Category: Economy
Sri Lanka rating supported by growth, constrained by govt finances: Moody’s
July 30, 2015 (LBO) – Sri Lanka’s credit outlook could improve if the government debt and interest payment ratios were to stabilize at considerably lower than current levels, Moody’s Investors Service said in a recent credit outlook report. Sri Lanka’s state credit is rated ‘B1’ below investment grade, by the rating agency. “Sri Lanka’s B1 […]
JKL profit falls 20 pct in three months to June
July 28, 2015 (LBO) – Sri Lanka’s John Keells PLC (JKL.N), the tea and rubber broking unit of John Keells Holdings, announced a 20 percent drop in net profits in the first quarter, in provisional results released to the Colombo Stock Exchange. The company said profit after tax fell to 54.2 million rupees from 67.7 […]
Sri Lanka’s EPF should be managed by public trust, Not allowing Central Bank to manipulate: Eran
July 24, 2015 (LBO) – Sri Lanka’s Employee Provident Fund should come under a public trust and not allowed to be manipulated by the Central bank, a former deputy minister said. “This is one of the biggest frauds happening in the country and I have been saying this in parliament for the last five years,” […]
‘s United National Front suggests drastic proposals in manifesto
July 24, 2015 (LBO) – Sri Lanka’s United National Front for Good Governance on Thursday unveiled its election manifesto aimed at creating a competitive social market economy based on knowledge. Proposed social market economy seeks to expand the base of open economy or economic democracy in the country within 60 months. The manifesto has addressed […]
Sri Lanka stocks close up 0.2-pct on seven week high
July 23, 2015 (LBO) – Sri Lanka’s stocks closed up 0.18 percent on Thursday on a seven week high with index heavy stocks continuing to show gains, brokers said. The Colombo benchmark All Share Price Index closed 12.99 points higher at 7,212.62 up 0.18 percent. The S&P SL20 closed 3.38 points higher at 4,041.21 up […]
Sri Lanka rupee depreciates 2.1-pct against USD this year: Central Bank
July 23, 2015 (LBO) – Sri Lanka’s rupee has depreciated by 2.1 percent against the US dollar, during the year up to 21st July 2015, the Central Bank data showed.However, based on cross currency exchange rate movements, the Sri Lankan rupee appreciated against the euro by 10.0 per cent, the Australian dollar by 9.2 per […]
Sri Lanka’s official reserves USD 6.8bn in May 2015
July 23, 2015 (LBO) – Sri Lanka’s gross official reserves stood at 6.8 billion US dollars in May 2015, equivalent to 4.2 months of imports, while total foreign assets amounted to 8.7 billion US dollars, equivalent to 5.3 months of imports, data showed. Sri Lanka’s gross foreign reserves rose to 7.5 billion US dollars in […]
BRICS Development Bank To Counter Western Lenders
July 22, 2015 (LBO) – The BRICS group of emerging economies launched its New Development Bank (NDB) in Shanghai on Tuesday with the promise of more financial security to its member states and developing countries. Set up by Brazil, Russia, India, China and South Africa, it is seen by many as a counter to the […]
6% GDP growth in 2015, a challenge; comparing rebased numbers technically wrong: CB
July 21, 2015 (LBO) – Sri Lanka’s Deputy Governor of the Central Bank says it would be difficult to maintain a 6 percent growth this year.“Looking at the last year’s quarter two, three and four growth rates which were higher or increasing; which means it’s a higher base,” “So it would be a challenge for […]
India Considers Road Bridge To Sri Lanka With ADB Funding
July 19, 2015 (LBO) – India is planning a feasibility study for a bridge that connects India and Sri Lanka which may cost .6 billion, Indian media reported. Nitin Gadkari, the Minister for Road Transport, Highways and Shipping, said he had discussed this with the chairman of Asian Development Bank and the development bank was […]
Sri Lanka signs USD1.1Bn currency swap agreement with India
July 17, 2015 (LBO) – Sri Lanka’s Central Bank on Friday signed the 1.1 billion US dollars worth currency swap agreement with Indian Reserve Bank in New Delhi. The Central Bank releasing a statement said this new facility will allow the Bank to further strengthen its position in the financial market and bring greater stability […]
Sri Lanka to reduce fuel price if world oil prices drop: Ravi K
July 17, 2015 (LBO) – Sri Lanka’s government will consider a further reduction in the fuel price if oil prices in the world drop, the Finance Minister said. “If the world oil prices drop then we will also reduce the fuel prices in the country but the prices have not dropped yet,” Ravi Karunanayake, Finance […]