Category: Economy
COPE to consider Auditor General’s report on bond issue Wednesday
June 28, 2016 (LBO) – Sri Lanka’s Parliament appointed Committee on Public Enterprises (COPE) will meet Wednesday to consider the Auditor General’s report on the bond investigation. Parliamentarian and COPE member Dr. Nalinda Jayatissa told LBO, the committee will most probably arrive at a decision on the alleged bond scam based on the findings of the […]
PTL Watch: Mid-tenor yields ease, some foreign buying
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Sri Lanka to impose capital gains tax on stocks, Minister says
June 28 (Reuters) – Sri Lanka intends to impose a capital gains tax on profits from equities, a senior government minister said late on Monday, as the government attempts to shore up its finances to qualify for an IMF loan. Sri Lanka’s cabinet approved reintroducing a capital gains tax on land early this month, but has not said whether […]
Brexit vote, UK political confusion keep world and asian markets on edge
June 28 (Reuters) – Britain’s vote to leave the European Union continued to reverberate through financial markets, with the pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook. UK finance minister George Osborne said early Monday that the British […]
Sri Lanka Parliament passes Right to Information Bill
June 25, 2016 (LBO) – Sri Lanka’s Parliament has passed the Right to Information (RTI) bill with amendments on Friday. The main purpose of the Bill is to provide for the Right of Access to Information, to specify grounds on which access may be denied, to establish the Right to Information commission, to appoint Information […]
Brexit could impact Sri Lanka borrowings, trade, says CCC
June 24, 2016 (LBO) – Sri Lanka could feel the impact of Brexit in its commercial borrowings, as the external environment becomes more volatile, while exporters should make greater effort to diversify targeted markets, the Ceylon Chamber of Commerce said. “The negotiations around the terms of Britain’s new engagement with Europe are likely to take […]
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June 23, 2016 (LBO) – Moody’s Investors Service says that whether or not Sri Lanka’s (B1 negative) credit profile demonstrates a temporary or more enduring improvement from its International Monetary Fund’s (IMF) program will depend on how effectively the program’s ambitious reforms are implemented. Moody’s conclusions are outlined in its just released report: “Government of […]
Fitch Downgrades NDB; Affirms 8 Sri Lanka Banks, Negative Outlook on DFCC, Sampath
Jun 23, 2016 (LBO) – Sri Lanka’s National Development Bank PLC’s (NDB) national long term rating has been downgraded to ‘A+(lka)’ from ‘AA(lka)’, Fitch rating said in a statement. The ratings on eight other Sri Lanka banks have been affirmed. The outlooks have been revised on DFCC Bank PLC’s (DFCC) and Sampath Bank PLC’s (Sampath) national longterm […]
POLL-Sri Lanka Central bank expected to keep policy rates steady
June 22 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady for a fourth straight month on Friday, a Reuters poll showed, despite signs of rising inflation and stubbornly high private sector credit growth. The central bank has tightened monetary policy twice since December to fend off selling pressure […]
Sri Lanka recall mid income housing projects in Kandy, Galle, and Homagama
Jun 22, 2016 (LBO) – Sri Lanka’s cabinet has decided to recall proposals for housing projects in Kundasale, Homagama, Galle, and Nittambuwa and grant fresh approvals for projects in Panadura and Yakkala, a statement said. “The Steering Committee appointed in this regard has recommended to implement housing projects in Panadura, Homagama (Jalthara Phase II), Yakkala, […]
Sri Lanka to obtain IDA loan for reforms, competitiveness
June 22, 2016 (LBO) – Sri Lanka’s cabinet has approved obtaining a 100 million US dollar loan from the International Development Agency to develop the Sri Lankan economy by implementing reforms under three aspects. Removal of obstacles for the competitiveness in private sector, transparency and improvement of management in public sector, and improvement of the […]
Sri Lanka consumer prices soar 5.3-pct in May
Jun 22, 2016 (LBO) – Sri Lanka’s inflation climbed for the fourth straight month in May after recording a fall of 0.7 percent in January, according to the National Consumer Price Index (NCPI) introduced in October last year with 2013 as the base. According to the Census and Statistics Department inflation was 5.3 percent in […]