Category: Economy and Markets
‘s central bank says liquidity limits are working
April 10, 2007 (LBO) – Sri Lanka’s tight quantity targeting regime is paying off, and the central bank said Monday it would continue with the ‘current monetary policy stance’. The next monetary policy statement would be released on May 16. The February statement was brought forward by one day. Updated Perhaps fittingly, the entire April […]
‘s port reaches 3-year wage deal with unions
April 10, 2007 (LBO) – Sri Lanka’s main port has struck a 3-year agreement with trade unions to raise the minimum monthly salary by 3,000 rupees, a senior official said Tuesday.The dispute dragged on for over ten days as the government said port workers are some of the better paid employees in the public sector, […]
Sri Lanka rupee slides sharply against the dollar; one year t-bill yields plummet
April 10, 2007 (LBO) – The spot dollar shot up Tuesday to 109.30 from yesterday’s closing of 108.35, dealers said, while one year t-bill yields plummeted by 63 basis points. Earlier in the day overnight call rates went as high as 40 percent with the central bank keeping cash tight as it tried to keep […]
Sri Lanka money supply, rates up on festive cash demand
April 09, 2007 (LBO) – Heavy cash withdrawals from banks to fund spending in the new year festive season drove up call money rates Monday with reserve money also shooting up, dealers said. “Most of the big fish are gone on holiday, either out of Colombo or overseas,†said Reshan Kurukulasuriya, Vice President, DFCC Stockbrokers. […]
‘s top taxman tells tax payers
April 07, 2007 (LBO) – Tax payers need not fear the Inland Revenue Department, according to Sri Lanka’s chief tax officer who faces the daunting task of raising more revenue for a country that is already projecting a budget deficit as big as 9.2 percent of the economy. The department wants to be tax payer-friendly […]
Sri Lanka asked to get house in order ahead of opening up services
April 06 (LBO) – Sri Lanka is hoping to open its service sectors to neighboring India, but analysts say the country should first get local regulations in order. The two countries are in talks to allow exchange of services, including limited exchange of professionals, under an agreement to be signed by June this year. But […]
Fuel prices will not affect essential food prices during the season: Minister
April 06, 2007 (LBO) – The prices of essential food items that have been set a retail price during the New Year season will not be affected if fuel prices go up since all have already been imported, a government minister said. Food items such as chillies, onions, dhal, potatoes, sugar, types of grain, sprats […]
Sri Lanka civil servants to get new cars at low prices
April 6, 2007 (AFP) – Sri Lanka is offering drastic customs duty cuts to help over 20,000 civil servants import new cars, the finance ministry said Friday. The move was to fulfil an election promise made in 2005. Senior public officials, including police and military personnel, with over five years of service will be entitled […]
Fernando sees Sri Lanka to thrilling win over England
ST JOHN’S, Antigua, April 4, 2007 (AFP) – Dilhara Fernando took a wicket with the last ball of the match to seal a dramatic two-run win for Sri Lanka against England in their World Cup Super Eights clash at the Sir Vivian Richards Stadium here Wednesday. England, set 236 to win, finished on 233 for […]
Central Bank of Sri Lanka makes record profits from money printing, inflation and debauching its currency
April 05, 2007 (LBO) – Sri Lanka’s central bank posted a massive 27 billion rupee profit in 2006 as the economy inflated and the currency depreciated due to money printing, its latest accounts showed. It even sterilized the 2007 provisional advance to the treasury, though interest rates has since started to rise, indicating that Sri […]
’s rising foreign commercial loans
April 4, 2007 (LBO) – Increased reliance on foreign currency loans by Sri Lanka’s government and private sector could spell danger ahead if they are not managed properly, the Central Bank has said in its annual report. High foreign non-concessional borrowings could increase the vulnerability of the external sector to various shocks, the bank warned […]
More foreign aid needed to reach Millennium Development Goals: UNDP
April 04, 2007 (LBO) – Aid to poor countries has fallen since 2005, threatening the achievement of Millennium Development Goals, (MDGs) the head of the United Nations Agency that promotes sustainable development has said. In Sri Lanka for example, analysts say almost all the long-term investments in infrastructure are financed with foreign aid, while 49 […]