Category: Economy and Markets
Sri Lanka monetary authority in offbeat IMF-style deal with US fund
Aug 22, 2009 (LBO) – Sri Lanka’s Central Bank has acquired 875 million US dollars from a large US fund in an offbeat deal effectively by-passing the domestic money system that boosts forex reserves without creating domestic inflationary or exchange rate pressure.But the by-pass also meant that the money is not available for Sri Lanka’s […]
Sri Lanka shares stagnant
Aug 21, 2009 (LBO) – Sri Lankan shares ended flat Friday with small investors chasing speculative stocks like Environmental Resources Investments while a few big deals of heavyweights like John Keells Holdings went through, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lankan shares close flat, blue chips gain
Aug 20, 2009 (LBO) – Sri Lankan stocks closed flat Thursday as retail investors eyed undervalued mid-cap stocks to profit from an anticipated month-end technical correction, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 0.06 percent (1.58 points) to end at 2,524.62, while the Milanka index of liquid stocks gained 0.12 […]
US fund buys $875 Sri Lanka rupee bonds pushing reserves above $3bn: CB Governor
Aug 20, 2009 (LBO) – An 875 million US dollar inflow from a US-based fund will go into 4 and 6-year rupee bonds, helping push Sri Lanka’s foreign reserves above 3.0 billion dollars by Friday, Central Bank governor Nivard Cabraal said. The inflow will be directly matched with Treasury bonds and the Central Bank’s Treasury […]
Sri Lanka property eyed by Indian developer after war: report
Aug 19, 2009 (LBO) – India’s Puravankara Projects, a Bangalore-based developer is looking to start an upmarket housing project after a civil war ended, an Indian media report said, though the property market in the island is in the doldrums. The report said Puravankara’s Sri Lanka move comes at a time when Bangalore itself is […]
Sri Lankan stocks close down 0.37-pct, rupee stable
Aug 19, 2009 (LBO) – Sri Lankan shares closed down Wednesday as retail investors took profits on the last few day’s gains, while the rupee stabilized against the greenback, brokers and dealers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.37 percent (9.44 points) to end at 2,521.24, while the Milanka index […]
Sri Lanka budget deficit expands at a slower pace in May 2009
Aug 18, 2009 (LBO) – Sri Lanka’s runaway budget deficit expanded at a slower pace in May 2009, though the gap in the current account widened to a new record, the latest official data show. The revenue or current account deficit of the budget, which is the difference between total revenues and current (day-to-day) expenses, […]
Sri Lanka central bank holds policy rates steady
Aug 18, 2009 (LBO) – Sri Lanka’s central bank held policy rates steady at 11.00 percent for the second straight month saying market interest rates were falling, inflation is bottoming out but expected to remain at single digits in 2009.“As in other parts of the world, in Sri Lanka too, inflation is expected to rise […]
Sri Lankan stocks up, rupee gains
Aug 18, 2009 (LBO) – Sri Lankan shares closed up Tuesday as investors regained some confidence and bet on blue chip and hotel stocks, while the rupee continued to gain against the dollar, brokers and dealers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.15 percent (28.73 points) to end at 2,529.19, […]
Sri Lanka on track to wrap international offering by October
Aug 18, 2009 (LBO) – Sri Lanka will shortly call for bids from international investment banks to help raise debt from international markets, with the deal to be completed by October, a top official said. A team of government officials went on a ‘non deal’ global road show to major financial centres arranged by HSBC […]
Sri Lanka to push overseas investments
Aug 17, 2009 (LBO) – Sri Lanka is seeking to encourage local businessmen to venture overseas by establishing clear rules and reducing red tape, especially for capital outflows, seen as a key impediment, a senior official said. Kanchana Ratwatte, the new chairman of the National Enterprise Development Authority (NEDA), said a growing number of Sri […]
Sri Lanka core measure may have understated inflation: IMF study
Aug 17, 2009 (LBO) – An official core-inflation index for Sri Lanka may have understated underlying price pressures in 2008, but there is wide disagreement even among proponents of core measures about their calculation and usefulness, a new International Monetary Fund study has said. “Although not stated explicitly, it was implied that headline inflation would […]