Category: Economy and Markets
’s financial community
November 02, 2006 (LBO) – Sri Lanka’s central bank met senior executives of the country’s financial community this week, in a bid to de-mystify recent monetary policy measures taken to stabilise the economy and reinforce its resolve to fight inflation. Governor Nivard Cabraal said measures taken to contain credit growth were aimed at curbing inflationary […]
Sri Lanka’s Central Bank not unduly worried about weak exchange rate
November 02, 2006 (LBO) – Sri Lankan rupee briefly sank to a lifetime low on Wednesday, but the Central Bank says they are not worried about it, despite regularly pumping 390 million dollars to defend the currency. “Public enemy no: 1 is inflation,” says deputy governor W A Wijewardena. “Its like people have a good […]
Fitch rates Seylan Bank’s debt; says bank needs fresh capital, tight risk management
November 2, 2006 (LBO) – Fitch Ratings Lanka has given a ‘BBB+(lka)’ rating for Seyl Bank’s upcoming five year unsecured subordinated redeemable debentures, the rating agency said Thursday. Seylan’s long-term debt is rated A-(lka) by Fitch with a stable rating outlook. The ratings reflect Seylan’s market position as the fifth-largest licensed commercial bank in Sri […]
HSBC to raise US$ 100 mn syndication loan for Sri Lanka’s Bank of Ceylon
November 01, 2006 (LBO) – Global banking giant HSBC is in the process of finalizing a 100 million dollar syndicated loan for Sri Lanka’s Bank of Ceylon, its President and CEO, Michael R P Smith said Wednesday.“We have been in Sri Lanka for nearly 114 years and we are confident that you can overcome your […]
‘s sovereign bonds; Central Bank
November 01, 2006 (LBO) – Sri Lanka Wednesday, threw open the government bond market for overseas investors to buy rupee-denominated sovereign debt for the first time beginning today, the Central Bank said. Prior to this, overseas investors were only allowed to invest in equities and dollar bonds issued by the government, also known as Sri […]
‘s inflation hits 17.2% in October, despite falling oil prices
October 31, 2006 (LBO) – Consumer prices in Sri Lanka bounced up to 17.2 percent in October from 15.4 percent in September, the Census & Statistics Dept said Tuesday, due to higher prices of fuel, cigarettes, alcohol and certain types of food. The rise in inflation came despite a fall in international oil prices, and […]
Sri Lankan rupee gets closer to another record low
October 31, 2006 (LBO) – The Sri Lankan rupee sank further against the U.S. dollar Tuesday on sustained import demand, while share prices stayed in the red in the absence of any market moving news, dealers said. The rupee opened lower at 107.60 against the dollar from Monday’s close of 107.45 and steadily rose to […]
‘s Hemas Holdings to raise debt for ongoing expansion plans
October 30, 2006 (LBO) – Sri Lanka’s conglomerate Hemas Holdings Ltd plans to raise a billion rupees in debt next year to fund expansion plans in its leisure, power, health sectors, its CEO Hussein Esufally said. The family controlled conglomerate, which has diverse interest in health and personal care, power generation and transport said its […]
‘s treasury bond yields up 1%
October 30, 2006 (LBO) – Sri Lanka’s borrowing costs went up by 1-percent at this week’s bond auction, reflecting market sentiment for higher yields. The Central Bank sold a small quantity of three, four and five-year treasury bonds on Monday at yields higher than the previous auction. Treasury Bond Auctions 3-years 4-years 5-years Date […]
Belgium businessmen hunt in Sri Lanka for investment opportunities
Oct 25, 2006 (LBO) – A group of Belgian investors began a three-day visit in Colombo, scouting for potential investment opportunities to grow trade between both nations, officials said. Belgium’s ‘Duvel’ beer will also be launched in Sri Lanka to coincide with the visit. The trade balance is currently tipped in Sri Lanka’s favour, with […]
‘s one-year treasury yield at 12.03%
October 25, 2006 (LBO) – Sri Lanka’s borrowing costs continued to climb up following Wednesday’s weekly treasury bill auction, with market players anticipating a further hike in policy rates next month, traders said. Yields on all maturities went up with the central bank refraining from printing money to keep rates down. Yields for three month […]
Sri Lanka slaps limits on non-essential imports to curb credit growth
October 20, 2006 (LBO) – Sri Lanka has imposed fresh restrictions to limit imports of 44 non-essential items like electrical goods, chocolates, palm oil and cosmetics, in a bid to curb excessive credit growth. “A 50 percent margin deposit on the invoiced value of the imports should be placed by the importers at the time […]