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No Change
The Central Bank left its key short-term rates unchanged on Tuesday, signalling that it was business as usual on the interest rate front.The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy Meeting […]
War Of Nerves
Prime Minister Ranil Wickremesinghe has put the peace process on the board as the latest move in a game of political-chess that started last week with President Kumaratunga taking over three ministries.After meeting the ambassadors of Norway and United States, the two co-chairs of the Tokyo donor conference on Sunday, government spokesman G L Pieris […]
Light Waves
Local hoteliers are facing another stiff hike in electricity costs, adding to falling tourist arrivals after the political woes of last week. The new lquote Hotel specific electricity tariff will put hoteliers in a tariff band 40 to 50 percent higher than at present.rn rnUnder the new rates large city hotels will pay up to […]
Getting Late
Aid donors warned of long delays in aid distribution if the budget is not presented soon as the IMF postponed the release of the second tranche of a key structural adjustment loan.The second tranche of a US$ 567 mn IMF loan backing the reforms could be pushed back due to the current political uncertainty and […]
’85 Go
Governor of the Swedish Central Bank says Sri Lankas Central Bank is almost ready to go for a fully-fledged inflation targeting exercise.Sweden has successfully used an inflation target based approach to stabilize its economy.rn rnTypically, a central bank will set a low, but credible target and change interest rates to achieve it, regardless of what […]
Poetic Crisis
Experts say ambiguity in the Constitution on the Presidents power leaves room for different interpretations, but political considerations will play a bigger role in resolving the present crisis.Observers say the UNF government will have to consider a ldblquote second phase dblquote for their cohabitation agreement with a wider role for the President.rn rnTaking the Constitutional […]
Playing Poker
President Chandrika Kumaratunga withdrew tough emergency laws on Friday and replaced them with a lesser clause under the Public Security Ordinance (Chapter One), giving her control over the armed forces, but removing powers to make emergency regulations.Though the controversial state of emergency decree announced on Wednesday was scrapped, the law authorised to replace it, allows […]
Right to Rule
Presidential spokesperson and new Rupavahini Corp., Chairman Harim Peiris said the President also has a mandate from the people. rnrnPeiris comments came on Friday evening following the Presidents move on Tuesday where she removed three portfolios off UNF Ministers and prorogued parliament until November 19. rn rnHer Excellency is only working on that mandate said […]
Presidential Talks
President Chandrika Kumaratunga has revived her call for a national government and re-assured that Parliament will be re-opened and the 2004 budget presented thereafter.In a televised address to the nation, she said the country was at the “cross roads in its history” and that it had been the demand of the people for a long […]
Holding Hands
In 2001, many a Sri Lankan and some foreign residents here at the time, dropped what they were doing, to hold hands on the streets instead. There could be a repeat of event, but this time its organisers, Sri Lanka First, is also considering alternative proposals just in case the state of emergency now in […]
Ranil Talks Back
Prime Minister Ranil Wickremesinghe on his return from the United States says his immediate priority is to ensure the peace process is not jeopardised. ldblquote I have to create an environment that is conducive for the peace process, dblquote says Wickremesinghe adding that his mandate from the people was to enable the peace process. rn […]