Category: Economy and Markets
Sri Lanka bond rates ease amid flight to quality
Jan 07, 2008 (LBO) – Sri Lankan gilts edged lower amid a flight to quality and excess liquidity in the inter bank market, as well as lower inflation expectations for the current year, dealers said. A bond maturing in April 01, 2012 fell from the auction level of 20.02 percent to 19.80 percent levels and […]
Sri Lanka foreign reserves at US$2,030mn in November
Jan 07, 2008 (LBO) – Sri Lanka’s foreign reserves fell to 2,030 million US dollars in November 2008, from 2,374 million in October, which was enough to cover 1.7 months of imports, the Central Bank said.The gross reserves before the Asian Clearing Union (ACU) balance was 2,608 million US dollars which was enough to finance […]
Sri Lanka offers govt. securities to expatriate workers
Jan 07, 2009 (LBO) – Sri Lanka has appointed five domestic banks and a primary dealer of government securities as lead managers to sell gilts to expatriate citizens, the Central Bank said in a statement. The six lead managers are Bank of Ceylon, Commercial Bank, National Savings Bank, NatWealth Securities Ltd., People’s Bank and Sampath […]
Sri Lanka shares end down in thin trade
Jan 06, 2009 (LBO) – Sri Lankan shares ended weaker Tuesday in thin trade, ignoring more military gains against Tamil Tiger rebels, brokers said.Ceylinco Insurance closed up 8.57 percent or 15 rupees at 190 rupees although share prices of most other listed members of the Ceylinco group weakened or remained flat. The Ceylinco Group has […]
Sri Lanka negotiating currency swaps with foreign central banks: CB Governor
Jan 06, 2009 (LBO) – Sri Lanka’s is negotiating with foreign central banks to establish swap arrangements to increase its access to foreign currency, central bank governor Nivard Cabraal said. The Central Bank said it was looking for alternative ways of raising external finance after hedge fund money that came into the Treasuries market left […]
Sri Lanka shares weaken despite military gains
Jan 05, 2009 (LBO) – Sri Lankan shares shed early gains to end 1.11 percent weaker Monday despite more military successes against Tamil Tiger rebels, with brokers saying the market is likely to remain quiet until investment funds return.The army made more gains Monday, seizing another town held by the rebels as they pushed deeper […]
Sri Lanka to review forex curbs in April: Central Bank
Jan 05, 2009 (LBO) – Sri Lanka would review restrictions imposed on foreign exchange use in April 2009, the central bank said as the rupee continued to weaken against the greenback on liquidity injections made by the monetary authority. The central bank tightened limits on overnight trading positions of commercial banks, imposed penal interest rates […]
Sri Lanka rupee quoted at 114.05/25 against greenback
Jan 05, 2009 (LBO) – The Sri Lanka rupee was quoted at a low of 114.05/25 against the greenback in intra-day trading Monday before recovering on dollar sales by a state bank that usually represents the Central Bank, dealers said.Banks parked 12.8 billion rupees at the central bank through an open market auction at an […]
Sri Lanka cautioned by Japan on military breakthrough
TOKYO, January 5, 2009 (AFP) – Japan, Sri Lanka’s top donor, was cautious Monday after the Tamil Tiger rebels’ capital fell, with an official saying that only a political solution could resolve the island’s ethnic war. Sri Lankan President Mahinda Rajapakse, part of the Sinhalese majority, vowed in a New Year’s address to crush the […]
Sri Lanka to give incentives for foreign remittances
Jan 03, 2009 (LBO) – Sri Lanka will give incentives to expatriate citizens to bring their saving home in the form of higher interest rates and lower taxes, Central Bank Governor Nivard Cabraal said.But a severe crash crunch in the government has led to a new surge of money printing in December, adding more pressure […]
Sri Lanka central bank promises single digit inflation in 2009
Jan 03, 2009 (LBO) – Sri Lanka’s central bank has promised single digit inflation amid deflationary external conditions and the possibility of a looser stance and lower interest rates in 2009, in its annual road map for monetary policy. In the last few months inflation has been falling with the effects of external deflationary conditions […]
Sri Lanka govt mulls tax hike on milk powder imports
Jan 02, 2009 (LBO) – The Sri Lankan government is considering increasing customs duties on milk powder imports to take advantage of plunging global prices without raising domestic prices and raise revenue. World prices have plummeted by over 50 percent from a November 2007 high of 4,550 dollars a metric ton of milk powder. “The […]