Tag: lankabusinessonline

May 10, 2013 (LBO) – Sri Lanka has to watch inflation, bank credit, tax revenues, keep monetary policy tight and avoid guaranteeing bank forex borrowings and instead create an environment for foreign direct investments, the International Monetary Fund has said.The executive board of the IMF in a review of Sri Lanka’s economy said Sri Lanka’s […]

May 10, 2013 (LBO) – Sri Lanka has cut its policy interest rate corridor by 50 basis points to 7.0 and 9.0 percent to boost credit, saying inflationary pressures were in check, amidst warnings by the International Monetary Fund to be careful. “[T]here is now a need to stimulate the domestic economy, particularly in the […]

May 03, 2013 (LBO) – Massive losses at Sri Lanka’s state enterprises have a negative impact on people’s lives that are beyond accounting losses in the balance sheet, which hurts investment and jobs an International Monetary Fund official said.Last year state-run Ceylon Petroleum Corporation and Ceylon Electricity Board lost more than 150 billion rupees. “It […]

May 03, 2013 (LBO) – Consumer prices in Sri Lanka’s urban areas rose 7.2 percent in April 2013 from a year earlier, according to a price index compiled by citizens down from 12.6 percent in March. CAL Research said it expected inflation to tick up following an electricity price hike this month. Analysts say any […]

Apr 03, 2013 (LBO) – Japan will continue to support Sri Lanka if peace is maintained and with the economy also on a growth path, visiting Japanese deputy prime minister and finance minister Taro Aso said.“Considering that the Sri Lankan economy keeps on the current growth trajectory and given that peace and security would be […]

May 03, 2013 (LBO) – Sri Lanka has scope to ease policy, because credit growth is slowing and the Central Bank has been selling down its Treasuries stock, Governor Nivard Cabraal said. When its Treasuries are sold down, through a ‘quantity tightening’ policy can be tight, analysts say, regardless of the actual policy rate. T-bill […]

May 02, 2013 (LBO) – Sri Lanka should keep monetary policy on hold for the moment to build on economic stability based on low inflation, an International Monetary Fund official said. The balance of payments situation was also correcting, though lower imports had put pressure on state finances. But there had been no dramatic reversals […]

May 01, 2013 (LBO) – The United States has built a public market and bus station in Sri Batticaloa in Sri Lanka’s war torn Eastern Province which will help economic activities in the area, the American embassy in Colombo said.The newly constructed market and bus station in Pullumalai will help economic activities and also boost […]

May 01, 2013 (LBO) – Sri Lanka’s Ceylon Tobacco Company Plc said cigarette sales dropped 14 percent in the March 2013 quarter from a year earlier, but profits dropped only 1.8 percent to 1,463 million rupees helped by wider margins. The firm reported earnings per share of 7.81 rupees for the quarter. CTC, a unit […]

April 30, 2013 (LBO) – Inflation in Sri Lanka’s capital Colombo rose 6.5 percent in April 2013, from a year earlier, easing down from 7.5 percent in March, the state statistics office said.The Colombo Consumer Price Index fell 0.5 percent or 0.8 points during the month to 170 points during the month helped by a […]

Apr 27, 2013 (LBO) – Sri Lanka has lost 38.5 billion rupees in potential revenues from imported vehicles due to tax-slashed permits given to state functionaries, a government estimate showed. The so-called ‘car permits’ are now being sold in the secondary market and state functionaries are making tax-arbitrage profits. The practice which was carried on […]