Author: lbostgadmin
Sri Lanka forex interventions reduce in March
April 04, 2009 (LBO) – Sri Lanka has spent only 54 million US dollars defending a rupee peg in March with the island’s central bank selling 127.5 million US dollars in forex markets but also buying back 73.5 million US dollars, the latest official data show. Sri Lanka originally asked for 1.9 billion US dollars […]
More regulations, same monetary system, after G20
LONDON, April 2, 2009 (AFP) – G20 leaders made major progress in reforming a “failed regulatory system” for global finance which had endangered the world’s prosperity, US President Barack Obama said after their summit Thursday. “We made enormous strides in committing ourselves to comprehensive reform of a failed regulatory system,” he said after a G20 […]
Sri Lanka rupee looks for direction amid IMF talks
April 03, 2009 (LBO) – The Sri Lanka rupee held steady against the US dollar in intra-day trading around 116.00 rupees Friday days after an International Monetary Fund mission wrapped up talks in Colombo, and a bailout expected within weeks. “An IMF mission is back to Washington and continues discussions with the authorities on the […]
Sri Lanka troops take key village, kill 44 Tigers: military
April 3, 2009 (AFP) – Sri Lankan security forces captured a key village from Tamil Tiger rebels on Friday after heavy fighting that left at least 44 guerrillas dead, a military spokesman said. At the height of their power in the mid-1990s, the Tigers controlled more than a third of the total land mass of […]
India blames IMF for not checking developed countries
LONDON, April 2, 2009 (AFP) – Indian Prime Minister Manmohan Singh said Thursday the International Monetary Fund was partly to blame for the global financial crisis, highlighting a lack of regulation of developed economies. India did not need to ask the IMF for financial assistance, he said.“We have no intention of going to the IMF… […]
Annual Picture
Apr 03, 2009 (LBO) – Sri Lanka’s People’s Bank group has reported net profits of 3,427 million rupees in 2008, 2.2 percent lower, while interest income grew 23.4 percent to 64.3 billion rupees, according to the annual report. At stand alone bank level net profits were up 13.9 percent to 2,704 million rupees, with group […]
Sri Lankan stocks close up on slim turnover
Apr 03, 2009 (LBO) – Sri Lankan shares closed marginally up Friday due to low volume price gains on Hatton National Bank (HNB) and renewed retail interest on Chevron Lubricants Lanka, brokers said. The All Share Price Index was up 0.05 percent (0.86 points) to end at 1,637.19 while the more liquid Milanka gained 0.19 […]
Sri Lanka relaxes export support criteria
April 03, 2009 (LBO) – The Sri Lankan government is ready to be flexible on export earnings criteria in a support package for exporters to help them weather the economic recession, a senior finance ministry official said.S R Attygalle, director-general of fiscal policy of the finance ministry, said the government is ready to be flexible […]
Sri Lanka gets more duty free access to Pakistan
April 02, 2009 (LBO) – Pakistan has increased the number of products that can be imported from Sri Lanka to 4,000 under the final phase of the free trade deal between the two countries.Exporters can obtain concessions under the FTA from the Department of Commerce which is the authority that is monitoring the implementation of […]
Sri Lanka govt says key rebel supply route closed
April 2, 2009 (AFP) – Sri Lankan government forces have cut off an essential supply route to Tamil Tiger rebels trapped in the jungle, the defence ministry said Thursday.The Tiger guerrillas are battling to hold back a military assault that has pushed them into a 21 square kilometre (eight square mile) patch of land in […]
Sri Lanka to get US emergency food aid
April 02, 2009 (LBO) – The US Agency for International Development (USAID) said it has donated 15 million dollars (1.7 billion rupees) worth of food aid for Sri Lanka to the United Nations World Food Program (WFP). USAID said its donation supports the WFP Protracted Relief and Recovery Operation (PRRO) titled Food for Peacebuilding and […]
Sri Lanka summons Norwegian envoy over alleged Tiger call
April 2, 2009 (AFP) – Sri Lanka said Thursday it had summoned Norway’s envoy to complain about the Nordic country’s alleged role in arranging a telephone conversation between Tamil Tiger rebels and a UN official. Foreign Secretary Palitha Kohona said the government voiced its “displeasure” over the call supposedly arranged last week between UN humanitarian […]