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Jan 03, 2013 (LBO) – Mobitel, a unit of Sri Lanka Telecom is expanding its base stations by 1,800 to 3,500 which will result in 100 percent coverage of the population, the cellular operator said.The firm said it had opened ‘contact centres’ in Mullativu in the north and Sooriywewa in the south creating ICT based […]
Sri Lanka main airport to expand with Japan loan
Jan 03, 2013 (LBO) – State-run Airport and Aviation Services (Sri Lanka) Ltd, has signed up a 28.9 billion Yen loan from the Japan International Co-operation Agency for expansion, information minister Keheliya Rambukwelle said.. The funds will be used to expand the terminal building, widen an aircraft parking apron and related facilities. The project is […]
” reserves, IMF deal talks ahead
Jan 03, 2013 (LBO) – Sri Lanka will not accumulate too much foreign reserves, but will maintain an amount that is comfortable for the economy and a deal with the International Monetary Fund is also on the cards, Central Bank Governor Nivard Cabraal said.Sri Lanka would have collected with about 6.8 billion US dollars of […]
Sri Lanka lecture by Monash University don
Jan 03, 2013 (LBO) – Sisira Jayasuriya, professor of economics at Monash University, Melbourne will deliver the fifth Gamani Corea Foundation lecture on Thursday January 10 at the Marga Institute in Kotte, organizers said.Jayasuriya’s research and policy advisory activities cover trade, macroeconomic, environmental and food policy issues in developing countries, with a focus on Asia. […]
Sri Lanka aims at inflation of 7.0-pct in 2013
Jan 03, 2013 (LBO) – Sri Lanka’s Central Bank aims to inflate the economy by about 7.0 percent in 2012 based on a monetary targeting framework where money supply and credit growth is taken into account.Delivering a monetary policy roadmap for 2013 Governor Nivard Cabraal said the Central Bank was will continue to aim for […]
Sri Lanka to add Yuan bonds to forex reserve assets
Jan 02, 2013 (LBO) – Sri Lanka will diversify its foreign reserve assets to reflect government debt and Yuan denominated bonds are a candidate, Central Bank Governor Nivard Cabraal said. Sri Lanka has borrowings mainly in US dollars, Japanese Yen, Special Drawing Rights and Euro but China has become a large lender over the past […]
Sri Lanka G-Sec short selling to be allowed, counter party risks cut
Jan 02, 2013 (LBO) – Sri Lanka will allow covered short selling of Treasuries, issues will be underwritten, and central clearing will be set up to cut counterparty risk as part of efforts to boost market efficiency, Central Bank Governor Nivard Cabraal said.Sri Lanka’s central bank issues government securities on behalf of the Treasury and […]
Sri Lanka Treasuries yields plunge
Jan 02, 2013 (LBO) – Sri Lanka’s Treasuries yield fells across the board at Wednesday’s auction with the six month yield plunging as much as 33 basis points, data from the state debt office showed.The debt office offered 20 billion rupees of bills at the auction and sold a total of 30.2 billion rupees of […]
Sri Lanka relaxes forward forex curbs, bank open positions
Jan 02, 2013 (LBO) – Sri Lanka has relaxed curbs on foreign exchange forward deals introduced last year and widened the net open positions for banks with effect from today, Central Bank Governor Nivard Cabraal said.Cabraal said Sri Lanka was estimated to have posted a 100 million dollar surplus in the balance of payments in […]
Borrowing Practices
Jan 02, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon has loaned nearly 140 billion rupees to customers in former war zones in the North and East and default rates are very low, a top official said.“We are happy to say NPAs (non-performing assets) since the war, in the North and the East taken […]