Author: lbostgadmin
Sri Lanka banking system liquidity up on bond sales
July 26, 2012 (LBO) – Sri Lanka’s central bank has announced a record repo auction of 58 billion rupees to drain excess liquidity from the banking system dealers said, indicating that proceeds sovereign bond had been used to repay short term bank debt. The liquidity also indicates that over 400 million US dollars from a […]
Sri Lanka gets US$437mn in FDI up to May: Central Bank
July 25, 2012 (LBO) – Sri Lanka is estimated to have received about 437 million US dollars in foreign direct investments up to May 2012, while 187 million US dollars have flowed into stocks in the first half of the year, the Central Bank said. FDI is equity, loans from parents and re-investment by foreign […]
‘s war torn image still hurting economic prospects: diplomat
July 25, 2012 (LBO) – Sri Lanka needs to improve its image overseas and promote a stable macroeconomic environment to help build bilateral trade links and attract more foreign investors, a Dutch diplomat said. Bas Van Noordenne, Netherland’s deputy head of mission in Sri Lanka told a business forum that people still associate Sri Lanka […]
Sri Lanka exports fall 15-pct in May, imports shrink
July 25, 2012 (LBO) – Sri Lanka external trade continued to contract in May with exports falling 15. 1 percent to 710.1 million US dollars and imports easing 6.4 percent to 1,575 million dollars, official data showed. The Central Bank said industrial exports fell 16. 2 percent to 636 million US dollars with apparel falling […]
Sri Lanka buys US water supply system with US$64.9mn ex-im finance
July 25, 2012 (LBO) – Sri Lanka has bought a 64. 9 million US dollar water supply system from Tetra Tech, a California based firm with financing from the Export-Import Bank of United States. The 12-year credit, the first since 2008, will finance a water supply system for Badulla, Haliela and Ella areas on Sri […]
Regional Rating
July 25, 2012 (LBO) – Fitch Ratings has confirmed a ‘BBB+(lka)’ rating of Sri Lanka’s state-run Regional Rural Development Banks with a stable outlook. “RDB’s rating derives support from its 100 percent state ownership,” the rating agency said. “The Stable Outlook reflects Fitch’s expectations of continued moderate state support in the event of stress. “The […]
Sri Lanka short term Treasuries yields ease
July 25, 2012 (LBO) – Sri Lanka’s Treasuries yields edged lower across maturities at Wednesday’s auction, with the six month yield falling most data from the state debt office showed, though longer term bond prices remained steady. The 3-month yield fell 01 basis point to 11.35 percent, the 6-month yield fell 06 basis points to […]
Sri Lanka to ration power for three hours
July 24, 2012 (LBO) – Sri Lanka will cut three hours of power, two hours and fifteen minutes during the daytime and 45 minutes during an evening peak demand period, the ministry of power said after a Chinese build coal plant broke down. Sri Lanka is having one of the driest years in more than […]
Sri Lanka hopes to fix coal plant in three days: power ministry
July 23, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board is expecting to repair a coal power plant in three days which can spell an end to electricity rationing which started Tuesday, the power ministry said. The CEB started three hour power cuts from today, ending more than 10 years of power supply with […]
Sri Lanka stock stocks fall 0.1-pct, rupee steady
July 24, 2012 (LBO) – Sri Lanka’s stocks fell 0.1 percent Tuesday with index heavy stocks losing ground but the rupee was steady in foreign exchange brokers and dealers said. The Colombo All Share Price Index closed at 4,874.36, -7.41pts and the S&P20 Index of large cap stocks fell 0.98 percent to close at 2,769 […]
” call difficult: IMF rep
July 24, 2012 (LBO) – It is difficult to say whether Sri Lanka’s rupee is ‘overvalued’ and any specific level no longer matters because the exchange rate is now flexible, an International Monetary Fund’s official said. “There are models economists run to measure overvaluation of a currency,” IMF’s resident representative Koshy Mathai said. “Those models […]
‘s new IMF program to back longer term goals
July 23, 2012 (LBO) – A new two year program to be discussed with the International Monetary Fund will support longer term goals of the administration which may involve improving revenues, state enterprises, or keeping deficits and inflation down, officials said. Details discussions on the program will be held with the arrival of the next […]