Author: lbostgadmin
Sri Lanka rates up amid tight liquidity
Apr 05, 2012 (LBO) – Liquidity tightened in Sri Lanka’s money markets Thursday a day after bond yields spiked amid some foreign selling a day earlier ahead with a monetary policy announcement due later in the day. Call money was quoted as 9.25/50 percent at opening percent and gilt-backed repos were quoted 8. 25/45 dealers […]
Sri Lanka hid vital information, ran into brick wall: legislator
Apr 04, 2012 (LBO) – Sri Lanka has suppressed information, ignored warnings from independent analysts, manipulated data and markets until the economy ran into ‘brick wall’ a legislator who is an economist has said. An annual report about the Employees Provident Fund, a retirement fund of non-state workers, whose state management has become increasingly controversial, […]
Sri Lanka trade controls take IMF by surprise
Apr 04, 2012 (LBO) – Sri Lanka’s sudden hike in car taxes has taken the International Monetary Fund by surprise, and the lender would like to see tighter monetary policy than selective taxes, its resident representative said. “The issue of recent taxes on vehicles and other goods, that actually is something we did not discuss […]
Sri Lanka state carrier axes flights to Zurich, Rome
Apr 04, 2012 (LBO) – State-run SriLankan Airlines said it will cancel flights to Zurich and Rome in May and June which are off-peak months but will resume them from late June, to contain costs. SriLankan is focusing more on Asian routes amid heavy competition and weak conditions in Europe. The airline is expected to […]
Mobile Edge
April 04, 2012 (LBO) – A mobile phone ranking system is being developed to help Sri Lankan pineapple farmers identify suppliers of good quality planting material and avoid buying diseased plants that could destroy entire crops. The initiative is part of efforts to make more use of information and communication technology like mobile phones to […]
Sri Lanka stock close marginally lower, rupee stronger
April 04, 2012 (LBO) – Sri Lankan shares closed slightly lower Wednesday with retail investors active and turnover boosted by several crossings and while the rupee gained ground against the dollar, brokers and dealers said. The rupee closed around 125.40/50 to the US dollar dealers said after opening 126. 00/10 levels. The main All Share […]
Sri Lanka IMF bailout loan resumed; US$426mn loaned for reserves
Apr 03, 2012 (LBO) – The International Monetary Fund said it will give 426 million US dollars to Sri Lanka, resuming its suspended bailout loan, after authorities took corrective steps to stem credit and foreign reserve losses. Settling external loans with foreign reserves does not add new demand but can prevent a contraction of demand […]
Sri Lanka may end forex interventions by May: CB Governor
Apr 03, 2012 (LBO) – Sri Lanka expects to end all interventions in forex markets by end May with forex sales for oil payments already less than planned, Central Bank Governor Nivard Cabraal said. “We haven’t committed to exactly when interventions will end,” Governor Cabraal said. “The need for intervention is already less than we […]
Sri Lanka rubber producer gains seen from traceability system
April 03, 2012 (LBO) – Small farmers making rubber in Sri Lanka might be able to get better prices by pooling their efforts and introducing traceability systems that would ensure guaranteed quality to buyers, researchers have found. In Sri Lanka, Lokanathan said about 43 percent of the rubber output is sold as ‘ribbed smoked sheets’ […]
Diversion
Apr 03, 2012 (LBO) – Vehicle imports would be routed through a new port in Hambantota in the south of the island from May 31, which will speed up clearing of cars, state-run Sri Lanka Ports Authority said. SLPA said roll-on roll-off vessels were experiencing berthing delays and delays in clearing were also causing congestion. […]
Sri Lanka bill yields held down
Apr 03, 2012 (LBO) – Sri Lanka’s Treasury bill yields were held flat by at Wednesday’s auction ending several weeks of corrections that helped push up market rates to reduce pressure on the exchange rate. However other data indicated that Sri Lanka has lost over 200 million dollars of reserves in just two days in […]
Asian Footprint
Apr 02, 2012 (LBO) – London Stock Exchange which is using software developed by a Sri Lanka based firm to run the world’s fastest trading platform said it is looking to expand operations is Asia, including more outsourcing. London Stock bought MillenniumIT, a Sri Lanka-based exchange software maker, three years ago, which has supplied at […]