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Sri Lanka should persist with stabilization measures: business chamber
June 13, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce says the state should persist with measures efforts to correct balance of payments pressure and learn lessons to make sure that such incidents are not repeated. “Macroeconomic stability is a crucial element of a conducive investment climate and favourable operating environment for business,” the […]
Sri Lanka secures $3.5 mn from Japan for farm equipment
June 13, 2012 (LBO) – Sri Lanka has inked a 468 million rupee (3.5 million dollar) grant with the Japanese government to buy equipment to secure the island’s food security, a statement said. Under the 380 million Yen programme, Sri Lanka has secured funds to buy 946 tractors that will be distributed among farmers working […]
Sri Lanka policy rate unchanged, growth projected at 7.2-pct for 2012
June 13, 2012 (LBO) – Sri Lanka is maintaining it key policy interest rate at which money is injected to the banking system at 9. 75 percent, and the growth is expected to be 7.2 percent for 2012, despite a contraction in trade, the Central Bank said. Sri Lanka raised rates and increased energy prices […]
‘s parliament should have more oversight on debt: legislator
June 13, 2012 (LBO) – Sri Lanka’s parliament should have more control over the way government debt is raised and its terms, a legislator has said amid rising volumes of commercial debt by the state. Though the constitution by its article 148 gave parliament ‘total control of public finances’ there was very little it could […]
Sri Lanka overnight rates at new high amid forex pressure
June 12, 2012 (LBO) – Sri Lanka’s overnight interest rates rose to a high of 10. 50 percent Tuesday, the highest since a balance of payments crisis began in the middle of 2011, as the rupee sank to a new low against the US dollar. Excess liquidity (the aggregate clearing balance of the banking system) […]
Sri Lanka rupee weakens to new low
June 12, 2012 (LBO) – Sri Lanka’s rupee was quoted as low as 133.60/90 to the US dollar in intra-day spot trade Tuesday and recovered following some selling by a state bank, dealers said as emerging data showed a gradual contraction in external trade. Last year import rose to unsustainable levels as the Central Bank […]
‘s foreign reserves at US$5.8bn by April
June 12, 2012 (LBO) – Sri Lanka’s foreign reserves rose to 5,835 million US dollars in April from 5,730 million US dollars in March, which was equal to about 3.3 months of imports, the Central Bank said. Though reserves are measured in months of imports, when a central bank sells foreign exchange to defend an […]
Sri Lanka shares dip 0.08 percent
June 12, 2012 (LBO) – Sri Lankan share prices slipped marginally, on thin volumes, as investors picked through selected stocks, brokers said. The main All Share Price Index slipped 0.08 percent or 3.89 points to close at 4,807.55, while the liquid Milanka Price Index nudged up 0.11 percent or 4.87 points to end at 4,269.25, […]
Sri Lanka May tourist arrivals up 17.5 percent
June 12, 2012 (LBO) – Tourist arrivals to tropical Sri Lanka, surged 17.5 percent in May, over the same month a year earlier, as visitors took advantage of the post-war peace three-years since the ethnic conflict ended. On Monday, the central bank said earnings from tourism arrivals had risen 26.0 percent to 340 million dollars […]
Sri Lanka entertainment resort by Indian gaming firm
June 12, 2012 (LBO) – India’s Delta Corp, a Bombay listed gaming firm said it had acquired 11 acres of land in Sri Lanka to build an entertainment resort complex near the island’s main international airport. Earlier Sri Lankan officials said that Delta Corp was also looking to lease an island in Kalpitiya. Update Delta […]