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Sri Lanka will be forced into expensive loans with IMF out: legislator
Feb 13, 2013 (LBO) – Sri Lanka will have to rely on high interest loans from international capital markets and China with the International Monetary Fund refusing budget support, a legislator has said.“What this country now needs is neither budget support nor balance of payments support,” opposition legislator Harsha de Silva said. “What this country […]
Sri Lanka sells 5-year bonds to yield 10.73-pct
Feb 12, 2013 (LBO) – Sri Lanka has sold 5-year bonds maturing on July 15, 2018 to yield 10.73 percent at Tuesday’s auction one basis point below the previous auction, data from the state debt office showed. The previous auction had a June maturity. In the secondary market 5-year bonds were trading at around 10.84/88 […]
Tele Chief
Feb 12, 2013 (LBO) – Sri Lanka Telecom said Lalith de Silva, who headed its cellular unit has taken over as the new group chief executive from February 07. He will oversee SLT units other than Mobitel. De Silva said SLT would continue roll out communications technology to benefit customers. “I hope to build and […]
‘s Access Engineering net up 65-pct
Feb 12, 2013 (LBO) – Sri Lanka’s Access Engineering Plc, which has interests in construction, real estate and automobiles said net profits in the December 2012 quarter rose 65 percent to 834 million rupees from a year earlier.The group posted earnings of 83 cents per share. In the nine months to December the group reported […]
Diesel Standard
Feb 12, 2013 (LBO) – Indian Oil Corporation’s Sri Lanka unit said a shipment of diesel which had been held up at Colombo port following a quality test was found to be off specification in colour and appearance and not in core chemical properties.In some countries colour is not a criteria and in Sri Lanka […]
Sri Lanka holds policy rates amid higher inflation
Feb 12, 2013 (LBO) – Sri Lanka’s central bank held its main policy rate at which money is injected at 9.5 percent in February after cutting rates in December, while inflation continued to blaze at four year highs above the policy rate. The monetary authority expects inflation to fall after March 2013. Update II Consumer […]
” loan with IMF
Feb 12, 2013 (LBO) – Sri Lanka has dropped plans for a new ‘budget support’ loan program with the International Monetary Fund, the island’s central bank said as the lender was not willing to give money directly for government spending.Injections into foreign reserves allows a central bank to run less tight monetary policy (sterilize less […]
Sri Lanka forex reserves at US$6.8bn in December
Feb 11, 2013 (LBO) – Sri Lanka’s official forex reserves rose by 387 million US dollars to 6,877 million US dollar by end December 2012 from 6,490 million US dollar a month earlier, the Central Bank said. Foreign reserves were up 15 percent from the December 2011 level of 5,957 US dollars. In order to […]
Sri Lanka exports down 7.4-pct in 2012, trade gap shrinks
Feb 09, 2013 (LBO) – Sri Lanka’s exports fell 7.4 percent to 9.7 billion US dollars in 2012 from a year earlier and imports fell 5.8 percent to 19.0 billion dollars, shrinking the trade gap 4.1 percent to 9.3 billion dollars. A trade deficit is caused by additional spending power domestic economic agents receive over […]
Sri Lanka should end secrecy of parliamentary committees: legislator
Feb 11, 2013 (LBO) – Sri Lanka should consider ending secrecy surrounding the proceedings of parliamentary committees, a member of the legislature’s committee on public accounts (COPA) has said.Before liberty properly developed in Britain, whose parliamentary traditions Sri Lanka sometimes claim to follow, all proceedings in the legislature were secret. Newspaper editors were punished and […]