Category: Economy
Sri Lanka motor vehicle imports fell 29-pct in April; trade gap shrinks
Aug 01, 2016 (LBO) – Sri Lanka’s exports fell 0.9 percent to 706.6 million US dollars in April 2016, while imports fell at a faster 2.0 percent to 1,460.9 million US dollars from a year earlier, official data showed. The trade gap has also shrunk 2.9 percent to 754.3 million US dollars from a year […]
Deshal explains what is wrong with Sri Lankan economy
Aug 01, 2016 (LBO) – Sri Lanka’s most urgent economic risk is external debt sustainability and it has been one driving factor behind macroeconomic volatility in the country, a young economist said. Deshal de Mel delivering a public lecture hosted by the think tank Advocata Institute said the legacy of access to long term concessional […]
‘s economic reforms
Aug 01, 2016 (LBO) – The World Bank Board has approved a 100 million dollar credit from the International Development Association (IDA) to support the Government of Sri Lanka’s economic reform program. “Sri Lanka has been making steady progress on economic reforms, with the government aiming to create one million new jobs through a reform […]
Sri Lanka’s CCPI inflation down 0.5-pct points in July 2016
July 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 5.5 percent in July 2016 from a year earlier, down from 6.0 percent in June with the inflation index gaining 0.2 percent in the month, the state statistics office said. Year on year inflation of Food Group has decreased from 8.2 […]
Sri Lanka foreign reserves USD6.4 bln in July: CB official
July 29, 2016 (LBO) – Sri Lanka’s official reserves were 6.4 billion US dollars at the end of July, up from 5.27 billion US dollars at the end of June, a central bank official said on Friday. Reserves were boosted by a dual-tranche sovereign bond offering this month of 500 million dollars through 5.5-year sovereign […]
No more debate on monorail vs. LRT, Japan confirms funding
Jul 29, 2016 (LBO) – Sri Lanka’s government confirmed that the Japanese government will fund the islands proposed Light Rail Transit (LRT), ending a debate on monorail vs. LRT following the conclusion of a high level delegation visit from Japan, Thursday. “The delegation, led by Hirofumi Katase the Vice Minister for Economy, Trade and Industry of […]
Sri Lanka’s Central Bank increases policy rates by 50bps
July 28, 2016 (LBO) – The Monetary Board has decided to increase the main policy interest rates of the Central Bank, the Standing Deposit Facility Rate and the Standing Lending Facility Rate, by 50 basis points each to 7.00 percent and 8.50 percent respectively, effective from the close of business on 28 July 2016. “The […]
‘s PM
July 28, 2016 (LBO) – Former Governor Arjuna Mahendran has taken up an appointment as an advisor to Prime Minister Ranil Wickremesinghe in the area of investments, a government official said. Mahendran did not seek re-appointment for the position of Central Bank governor last month as a COPE investigation into treasury bond issues had not […]
No quick fixes for Sri Lanka economy, future sunny: CB Governor
Jul 28, 2016 (LBO) – Sri Lanka’s new Central Bank governor says that he aims to have stable policies with strong fundamentals as opposed to quick fixes. “May countries are trying to create artificial momentum and if you look closely this has not worked,” Indrajit Coomaraswamy, Central Bank Governor said Thursday. “We will try to […]
National Trade Union Center wants to defeat ETCA
July 27, 2016 (LBO) – The National Trade Union Centre on Tuesday started a program to deliver a million leaflets to inform the public about the issues of the proposed ETCA agreement India. At the program which commenced at the Colombo Fort Railway Station, Chairman of the Center Lal Kantha said the loss of local […]
Malik assures ETCA and other FTAs won’t impact local jobs
Jul 26, 2016 (LBO) – Sri Lanka is currently at the formulating stage of Free Trade Agreements with China and Singapore and an “Economic Technology Cooperation Agreement” with India but these agreements will not lead to locals losing jobs, a minister said. “The government will not consider Mode 4 of the general trade agreement on […]
POLL: Sri Lanka Central Bank expected to keep policy rates steady
July 26, 2016 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady for a fifth straight month on Thursday, a Reuters poll showed, despite signs that inflation and private sector credit growth are picking up. The central bank has tightened monetary policy twice since December to fend off pressure on the fragile rupee […]