Author: lbostgadmin
Sri Lanka gives half of billion dollar bond to US investors
Sept 28, 2010 (LBO) – Sri Lanka has allocated investors in the United States 52. 5 percent of its billion US dollar bond, which was issued at 6.25 percent but was trading at a slightly lower rate. “The government will use the proceeds from the bond issue to finance its current infrastructure and to restructure […]
Sri Lanka revised IMF deal focuses on budget
Sept 27, 2010 (LBO) – A revised program Sri Lanka has signed with the International Monetary Fund is allowing more monetary space for the central bank with responsible fiscal policy continuing to be the key focus. A revised letter of intent given by the government has made a deposit insurance scheme for banks, reducing tax […]
Sri Lanka Central Bank, retrospect 1950 to 2010
Sept 27, 2010 (LBO) – In the modern era, the best recorders of history, as and when the important events occur, are the newspapers. But it is seldom that one attempts at unearthing history by tapping this source. Perhaps the enormous labour which one has to shed in perusing voluminous newspaper articles and the time […]
Sri Lanka offers land for agri-business
Sept 27, 2010 (LBO) – Sri Lanka is offering 200 acres of land for commercial agriculture on the bank of a major river bordering the island north-eastern region, meeting long-standing requests from businesses for land, a statement said. The offer comes in response to repeated requests from agri-business firms who have been clamouring for land […]
Credit Quality
Sept 27, 2010 (LBO) – RAM Ratings Lanka has confirmed the long term rating of ˜A’ for Lankaputhra Development Bank (LDB) but lowered its outlook to negative from stable on a rise in bad loans, a statement said. The long- and short-term financial institution ratings, confirmed at A and P1, are largely upheld by the […]
Sri Lankan stocks close down 0.10-pct
Sept 27, 2010 (LBO) – Sri Lankan stocks failed to hold on to early gains which propelled them past the 7,000 point mark for the first time in early trade Monday and closed weaker, brokers said. The market lost the momentum which had sent it to record highs in recent days with investors cashing-in to […]
Sri Lanka rupee tops 112.00 to the greenback
Sept 27, 2010 (LBO) – Sri Lanka’s rupee soared above 112.00 rupees to the greenback Monday the highest since December 2008, when the country was in the midst of a balance of payments crisis, dealers said. The central bank has high policy rates compared to its anchor US currency allowing it to push the currency […]
Sri Lanka opens billion dollar sovereign bond
Sept 27, 2010 (LBO) – Sri Lanka has opened subscriptions for a billion US dollar 10-year sovereign bond which may sell for around 6.5 percent days after the International Monetary Fund gave 212 million US dollars to the Central Bank to beef up already high reserves. A Bloomberg newswires report said the bond may yield […]
Sri Lanka should use low-yielding cows instead of importing: official
Sept 26, 2010 (LBO) – Sri Lanka should make better use of existing stocks of low yielding milch cows in larger privately owned herds rather than importing high-yielding stocks at great cost from abroad, a top official said. There have been attempts in Sri Lanka to import higher yielding cows to improve herd stock and […]
Sri Lanka gets more IMF cash, suggests new monetary framework
Sept 25, 2010 (LBO) – The International Monetary Fund has released 212. 5 million US dollars to Sri Lanka under its 2.5 billion US dollar program, backed reform proposals and suggested that the central bank move away from its quantity targeting monetary framework. “Further improvements in monetary policy formulation will provide useful support for macroeconomic […]
Metro Move
Sept 25, 2010 (LBO) – A rail-based metro system may be an option in part of Sri Lanka’s capital city Colombo when passenger flows rise to levels that make it financially viable, an official said. There must be high density development in the city centre that will justify a rail-based metro system and it must […]
Sri Lanka may deduct more money from private worker salaries
Sept 24, 2010 (LBO) – Sri Lanka’s government may take away more money from the salaries of private sector workers to set up another pension fund, a government minister said, amid concerns about the management of an existing fund. A few years ago an attempt to create a contributed pension fund for state workers was […]