Category: Economy

Apr 18, 2011 (LBO) – Sri Lanka faces a balance between inflation and growth, a top International Monetary Fund official said as prices continue to rise and the Central Bank has taken the first steps to tackle loose monetary policy. Anoop Singh, director of IMF’s Asia and Pacific department said that Sri Lanka has been […]

Apr 17, 2011 (LBO) – The expansion of Sri Lanka state workers seen since 2004 has taken a breather in 2010 reducing a key form of tax banditry practised by rulers, the latest official data shows. In 2010 however the state also froze wages helping bring down the budget deficit. However analysts say rather than […]

Apr 17, 2011 (LBO) – An attempt by the state to deduct further sums money from salaries of Sri Lanka’s private sector workers to create a ‘pension’ has run into further opposition with the draft law being challenged in court, a media report said. The Sunday Times newspaper said Ceylon Bank Employees Union had challenged […]

Apr 14, 2011 (LBO) – Asian Development Bank’s annual meeting in Vietnam will focus on rising commodity prices which is hurting Asia’s two billion poor, climate change, an ageing population as the region also grapples with natural disasters. ADB’s 44th annual meeting starts will be held from May 03 to 06 in Hanoi alongside a […]

Apr 14, 2011 (LBO) – An International Monetary Fund policy paper has proposed a forecasting and policy analysis system (FPAS) to help start an inflation targeting regime for Sri Lanka which suggested a range of 4.0 to 7.0 percent a year as a target. The paper said Sri Lanka’s tight peg also complicated monetary policy. […]

April 12, 2011 (AFP) – An official Sri Lankan timekeeping website aimed at synchronising watches and helping locals to obey astrological instructions crashed on its first day thanks to unexpected stormy weather. The website, www.sltime.org, was launched Monday by President Mahinda Rajapakse as a resource to help align clocks, watches and computers with Sri Lankan […]

Apr 13, 2011 (LBO) – Sri Lanka’s central bank had independence in 2010 and the country moved forward with more prudent fiscal and monetary policies, Treasury Secretary P B Jayasundera said. Central Banks were originally created by kings to print money and fight wars creating inflation and balance of payments troubles in the process. Sri […]

Apr 12, 2011 (LBO) – State infrastructure projects in power, ports, roads and water supply, especially in the war torn north and east of the country has laid a foundation for higher growth, Sri Lanka’s President Mahinda Rajapaksa said. “On the other had in the north – which had regressed 30-year during the war – […]

Apr 12, 2011 (LBO) – Sri Lanka’s first 100 kilometer per hour expressway from Kottawa in Colombo suburbs to Godagama in Matara in the southern province will have a specialist police division, paramedics and fire brigade, officials said. “There will be a special police division for traffic control, paramedics and separate fire brigade for the […]

Apr 11, 2011 (LBO) – Sri Lanka’s vegetable traders who are often accused of keeping prices up through a purchasing ‘mafia’ have now been accused of lowering prices through imports, according to a media report. Sri Lanka’s The Sunday Times newspaper said local tomatoes were being sold for prices between 100 to 120 rupees and […]

Apr 11, 2011 (LBO) – Sri Lanka’s commercial rents have risen in 2010 with occupancy levels picking up from a slump in 2009, which saw the end of a 30-year war the owners of a prominent Colombo property has said. Overseas Realty Ceylon Ltd, a unit of Singapore’s S P Tao group said occupancy at […]

Apr 11, 2011 (LBO) – An attempt by Sri Lanka’s state to deduct a two percent from workers’ salaries under to start a ‘pension scheme’ without any prior discussion with the workers themselves has come under heavy fire. The state which already deducts 8 percent from workers salaries for a state managed Employees Provident Fund, […]