Category: Economy and Markets
Sri Lanka 1Q06 GDP over 7%
June 16, 2006 (LBO) – Sri Lanka’s 24-billion dollar economy has expanded in excess of seven percent during the first quarter of this year, a senior government official said. “Economic growth has been very steady, growing at just over 7-percent for the first quarter of this year,” Secretary to the Policy Planning Ministry, Nivard Cabraal […]
Sri Lanka hikes interest rates by 25 basis points to curb inflation
June 16, 2006 (LBO) – Sri Lanka’s Central Bank unexpectedly raised key interest rates by 25 basis points after a five month lag Friday, in a bid to curb inflation amidst soaring global oil prices.The next regular statement on monetary policy is scheduled for Friday July 14. Please click here to read Central Bank’s monetary […]
‘s Central Bank likely to freeze main interest rates
June 12, 2006 (LBO) — Sri Lanka’s central bank is likely to keep its benchmark interest rates unchanged for the sixth month in a row, preferring a wait-and-see policy over the economy amid deteriorating security situation and a gradual rise in inflation. “There is at the present time no room for a Norwegian initiative in […]
Sri Lanka’s Central Bank likely to freeze main interest rates
June 12, 2006 (LBO) — Sri Lanka’s central bank is likely to keep its benchmark interest rates unchanged for the sixth month in a row, preferring a wait-and-see policy over the economy amid deteriorating security situation and a gradual rise in inflation. “There is at the present time no room for a Norwegian initiative in […]
‘s electronic bonds off to a flying start
June 8, 2006 (LBO) – Sri Lanka’s new electronic platform which trades government bonds has generated 7.1 billion rupees worth of trades since its soft launch on May 24, officials said Thursday.Bloomberg, a financial market specialist who developed the software says, the trading system ensures transparency and brings in price discovery when government securities are […]
”; asks to beef up capital
June 6, 2006 (LBO) – Sri Lanka’s Ceylease Financial Services – a unit of Bank of Ceylon – needs to pump up its capital to support their low income base and future provisional charges, Fitch Ratings Lanka warned Tuesday. Fitch, which assigned a ‘BBB-(lka)’ rating to Ceylease, says the credit rating reflects the firm’s parental […]
Sri Lanka gets a new country head for World Bank
June 2, 2006 (LBO) – Naoko Ishii will take over as country director of the World Bank in August from the incumbent Peter Harrold, the bank said Friday. Harrold, a British national, ends his four-year tenure in July. Ishii, a Japanese national, has been a Director in the Japanese Ministry of Finance since 2002 where […]
Sri Lankan rupee weakens, while stocks perk despite heavy foreign selling
June 2, 2006 (LBO) – Sri Lankan stocks closed the week on a high note, while the rupee dipped further against the dollar, as financial markets reacted sharply to news of the Central Bank governor’s sudden resignation.Colombo share prices rose 1.79 percent on a 12.9 percent rise in fuel retailer Lanka IOC, but heavy foreign […]
‘s money markets tighten, pressure mounts on the exchange rate
June 1, 2006 (LBO) – After almost two years of excess liquidity, Sri Lanka’s inter-bank money markets are tightening up, as reserve money growth is arrested. This usually happens when net foreign assets fall due to an outflow of foreign exchange reserves, though a fall in domestic assets could also drive down reserve money. But […]
Sri Lanka’s money markets tighten, pressure mounts on the exchange rate
June 1, 2006 (LBO) – After almost two years of excess liquidity, Sri Lanka’s inter-bank money markets are tightening up, as reserve money growth is arrested. This usually happens when net foreign assets fall due to an outflow of foreign exchange reserves, though a fall in domestic assets could also drive down reserve money. But […]
‘s inflation rate climbs to 13.2% in May
May 31, 2006 (LBO) – Sri Lanka’s inflation rate for May rose as short supplies of consumer eatables like cream cracker biscuits, rice, bread, red onions, milk tea, fresh milk and dried chillies pushed prices up, the Census & Statistics Dept. said Wednesday. On a point-to-point basis inflation for May rose 13.2 percent over 9.2 […]
‘s credit outlook
May 31, 2006 (LBO) – Hatton National Bank Ltd, the island’s fourth largest lender in terms of assets, got its credit profile upgraded to ‘A+(lka)’ by Fitch Ratings Lanka. With a positive outlook, the upgrade also elevates HNBs subordinated debt to ‘A (lka)’ from ‘A-(lka)’, the rating agency said Wednesday. Fitch gave HNB good marks […]