Category: Economy and Markets
Fitch gives A+(lka) for Sampath Bank debentures
January 4, 2007 (LBO) – Sri Lanka’s Sampath Bank Thursday secured a A+(lka) rating from Fitch Ratings Lanka for its upcoming four year 300 million rupee debenture issue. The rating reflects Sampath’s relatively good profitability, improving asset quality, enhanced provision coverage and resulting good solvency, Fitch said. Sampath’s capitalisation levels have decreased due to loan […]
” measure in March
January 03, 2007 (LBO) – Sri Lanka will withdraw from March 31, a controversial cash deposit requirement aimed at limiting imports, which drew censure from the International Monetary Fund as an exchange control measure, a top official said. A 50 percent margin requirement was imposed on a set of goods defined as ‘luxury’ by bureaucrats […]
Sri Lanka notches up US$ 600 mn foreign investment in 2006
January 01, 2007 (LBO) – Sri Lanka has notched up a record 600 million dollars in foreign direct investment last year, government said Monday, led by telecom and apparel. The record inflows are over the 287 million dollars of last year, Rohitha Bogollagama, industries and investment promotion minister said. The Board of Investment said in […]
Sri Lanka 3Q06 GDP 7.5%, says Central Bank while cutting full-year growth to 7%
December 29, 2006 (LBO) – Sri Lanka’s economy grew 7.5 percent in the third quarter ended Sept. 30, the central bank said Friday, while lowering full-year growth forecast to 7.0 percent. “With only minor interruptions in most parts of the country, growth is projected at 7 percent. Financial markets have remained calm, though investor confidence […]
Central Bank of Sri Lanka says more monetary tightening needed as inflation rages
December 29 (LBO) – Sri Lanka’s central bank said further monetary tightening was needed to contain inflation as consumer prices in December went up by 2.3 percentage points keeping 12-month inflation at a dizzy 19.3 percent. The latest warning that a rate hike should be expected at the next monetary policy meeting came two weeks […]
Sri Lanka consumer prices rise by 2.3% in December keeping 12-month inflation at 19.3%
December 29, 2006 (LBO) – Consumer prices in Sri Lanka rose by 2.3 percent in December, keeping 12-month inflation at 19.3 percent, the Census & Statistics Department said Friday. In the 12-months to November, inflation hit a ten year high of 19.8 percent, when the index rose by 4.4 percent in the preceding 30 days. […]
‘s warring parties on tsunami anniversary
Dec 26, 2006 (AFP) – The United Nations slammed Sri Lanka’s warring parties for stalling tsunami reconstruction efforts Tuesday as the island marked the second anniversary of the disaster by unveiling a Buddha statue. The outgoing UN Secretary General Kofi Annan blamed both Colombo and the Tamil Tiger rebels for the violence that has slowed […]
Japan gives loudhailers to mark Sri Lanka tsunami anniversary
Dec 26, 2006 (AFP) – Japan Tuesday gifted loudhailers and life jackets to Sri Lanka’s police to mark the second anniversary of the tsunami which killed 31,000 people in the island.Japan’s ambassador here, Kiyoshi Araki, gifted the equipment to police chief Victor Perera in Colombo, the Japanese embassy said. It said Japan was also helping […]
Central Bank of Sri Lanka tightens cash facility to banks from Jan 01
Dec 26, (LBO) – The Central Bank of Sri Lanka has restricted the use of its cash facility to the banking system, from January 01, in a further attempt to tighten liquidity and reduce inflationary pressure. The monetary authority told commercial banks that they will not be able to borrow cash through the reverse repo […]
Foreign banks lend dollars to Sri Lanka govt. at lower rates than locals
December 26, (LBO) – Sri Lanka has raised 100 million dollar syndicated loan from the international banks at a lower rate than previous dollar bond issues in the domestic market, the government’s debt office said. The loan came at a price of 75 basis points above the London Interbank Offered Rate (LIBOR) and the total […]
’07
December 23, 2006 (LBO) – The International Monetary Fund will close its office in Sri Lanka from mid next month, the global financial watchdog said Saturday. The office in Colombo is being wound up late January, when the term of its current resident representative, Luis Valdivieso ends. “The decision reflects the evolving nature of the […]
IMF asks Sri Lanka to pay close attention on economic reforms, amidst high inflation
December 22, 2006 (LBO) – The International Monetary Fund Friday asked Sri Lanka to go slow on hiring public servants and pay more attention to reduce inflation, implement public sector reforms and ensure subsidies are targeted better. In its annual country report, the IMF said Sri Lanka’s quest for 7-8 percent growth hinges on improved […]