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Sri Lanka cuts rates by 175bp to boost lending
April 22, 2009 (LBO) – Sri Lanka’s central bank has cut its de facto signal policy rate by 175 basis points to 13.0 percent to spur lending as credit to the private sector fell 5.6 percent in February, and trimmed the repo rate to discourage excess reserves. The rate cuts come as the rupee is […]
Sri Lankan stocks propelled by more gains in war
Apr 22, 2009 (LBO) – Sri Lankan shares extended gains Wednesday as the military rescued more civilians trapped in a no-fire-zone in an offensive to crush the 25-year-old Tamil Tiger separatist rebellion, brokers said. The All Share Price Index of the Colombo stock exchange rose 1.35 percent (23.64 points) to end at 1,777.58 while the […]
Policy Breaks
April 22, 2009 (LBO) – Colombo Dockyard stands to benefit from several concessions being considered in the new draft Sri Lankan government shipping policy, industry officials said.“In the absence of any other local builder capable of meeting local demand, removing such a ceiling will be considered by government as otherwise it would only open the […]
Sri Lanka rules out amnesty for cornered Tiger leader
April 22, 2009 (AFP) – Sri Lanka’s cornered Tamil Tiger leader Velupillai Prabhakaran will not be eligible for amnesty, having “spurned” an offer to surrender, the island’s president said.President Mahinda Rajapakse said the guerrilla leader, whose Liberation Tigers of Tamil Eelam (LTTE) are fighting to prevent complete defeat after being pushed to a narrow stretch […]
82,000 civilians flee Sri Lanka war zone: minister
April 22, 2009 (AFP) – Nearly 82,000 civilians have escaped from the shrinking patch of territory still controlled by the Tamil Tiger rebels, defence spokesman Keheliya Rambukwella said Wednesday.He said 81,420 men, women and children were counted as they registered with security forces since fleeing the remaining rebel-held coastal jungle area Monday and Tuesday.He did […]
Fears grow for civilians in Sri Lanka conflict zone
April 22, 2009 (AFP) – US and Red Cross officials pleaded for the lives of tens of thousands of civilians trapped in Sri Lankan jungle Wednesday as government troops pressed a relentless offensive against Tiger rebels.The apparent end game in Sri Lanka has triggered protests around the world, with up to 30,000 Tamil demonstrators clogging […]
Tamil protest jams Canadian capital
OTTAWA, April 21, 2009 (AFP) – Up to 30,000 Tamil protestors stepped up pressure on the Canadian government on Tuesday, clogging the capital for a 15th day in a row to demand it try to broker a ceasefire in Sri Lanka.Screaming “no more genocide,” beating drums heard throughout downtown, waving fists in the air and […]
Top Tamil Tigers surrender as Sri Lankan troops advance
April 22, 2009 (AFP) – Two key Tamil Tiger officials surrendered Wednesday as Sri Lankan troops pressed a final offensive against the rebels despite an international outcry over the fate of trapped civilians.Among the top rebels who turned themselves in was the Tigers’ main mouthpiece to the outside world, their chief spokesman Velayudam Dayanidi, better […]
Sri Lanka IMF loan finalized within days: Central Bank Governor
April 21, 2009 (LBO) – The final touches to an International Monetary Fund loan would be wrapped up within days and the first tranche is expected in less than three weeks, Central Bank governor Nivard Cabraal said. “Within two weeks or three weeks at the most, the first tranche of the IMF facility will come,” […]
Sri Lanka foreign reserves US$1.36bn in February; rupee opens weaker
April 21, 2009 (LBO) – Sri Lanka’s gross foreign reserves in February 2009 were 1,369 million US dollars down from 1,415 million US dollars in January, the central bank said as the rupee opened weaker.The rupee opened weaker at 117.60/90 against the US dollar in spot trade Tuesday, dealers said, and was later quoted at […]
Sri Lanka stocks driven up by banking sector
Apr 21, 2009 (LBO) – Sri Lankan shares continued their positive run Tuesday, led by banking stocks with investors upbeat that the three-decade ethnic war would be soon over, brokers said. Foreign buying was at 25.7 million rupees, while foreign selling amounted to 95.4 million. Conglomerate John Keells Holdings, which has business interest in finance, […]
Safety Rope
April 21, 2009 (LBO) – Low transaction costs and timely delivery is critical for micro-finance to be effective in lifting poor people out of poverty, a senior Sri Lankan central bank official said.“Experience tells us that micro-finance alone is not enough to eliminate poverty because it only satisfies the funding needs of micro enterprises,” central […]