Category: Economy
Foreign holding in govt securities falls by USD68 mn in last week
Sept 25, 2015 (LBO) – The holding of Sri Lanka government securities by foreign investors fell to 333.2 billion rupees in the week to September 23, from 342.8 billion rupees in the previous week, information from the central bank showed. This reflects an outflow of 9.6 billion rupees (68 million dollars) for the week, and […]
Germany to help revive GSP+ for Sri Lanka: Visiting Foreign Minister
Sep 23, 2015 (LBO) – Germany would lead the European Union to revive the GSP+ relief for Sri Lanka, the German Foreign Minister said in a statement. “I will take action in that regard, in coordination with the Foreign Ministry of Sri Lanka,” Frank Steinmeier, foreign minister of Germany said when he called on President […]
Germany can utilize Sri Lanka’s skilled labour force: Foreign Minister
Sep 22, 2015 (LBO) – Sri Lanka’s Foreign Minister said more German companies should invest in Sri Lanka and take advantage of the islands skilled labour force and regional ties, during the visit of his German counterpart. “Now that Volkswagen is in, other German companies are taking an interest in Sri Lanka,” Mangala Samaraweera, Minister […]
Sri Lanka and Vietnam shares highest corporation foreign debt in Asia: ADB
Sep 22, 2015 (LBO) –Corporations in Indonesia, Sri Lanka, and Vietnam have the highest share of foreign currency debt in developing Asia, the Asian Development Bank said in a report.“Firms in the energy sector tend to have a substantial portion of their borrowings in foreign currency,” ADB said in its report. “Typically, the corporations that […]
Sri Lanka economy to grow 5.5-pct through end 2015; inflation 3-pct: IMF
Sep 18, 2015 (LBO) – Sri Lanka’s economic growth is likely to continue in the range of 5 to 5.5 percent through end 2015, driven by strong growth in services and a recovery in agricultural output, the IMF mission said. IMF mission led by Todd Schneider who visited the island recently to conduct Post-Program Monitoring […]
No change! US holds interest rates unchanged
Sept 18, 2015 (LBO) – The U.S. held interest rates steady on Thursday after a two-day monetary policy meeting citing low inflation and uncertain global economic growth. The yield on 10-year U.S. Treasuries fell to 2.23 percent from 2.30 percent the previous day. The S&P index closed down 0.26 percent, while the Nikkei is now down […]
Sri Lanka can attract Japanese companies, bank: ambassador
Sept 17, 2015 (LBO) – Sri Lanka has great potential to attract Japanese investors who are interested in investing in the island, and as a gateway to India and Pakistan, Kenichi Suganuma, the ambassador for Japan in Sri Lanka, said.Although India is a big market it is not easy to do big business there, he […]
Sri Lanka economy grew 6.7-pct in Q2 2015
Sep 16, 2015 (LBO) – Sri Lanka’s economy has grown 6.7 percent in the second quarter of 2015 against the 6.4 percent growth rate recorded in the first quarter, the statistics department said.Agriculture sub sector has grown by 5 percent, industry by 2 percent and services by 7.9 percent, the department said. After a re-basing […]
Bank of Japan holds rates flat despite economic contraction
Sept 16, 2015 (LBO) – The Bank of Japan held interest rates unchanged on Tuesday despite calls for further monetary policy easing from the central bank after a 0.3 percent contraction of the Japanese economy in the second quarter. The contraction follows a similar 0.3 percent contraction in the third quarter of last year. “Japan’s […]
‘s vehicle import bill, says Murtaza
Sept 15, 2015 (LBO) – A rash of credit-fueled vehicle imports is affecting Sri Lanka’s balance of payments at the moment. But the bigger problem is not addressing fundamental monetary and fiscal policy issues, says Murtaza Jafferjee, the chief executive at Colombo-based JB Securities.“The primary factor fueling the demand for vehicles is credit. When the […]
Central Bank directs banks to reduce loan ratio on motor vehicles
Sept 15, 2015 (LBO) – Sri Lanka’s Central Bank has issued a directive to commercial banks, speciaized banks and financial institutions to reduce the loan to value (LTV) ratio to 70 percent in respect of loans granted for purchases or utilisation of motor vehicles. “The Central Bank of Sri Lanka has observed with concern the […]
Sri Lanka female labor force should shift into technology-related sectors: ADB
Sep 15, 2015 (LBO) – Sri Lanka’s female labour force needs to shift from traditional jobs in education and health sector to more technology-related ones, a recent ADB study indicates. “Few women have reached the highest level in the employment hierarchy in the judiciary, universities, scientific professions, and in private enterprises,” the Asian Development Bank […]