Category: Economy and Markets
Sri Lanka fiscal discipline key to economic growth: report
Nov 04, 2009 (LBO) – Fiscal discipline by Sri Lanka’s government will be critical to ensure economic recovery and sustained, high growth anticipated with the end of the ethnic war, RAM Ratings agency said. “Sri Lanka is now well poised to achieve high sustainable growth, as the end of the armed conflict provides the government […]
Sri Lanka stocks slump further
Nov 04, 2009 (LBO) – Sri Lankan share prices slumped again almost across the board Wednesday as nervous investors sold apparently in anticipation of further falls, brokers and analysts said.The All Share Price Index closed at 2,902.70, down 2.07 percent, or 61.49 points while the Milanka Price Index of more liquid stocks closed at 3,242.06, […]
Sri Lanka Treasuries yields fall
Nov 04, 2009 (LBO) – Sri Lanka’s Treasury bill yields fell across the board with the 3-month yield falling 36 basis points to 8.14 percent, at Wednesday’s auction just above the 8.00 repo rate at which the monetary authority drains liquidity from markets. The Central Bank’s reverse repo rate at which cash in injected to […]
Sri Lanka tables interim budget
Nov 03, 2009 (LBO) – Sri Lanka has presented an interim plan to parliament ahead of polls expected in the first quarter of 2010 seeking permission from lawmakers to spend up to a third of last year’s budget.Government spending has been reined in somewhat under a deal agreed with the International Monetary Fund with strict […]
Sri Lanka should import proven leadership talent: business executive
Nov 03, 2009 (LBO) – Sri Lanka should consider importing people with proven track records to run government as native leaders have consistently failed to deliver and develop the country after independence from Britain, a senior private sector executive has said. “When a company fails and has continuous losses, what do you do? The management […]
Sri Lanka stocks fall despite rate cuts
Nov 03, 2009 (LBO) – Sri Lankan stocks ended weaker Tuesday despite last week’s interest rate cuts and better company earnings with brokers saying investors remained wary because of external factors and political uncertainty. “Investors are adopting a wait-and-see attitude. At any other time earnings increases would have pushed up the market but that also […]
Sri Lanka starts dollar swaps to absorb rupee liquidity
Nov 03, 2009 (LBO) – Sri Lanka’s central bank has started auctions of dollar-rupee swaps to withdraw excess domestic currency liquidity in the market and develop a new instrument to intervene in the market, an official said.Foreign reserves which fell to around a billion US dollars in March are now close to five billion US […]
‘s former rebels
October 30, 2009 (AFP) – The United States on Friday announced funding for up to 1,000 former Tamil guerrillas to reintegrate in society by starting their own businesses or learning new skills. The US embassy here said they were giving equipment and supplies to ex-fighters while vocational training was also being made available to help […]
Sri Lanka rupee weakens against Euro helping exporters: Central Bank
Oct 30, 2009 (LBO) – The Sri Lanka rupee has weakened against the Euro and Sterling since November 2008 increasing the edge of exporters to Europe and helping offset a possible hit from lost trade concessions, Central Bank Governor Nivard Cabraal said.“It is our contention that Sri Lanka’s exporters’ competitiveness to the European Union had […]
Sri Lanka state workers receive billions in subsidized housing credits
Oct 30, 2009 (LBO) – Sri Lanka’s state workers have recieved billions of rupees of housing loans at rates as low as 4.0 percent while homeless ordinary citizens were forced pay high rates as fiscal deficits pushed interest up, it has been revealed. Under a presidential directive issued this week, state banks have been ordered […]
Sri Lanka inflation accelerates to 1.4-pct in October
Oct 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 1.4 percent in October 2009 from a year earlier, against 0.7 percent in September, the government’s statistics office said.Treasury pressure to print money between 2004 and 2006 and keep interest rates low pushed Sri Lanka’s inflation to above 20 percent and created […]
Sri Lankan stocks close flat, low activity
Oct 30, 2009 (LBO) – Sri Lanka stocks closed flat Friday, with retail buyers awaiting positive news on earnings and political developments, while selected financial stocks took a beating, brokers said.The All Share Index closed at 2,976.93 points down 0.23 points while the Milanka Index of more liquid stocks closed down 0.34 percent (11.30 points) […]