Category: Economy and Markets
Sri Lanka forex markets limp back to life
Oct 30, 2008 (LBO) – Sri Lanka’s forex markets limped back to life at 110 rupees to the dollar and edged lower to 111.35 in late trading after the central bank broke a US dollar peg kept at 108 local units. A state bank that usually represents the central bank was selling dollars to the […]
Sri Lanka shares held up by gains in large cap stocks
Oct 29, 2008 (LBO) – Sri Lankan shares ended marginally firmer Wednesday, held up by gains in highly capitalized stocks, but sentiment remained weak as the outlook for economic and company growth was gloomy, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lanka private sector workers offered tax break to keep money in g-secs
Oct 29, 2008 (LBO) – Sri Lanka said it will give a tax refund to private sector retirees if they continue to keep their money in government securities after they retire and withdraw money from a state-controlled fund. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Under […]
With debt mounting, new US president to face tough choices
WASHINGTON, October 28, 2008 (AFP) – The next US president will inherit a mountain of debt from the latest government bailouts, making it difficult to implement new programs promised during the campaign, analysts say. The government closed its books on the 2008 fiscal year September 30 with a record deficit of 455 billion dollars, and […]
Iceland raises rates to 18.0-pct after currency collapse
REYKJAVIK, October 28, 2008 (AFP) – Iceland jacked up its key interest rate to 18 percent and announced a request for help from the European Central Bank and the US Federal Reserve in twin moves on Tuesday to stave off national bankruptcy. “Iceland’s central bank sent a request to the ECB, the Fed and the […]
Sri Lanka shares in free fall
Oct 28, 2008 (LBO) – Sri Lankan shares plunged Tuesday with heavy losses in some blue chips as investors sold on fears of worsening company profitability and the uncertainty keeping away buyers, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
IMF gets new business as central banks lose reserves on intervention mistakes
WASHINGTON, October 26, 2008 (AFP) – Ukraine, facing political deadlock and an economic crisis, agreed a 16.5-billion-dollar loan from the International Monetary Fund on Sunday. The deal, announced by IMF director Dominique Strauss-Kahn, followed a 2. 1-billion-dollar loan to Iceland on Friday and comes amid appeals for help from other countries. “An IMF staff mission […]
Sri Lanka central bank reserves down to US$2.6bn
Oct 27, 2008 (LBO) – Sri Lanka’s official foreign reserves have fallen to 2.6 billion US dollars in late October from 3.1 billion dollars at the end of September 2008, Central Bank Governor Nivard Cabraal said. Sri Lanka’s balance of payments problem this year seems to have been triggered by the withdrawal of foreign money […]
Sri Lanka exchange rate pressured; fuel taxes can reduce fiscal ills: economist
Oct 26, 2008 (LBO) – Despite falling oil prices, Sri Lanka is now in the midst of a balance of payments problem brought about by central bank interventions in forex markets, whose full effects are yet to be seen. Q: Now with the credit crunch we have seen a lot of commodity prices coming down […]
World leaders urge monetary reforms as gloom deepens
BEIJING, October 25, 2008 (AFP) – World leaders called for an urgent overhaul of international financial systems after another day of steep stock market falls led to renewed panic over the slumping global economy. Asian and European leaders meeting here promised wide-ranging and effective reforms, as UN Secretary General Ban Ki-Moon also called for quick […]
Sri Lanka central bank calms forex markets as treasuries stock rockets to Rs59bn
Oct 24, 2008 (LBO) – Sri Lanka’s central bank says it is ready to accommodate additional foreign currency outflows from foreign bond holders even as snowballing T-bill purchases showed pressure building up in the monetary system. The central bank said in a statement Thursday that it had ‘absorbed’ dollar inflows of 622 million in the […]
Sri Lanka stocks pull back but trading dries up
Oct 24, 2008 (LBO) – The deep slide in Sri Lankan shares halted Friday with prices pulling back slightly but trading slumped to just 69.6 million rupees, brokers said. The Colombo bourse stood its ground, albeit on thin volumes, while Asian and Western markets plunged Friday. Bartleet Mallory Stockbrokers said there had been a net […]