Category: Economy and Markets
‘s cash rates rocket to a new 7-year high amidst cash crunch
March 09 (LBO) – Sri Lanka’s overnight rates reached 30 percent amidst tight liquidity, with monetary authorities restricting access to its discount window, dealers said. The central banks key discount rate was raised by 50 basis points to 12.00 per in February after inflation rose to 20.5 percent in January. Updated – highest call rate […]
Treasury bill yields in Sri Lanka edge upwards
March 07 (LBO) – Sri Lanka’s treasury yields moved up by an average 15 basis points at Wednesday’s auction, despite the central bank purchasing two billion worth of bills off the 12-billion rupee auction. “Commercial Banks should pursue prudential measures to suppress the excessive growth in consumption credit while mobilising more deposits from public to […]
Sri Lanka sovereign rating weighed down by weak budgets, war, public employment
March 02 (LBO) – Sri Lanka’s weak public finances which leave little room for the country to counter shocks and an ongoing war are weighing heavily on its credit rating, Fitch Ratings said.Sri Lanka has a BB- sovereign rating with the outlook downgraded to negative in April 2006 after the conflict intensified, which is now […]
Sri Lanka stock exchange blacks out foreign trading stats online
March, 01 (LBO) – Colombo Stock Exchange blacked out foreign trading statistics off automated trading terminals Thursday in a bid to reduce ‘market manipulation and discriminative practices’, the exchange said. “This is not an exercise to hide foreign buying and selling,” Rajeeva Bandaranaike, CSE’s head of marketing told LBO. “It would be shown at the […]
Sri Lanka point-to-point inflation eases, but still at 10-year highs
February, 28 (LBO) – Consumer prices in Sri Lanka’s capital Colombo fell 1.3 percent in the month of February easing 12-month inflation to 19.2 percent from 20.5 percent a month ago, the government statistics office said. The Colombo Consumer Price Index, the most widely watched index in the country, fell to 5116 points from 5184 […]
‘s Sampath to raise 250 million rupees of 5-year money
February 26 (LBO) – Sampath bank is raising 250 million rupees through a privately placed debenture to boost its tier two capital, the bank said. It has a 30.8 percent stake in Lankabangala Finance, a Bangladeshi non-bank institution engaged in leasing and credit cards. It also has a 24.6 percent stake in Union Bank of […]
‘s lingerie hopes
BIYAGAMA, Feb 25, 2007 (AFP) – For some engineers in this Sri Lankan industrial town, making women happy is their main job — they design sexy bras which are comfortable too. Ranil Vitarana is one of hundreds of Sri Lankans developing exotic undergarments for top international brands including Victoria’s Secret, Marks and Spencer and Triumph […]
Zimbabwe asked to stop money printing by IMF as Sri Lanka trail 1600:20
February, 24 (LBO) – The International Monetary Fund (IMF) has asked Zimbabwe not to print money and called for fundamental policy changes to stabilize its economy as inflation hit 1,600 percent in January, echoing advice given to Sri Lanka not so long ago. But Sri Lanka is trailing way behind Zimbabwe with inflation at only […]
Sri Lanka Central Bank raises interest rates by 0.5% to contain inflation
Feb 23 (LBO) – Sri Lanka’s central bank Friday raised its key policy interest rate by 50 basis points to 12.00 percent to dampen rising prices as inflation rose to a record 20.5 percent in January. The bank also said finance, energy and trade ministries have been ordered to co-ordinate their efforts to reduce inflationary […]
Sri Lanka and South Asia to gain by freeing trade: report
Feb 20 (LBO) – South Asian countries including Sri Lanka could make huge gains by freeing up trade in education, health and tourism and lowering other barriers between themselves, a new report by a regional business forum and the World Bank has said. South Asian countries included in the report include Sri Lanka, India, Bangladesh, […]
Sri Lanka rebels say truce dead, monitors leave embattled region
COLOMBO, Feb 23, 2007 (AFP) – Sri Lanka truce monitors pulled out of an embattled northern region where thousands of civilians were on the run fearing a fresh military offensive, as Tiger rebels said the ceasefire was all but dead. The local employees of the Sri Lanka Monitoring Mission (SLMM) were no longer at their […]
Australian warship intercepts boatload of Sri Lankans
SYDNEY, Feb 22, 2007 (AFP) – An Australian warship has intercepted a boat carrying 85 Sri Lankans towards a Canberra-controlled island in the Indian Ocean, Immigration Minister Kevin Andrews said Thursday.Andrews said the unseaworthy vessel was intercepted about 50 nautical miles off Christmas Island on Tuesday, after being spotted a day earlier. He said the […]