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Sri Lankan opposition vows to end emergency laws
January 5, 2010 (AFP) – Sri Lanka’s main opposition vowed on Tuesday to immediately end the state of emergency that has been in place on the island for 27 years if its presidential candidate wins this month’s election. The opposition’s candidate, Sarath Fonseka, will scrap the tough laws that have been in effect almost continuously […]
‘s main Tamil party backs ex-general
January 4, 2010 (AFP) – Sri Lanka’s main minority Tamil party on Monday backed the main opposition presidential candidate, Sarath Fonseka, who as army chief led the offensive that crushed Tamil rebels last year, officials said. Fonseka, a former four-star general who quit in November following differences with his political boss President Mahinda Rajapakse, pledged […]
Sri Lanka central bank warns against reckless spending
Jan 05, 2010 (LBO) – Sri Lanka may be forced to print money and send inflation up again unless the state avoids reckless spending, which also takes away resources available for productive activities by the people, Central Bank Governor Nivard Cabraal has warned. “We have to be conscious that any money printing that can take […]
Sri Lanka to relax foreign exchange controls: CB Governor
Jan 04, 2010 (LBO) – Sri Lankans would be allowed to open bank accounts abroad and buy shares and debt of foreign companies as part of a relaxation of foreign exchange controls, Central Bank governor Nivard Cabraal said. Foreign exchange ‘shortages’ crop up when a central bank ‘prints money’ (generates local money by purchasing domestic […]
Sri Lanka stocks up 2.84-pct
Jan 04, 2010 (LBO) – Sri Lankan stock closed the first day of trading for the year up 2.84 percent Monday with retail investors chasing diversified, manufacturing and banking sector stocks, brokers said. Ceylon Tobacco Company closed at 200. 00 rupees, up 15.00, Distilleries Company of Sri Lanka closed at 109. 00 rupees, up 3.75 […]
Bailout Ceiling
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank said a new mandatory deposit insurance scheme to be introduced this year will cover up to 100,000 rupees per depositor. Coverage would increase as the deposit insurance fund grows, governor Nivard Cabraal said in a statement on its financial sector policies for 2010. The deposit insurance […]
Interest Limit
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank said it has raised the ceiling on interest rates paid by registered finance companies and also allowed them to pay extra interest to senior citizens over 60 years from January 1. In revising the interest rates, the Monetary Board has considered the declining trend in market […]
Sri Lankan Airlines asks travelers to come early to airport
Jan 04, 2010 (LBO) – Sri Lanka’s national carrier SriLankan Airlines said it was asking passengers on departing flights to report four hours before departure to the airport because of delays at immigration. It said in a statement there was heavy congestion at immigration counters at the Bandaranaike International Airport, north of Colombo. SriLankan Airlines […]
Sri Lanka Hemas buys small hydro power plant
Jan 04, 2010 (LBO) – Sri Lanka’s Hemas Power said it has bought a 2.6 megawatt (MW) hydro-power plant in the Nuwara Eliya district in the central hills from Senok Mark Hydro for 198.5 million rupees. In September 2009, Hemas Holdings floated its power generation business to build a 2.4 MW mini hydro plant in […]
Sri Lanka to set up export-import bank: CB Governor
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank is setting up an export-import bank to fast-track Sri Lanka’s international trade, governor Nivard Cabraal said. The proposed ˜ex-im bank’ will have an initial capital of 200 million rupees and may be financed by both government and commercial sources. “It will provide financial assistance to exporters […]
Choices: Dividend or danger?
Jan 04, 2010 (LBO) – Welcomed the New Year in Dhaka. In Bangladesh, one cannot not think about population. Outside the city states, Bangladesh has the highest population density in South Asia, and indeed the world. Greater Dhaka alone has close to 13 million people, almost two-thirds the population of Sri Lanka. Fertility and population growth […]
Sri Lanka targets 5 to 6-pct inflation in 2010
Jan 04, 2010 (LBO) – Sri Lanka is targeting 5 to 6 percent average inflation by end-2010 allowing the country’s base money to grow by 14.5 percent, building on low single digit inflation achieved in 2009, Central Bank governor Nivard Cabraal said. Sri Lanka ended 2009 with seasonally adjusted annual average inflation of 3.4 percent, […]