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Sri Lanka rupee drifts lower against greenback
Feb 13, 2012 (LBO) – Sri Lanka’s rupee closed at 117. 25/40 against the greenback Monday down from Friday’s close of 115. 20/30 in a second day of trading without Central Bank intervention, dealers said. The rupee drifted lower in intra-day trading but recovered towards the end of the day. Dealers said some exporters had […]
Sri Lanka rupee opens weaker
Feb 13, 2012 (LBO) – Sri Lanka rupee opened weaker at around 115. 30/40 and traded lower against the US dollar in the spot market in the second trading day after the Central Bank withdrew from interventions, dealers said. On Thursday the rupee closed around 115. 20/30 against the dollars. On Monday the rupee opened […]
Sri Lanka shares end down 2.2-pct
Feb 13, 2012 (LBO) – Sri Lankan shares plunged Monday, down for the eighth straight trading session in a continuing sell-off by investors that has seen the prices of some of those favoured by speculators fall sharply, brokers said. Environmental Resources Investments shares, a speculator favourite, was the most actively traded stock, ending at 20. […]
Bus Tariff
Feb 13, 2012 (LBO) – Sri Lanka’s bus fares will be raised by 20 percent and striking buses will return to the streets from Tuesday, Gemunu Wijeratne, head of the Sri Lanka Private Bus Operators’ Association said. The new fares will be in effect for at least a year unless fuel prices are raised by […]
Sri Lanka tourist arrivals up 15.7-pct in January
Feb 13, 2012 (LBO) – Tourist arrivals to Sri Lanka increased 15.7 percent to 85,874 in January 2012 from a year earlier, maintaining growth but at a slower pace than last year, official data showed. East Asian arrivals rose 28 percent to 9,334 with Chinese tourists rising 21. 5 percent to 1,952. Visitors from Japan […]
Sri Lanka power utility CEB, to raise tariffs
Feb 13, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has asked the regulator for a tariff hike or a fuel surcharge to cover part of an estimated 79 billion rupee loss in 2012, power ministry secretary M M C Ferdinando said. The CEB has budgeted for expenses of 179. 05 billion with revenue […]
Fuel Protests
Feb 13, 2012 (LBO) – A steep fuel price increase in Sri Lanka to correct mounting economic imbalance and pressure on a currency peg has seen protests by bus operators and fishermen, reports said. Fishermen blocked a road on the main road to the capital Colombo from Negambo, a fishery centre, a media report said. […]
Sri Lanka tighter money to keep inflation low: CB Governor
Feb 13, 2012 (LBO) – Sri Lanka has tightened monetary policy and imposed a credit ceiling not only to counter balance of payments pressure but also to keep the island’s inflation low, Central Bank Governor Nivard Cabraal said. The central bank then sold dollars, initially mopping up excess liquidity and tightening the monetary system, but […]
Sri Lanka state-carrier to cut UK flights, lease Heathrow slots: report
Feb 12, 2012 (LBO) – State-run SriLankan airlines is considering slashing flights to London from Sri Lanka’s capital Colombo from 12 to 7 a week and leasing slots at Heathrow to other airlines, a media report said. The newspaper quoted chief marketing officer G T Jayaseelan as saying that they had considered auctioning landing slots […]
Northern Finance
Feb 11, 2012 (LBO) – The Finance, Sri Lanka’s pioneer finance company has returned to pre-war premises in the island’s northern Jaffna city, where the economy is going resurging after the end of a 30-year war. “Every time I come to Jaffna I see new developments,” Central Bank governor Nivard Cabraal said at the ceremonial […]