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Sri Lanka’s central bank combats inflation with negative real rates
Sept 15 (LBO) – Sri Lanka’s central bank said it was not raising interest rates despite expanding money supply, rising inflation and real interest rates being negative. . The bank said it was holding the repo rate at which excess money is drained from the banking system at 9.125 percent, and reverse repo rate, the […]
Asian Trading
MANILA, Sept 15, 2006 (AFP) – The Asian Development Bank said Friday it has launched a 10 billion-dollar Asian currency note programme that would serve as the first platform for bond issues in regional currencies. Under the scheme, Asian currency bonds are issued in their domestic markets under a single unified framework with a common […]
’s peak winter tourist season
Sept 15 (LBO) – Arrivals to Sri Lanka from some European tourist markets saw another month of declines in August, but tour operators say possible peace talks this year could change that by winter. European travellers have been cautiously holding off on visiting the troubled island in the past few months, with top markets like […]
Zimbabwe inflation hits new record
HARARE, Sept 15, 2006 (AFP) – The annual rate of inflation in Zimbabwe reached a new record high of 1,204.6 percent in August, the central statistics office announced on Friday.The announcement of the new rise came after slight falls in the rate for June and July, which had raised hopes by central bank chief Gideon […]
” English test
SYDNEY, Sept 15 (AFP) – Migrants to Australia would have to pass an English language test to prove they were “fair dinkum” (genuine) about fitting into society Down Under, Prime Minister John Howard said Friday. Howard also said the length of time migrants had to live in Australia before they could become citizens would be […]
Troops shell Tigers in new Sri Lanka fighting
TRINCOMALEE, Sri Lanka, Sept 15, 2006 (AFP) – Government forces shelled Tamil Tiger positions in northeastern Sri Lanka Friday as suspected guerrillas shot dead four civillians in renewed unrest on the island, officials said. Meanwhile, four civilians have been shot dead in separate incidents in Jaffna peninsula and in the neighbouring districts of Vavuniya and […]
Tit for Tat
Sept 15 (LBO) – Lanka Indian Oil Corp., will drop fuel prices again from Friday to recover a 50 percent loss in volumes due to price wars with Sri Lanka’s state oil corporation. We will be reducing our prices by one rupee on a litre of petrol and diesel with effect from midnight Friday. It […]
Will economic growth give political space for Sri Lanka to escape poverty?
SINGAPORE September 15, 2006 (LBO) – In addition to curries, saris and a passion for cricket, Sri Lanka shares similar problems with South Asian countries, but rapid economic growth is now creating the ‘political space’ for policy and institutional reforms, the World Bank said. “The Sri Lankan government was (last year) elected on a platform […]
Singapore may soften ban on civil society involvement in World Bank-IMF meet
Singapore September 15, 2006 (LBO) — Singapore Friday appeared to be willing to soften on an earlier ban of allowing civil society groups to participate in the annual World Bank-IMF meetings next week, following sharp objections from the international lenders “However, we cannot guarantee that all 27 activists will be admitted to Singapore,” it said. […]
IMF asks domestic policymakers to be nimble to external risks
Singapore September 15, 2006 (LBO) – The International Monetary Fund Friday asked domestic policymakers to be nimble and adapt to external risks like inflation and high oil prices that is threatening to disrupt global economic growth. The Washington based global financial watchdog and biggest financial backer, is also keen to boost its surveillance role of […]