Category: Economy and Markets
Sri Lanka central bank withdraws some printed money
July 18, 2008 (LBO) – Sri Lanka’s central bank has Friday withdrawn seven billion rupees, a part of the money printed to finance a government cash deficit earlier in the week, reducing the risk of triggering another balance of payments crisis. “So long as open market purchases of Government securities are allowed (as, of course, […]
Sri Lanka says milk prices to fall a little
July 18, 2009 (LBO) – Sri Lanka which taxes imported milk powder at very high levels, has asked importers to bring the price of a one kilogram pack to fall by 37 rupees and 400 gram pack by 15 rupees, official reports said.According to official data a kilogram of imported milk powders was taxed at […]
Sri Lanka IMF loan; IC views to be taken up at executive board
July 17, 2009 (LBO) – A recent IMF mission to Sri Lanka had “good discussions” with the authorities, but the views of the international community on a loan would still be considered at an executive board meeting, an official said. A ‘staff level’ deal also had to be reached. “Because the first thing that happens […]
Sri Lanka combs economy for new tax payers
July 17, 2009 (LBO) – Sri Lanka is widening the tax net to catch small shop owners and hair dressers to fluff up flagging government income, while excise revenues had also lost it usual buzz, officials said. “Most businesses such as boutiques, hair salons and retailers don’t pay value added tax (VAT),” the head of […]
Sri Lankan stocks up 1.35-pct during week
July 17, 2009 (LBO) – Sri Lankan shares closed up Friday with renewed interest on some selected blue chips, while retailers were seen actively going after plantation, hotels, and medium and small capped stocks, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.03 percent (24.47 points) to end at 2,395.02 Friday, […]
Fed sees end to recession, eyes exit strategy
WASHINGTON, July 16, 2009 (AFP) – The Federal Reserve signaled Wednesday it sees an end this year to the brutal recession and hinted that it was preparing an “exit strategy” for its unprecedented stimulus efforts.The central bank raised its outlook for 2009 and 2010 economic output, projecting a rebound in the second half of 2009 […]
Sri Lanka calls for debt relief, non-aligned emergency lender
July 16, 2009 (LBO) – Developing countries need debt relief to overcome a global economic slump, and a non-aligned emergency bailout fund, Sri Lanka’s president Mahinda Rajapaksa has said.“The world is today confronted by a crisis that is essentially the creation of the financial markets of certain developed countries,” President Rajapaksa said in the published […]
Sri Lanka on road show to stir up debt buyers
July 16, 2009 (LBO) – Investors who met a Sri Lanka government team who are on a road show ahead of a possible debt deal are bullish on the country’s prospects after the end of a 30-year war, a top official said. “Many investors are interested in the Sri Lanka situation and are quite bullish […]
Sri Lanka interbank excess liquidity increases
July 15, 2009 (LBO) – Sri Lanka’s interbank excess liquidity rocketed by more than 20 billion rupees this week, with fresh injections of central bank credit to the system in the manner of a quantity easing exercise.Excess liquidity in the banking system increased from 5.4 billion rupees Friday to 26.3 billion rupees Monday, but the […]
Sri Lanka anchor currency inflation -1.4-pct in June
July 15, 2009 (LBO) – Inflation of Sri Lanka’s anchor currency, the US dollar, measured by the all urban consumer (CPI-U) index fell 1.4 percent in June from a year earlier, the Bureau of Labour Statistics said. In the month of June, inflation of the Sri Lanka rupee measured by the Colombo Consumer Price Index […]
Sri Lankan shares volumes lifted by Com Bank deal
July 15, 2009 (LBO) – Sri Lankan stocks closed up on Wednesday as foreign interest on blue chip Commercial Bank boosted trade volumes, brokers said. National Development Bank closed at 155.75 rupees, down 1.25, while Hatton National Bank closed at 117.25 rupees, up 1.25. Hulangamuwa said the return of institutional and foreign investors would depend […]
Sri Lankan Treasuries yields fall
July 15, 2009 (LBO) – The 3-month Treasury bill yield fell 23 basis points to 11.05 percent at Wednesday’s auction, amid record excess liquidity in the banking system of 28 billion rupees. The government sold 2.5 billion rupees of 3-month bills, 3.1 billion rupees of 6-month bills and 4.8 billion rupees of 12-month bills. The […]