the Cabinet press briefing today said the government hoped to utilize the funds to boost local investments. The proposed Inland Revenue Special Provision Act, which will declare a 18 month clemency period to invest previously undeclared funds through capital investments in formal businesses.rn Prospective investors will not face penalties or taxes […]