Category: Economy and Markets
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 […]
HSBC Sri Lanka secures a AAA (lka) rating from Fitch
October 20, 2006 (LBO) – HSBC Bank’s Sri Lankan unit has been rated AAA (lka) by Fitch Ratings Lanka for their long-term senior debt. ‘AAA’ (lka) is the highest rating assigned to in issuer or issues. The bank joins the local triple A club, which was earlier limited to Citibank N.A., Dialog Telekom, National Savings […]
’s economic growth
October 19, 2006 (LBO) – Sri Lanka’s economy is expanding at a blistering pace led by the telecommunications sector, but an escalation in violence could erase some of the gains, the Asian Development Bank said. Less red tape, more deregulation would boost South Asia growth: ADBMANILA, Oct 19, 2006 (AFP) – South Asia has the […]
Sri Lanka rupee gains despite negatives
October 19, 2006 (LBO) – The Sri Lankan rupee closed stronger at 105.70 against the U.S. dollar Thursday, gaining more than a rupee and shaking off losses made earlier in the week, dealers said. Dealers believe extra dollars flowed through a portfolio investment, and state banks which are usually on the buying side also stayed […]
Sri Lanka raises US$ 340 mn in foreign investments: BOI
October 18, 2006 (LBO) – Sri Lanka has managed to attract just over 340 million dollars in foreign investments for the eight months to July, the Board of Investment said Wednesday on account of telecom and clothing related projects. Over 60 percent of the investments have so far come from telecommunications, software developments and business […]
Malaysia leads investment flows into Sri Lanka for second year, Asia in investment boom
Oct 18 (LBO) – Malaysia will lead foreign investment into Sri Lanka for the second year running led by telecoms and infrastructure, as developing countries emerge as top investors in the region. The third world has emerged as significant global investors, the United Nations Conference of Trade and Development, said in its latest investment report, […]
Sri Lanka markets volatile as Tamil Tigers strike southern port
October 18, 2006 (LBO) – The Sri Lankan rupee clawed back from Tuesday’s all-time low on profit taking by most banks, while stocks snapped a two-day slide, following a seaborne attack by Tamil Tiger rebels on the Galle port early Wednesday.Call rates transacted in the brokers’ market were 12.60 percent over a shortfall over around […]
Treasury bill yields up 0.6%, above policy rates
October 18, 2006 (LBO) – Sri Lanka’s borrowing costs went up sharply by over 0.5 percent following Wednesday’s weekly treasury bill auction, prompting market speculation that the central bank may hike policy rates further, dealers said.Yields for three month treasuries were up 62 basis points to 11.87 percent, six months gained 60 basis points to […]
Sri Lanka rupee sinks to new low against dollar
October 17, 2006 (LBO) The rupee sank to a new low Tuesday, falling to 107.65 against the dollar in early morning trade, dealers said.The rupee had also been heavily overvalued with the Real Effective Exchange Rate moving close to 110 percent after the rupee appreciated with tsunami aid flows despite high domestic inflation. Analysts say […]
Sri Lankan rupee sinks further; share prices dip over security worries
Oct 17, 2006 (LBO) – Sri Lankan rupee sank further breaching the 107.00 mark amidst profit taking by banks on Tuesday, while share prices fell 0.60 percent as the volatile security situation kept investors away, dealers said. The rupee touched an all time low to close at 107.10 to the greenback, from Monday’s close of […]
Sri Lanka to raise US$150 mn loan in Nov; Tbonds to overseas investors next week
October 17, 2006 (LBO) – Sri Lanka plans to raise 150 million dollars via a syndicated loan from foreign investors, the central bank said Tuesday a day after announcing that the country was opening its government bond market for overseas players. The bank said it hopes to raise the loan in November, but stopped short […]
Sri Lanka issues maiden 2000 rupee note, but is no stranger to big bills
Oct 17, 2006 (LBO) – Sri Lanka issued its first 2000 rupee note on Tuesday, but is no stranger to large denominations, with a ten thousand rupee note put into circulation in 1946. At the time, with Sri Lanka still under British rule and two years short of independence, notes were issued by a currency […]