Category: Featured
CB Governor vows to stop wasting external reserves to defend rupee
Jan 03, 2017 (LBO) – Sri Lanka’s unsustainable practice of defending the external value of the rupee through market intervention should be stopped, the Central Bank Governor said. Presenting the Road Map for Monetary and Financial Policy for 2017, Governor Indrajit Coomaraswamy said recent experience has clearly demonstrated that it is unsustainable to maintain an […]
Sri Lanka Foreign Reserves increase to USD6 Bln in 2016: CB
Jan 03, 2016 (LBO) – Sri Lanka’s foreign reserves were around six billion dollars at the end of 2016, up from 5. 64 billion dollars at the end of November, the Central Bank said on Tuesday. The increase was due to swap arrangements and 200 million dollars from Japan and the World Bank as budgetary […]
Sri Lanka’s prosperity improved in 2015 from previous year: Central Bank
Jan 03, 2017 (LBO) – Sri Lanka’s prosperity has improved to 0.864 in 2015 from 0.804 in the previous year, the Central Bank statistics showed, as measured by the Sri Lanka Prosperity Index (SLPI). The SLPI is a composite indicator that measures and compares the level of prosperity of the country and across its provinces. […]
Sri Lanka’s largest fully integrated tire plant to be built with Rs11.25bn
(Press Release) – Rigid Tyre Corporation (Pvt.) Ltd. Equipped with the latest technology, this new plant is destined to roll in a new page in the industrial sector of Sri Lanka. It comes with the healthy integration of political acumen, local entrepreneurship and proven European technology in the form of a world reputation –Marangoni of […]
Economic development with thrust on education: Finance Minister
Jan 02, 2017 (LBO) – Sri Lanka’s Minister of Finance Ravi Karunanayake says there will be sustained economic development in the new year with a thrust on education spending. A new health insurance policy and more infrastructure spending are among the significant proposals being implemented in education, he said. Over 4.5 million children between the […]
Market Watch: Eyes on policy decision, liquidity in surplus (Updated)
(Updated with 330 billion rupee CBSL holding of government securities) Dec 30, 2016 (LBO) – All eyes were on the Sri Lanka monetary policy decision to be announced later on Friday, with secondary market bond yields ticking slightly higher. Dealers said the central bank was likely to keep rates steady, though there was pressure to […]
‘s share of Chinese FDI going into Asia low: policy paper
Dec 30, 2016 (LBO) – Sri Lanka, which runs a trade deficit with China, should aim to increase the island’s share of Chinese FDI going into Asia, a policy paper by the Lakshaman Kadirgamar Institute says. The paper argues that Sri Lanka’s relatively low rank among China’s economic partners challenges some claims about China’s contributions […]
Southern & Sabaragamuwa PCs defeat controversial bill of development
Dec 27, 2016 (LBO) – Sri Lanka’s Southern Provincial Council and Sabaragamuwa Provincial Council today morning defeated the Development Special Provisions Draft Bill. 33 Provincial Council members voted against the bill while only 14 voted in favor in the Southern Provincial Council, while 20 voted against and 13 voted in favor in the Sabaragamuwa Provincial […]
Vehicle registrations edge higher in November: JB Securities
Dec 26, 2016 (LBO) – Sri Lanka vehicle registrations edged higher in November compared with October, on most categories, likely driven by pre-budget demand, JB Securities said in a research note. Three-wheelers and hybrids showed higher registrations, while one Rolls Royce Wraith was registered in the luxury car segment. But vehicle registrations were down sharply […]
Sri Lanka to improve public transportation in 2017: Fin Min
Dec 23, 2016 (LBO) – Several steps have been taken to improve public transportation with the building of new roads, upgrading railway, deploying priority bus lanes and building light rail, Sri Lanka’s finance ministry said on Friday. Plans are underway to construct two new roads, one between New Kelani Bridge and Athurugiriya and, the second […]
Market Watch: Central Bank tightens stance, sovereign yield rises
Dec 22, 2016 (LBO) – Sri Lanka’s Central Bank effectively tightened its monetary stance on Thursday by conducting a repo auction at 7.47 percent, above the Standing Deposit Facility Rate (SDFR) of 7 percent. The repo auction for around seven billion rupees absorbed excess liquidity in the market, which may signal an upward tick in […]
‘s 10MW solar power plant commissioned, lead financing by DFCC
Dec 22, 2016 (LBO) – Sri Lanka’s first 10MW grid connected solar power project implemented by the private sector was commissioned on Wednesday, with DFCC Bank acting as lead financiers to the project. Promoted by Sagasolar Power (Pvt) Ltd, the utility-scale power project located in Buruthankanda, Hambantota is expected to add 19GWh of clean energy […]