Category: Economy

COLOMBO, Nov 25, 2006 (AFP) – Sri Lankan war planes bombed a suspected base of Tamil Tiger suicide bombers in the island’s north Saturday, the defence ministry said, as the rebels commemorated their war dead. The defence ministry said a base housing “Black Tiger” suicide bombers was hit causing “heavy damage”, but gave no details […]

November 18 (LBO) – An online poll shows that more LBO readers believe the economic growth numbers generated by the Central Bank of Sri Lanka than the Department of Census and Statistics, but a vast majority disbelieved both. The Central Bank data set has a slightly higher weight for agriculture, as a result the two […]

Nov 17 (LBO) – Sri Lanka Customs says it will shore up revenues to 240 billion rupees next year, despite a host of import duty waivers in the country’s latest budget. Full Coffers Meanwhile, the Inland Revenue Department’s tax revenue’s have also grown on improved collections and is expected to reach 260 billion rupees this […]

November 16, 2006 (LBO) – Sri Lanka’s Central Bank Thursday cut the island’s next year economic growth to 7.5 percent from 8.0 percent announced earlier. In its half yearly review of this year’s economy, the bank expects year-end gross domestic product to touch 7.4 percent, led by growth in telecom, ports, industrial and agricultural services. […]

November 15, 2006 (LBO) – Sri Lanka’s trade deficit expanded 38.4 percent to 2,597 million dollars for the nine months to September, over the same period 2005, the central bank said Wednesday, as the island spent more to import fuel. Sri Lanka’s 24 billion dollar economy is forecasted to expand by 7.0 percent by end-2006, […]

November 14, 2006 (LBO) – The International Monetary Fund Tuesday says Sri Lanka’s economy in under siege from galloping inflation, a wider current account deficit, declining official reserves and a high debt service burden. Large fiscal deficits and a high level of public debt are sources of macro-economic instability while inflation is galloping away and […]

Sri Lanka’s is now experiencing stronger growth, and declining unemployment. Though oil prices are now falling, expansionary fiscal policy and accommodative monetary policy continue to destabilize the economy by pushing inflation up and putting pressure on the country’s balance of payments. The International Monetary Fund this month presented its report on this year’s Article iv […]

November 02, 2006 (LBO) – Sri Lanka’s central bank met senior executives of the country’s financial community this week, in a bid to de-mystify recent monetary policy measures taken to stabilise the economy and reinforce its resolve to fight inflation. Governor Nivard Cabraal said measures taken to contain credit growth were aimed at curbing inflationary […]

October 31, 2006 (LBO) – Consumer prices in Sri Lanka bounced up to 17.2 percent in October from 15.4 percent in September, the Census & Statistics Dept said Tuesday, due to higher prices of fuel, cigarettes, alcohol and certain types of food. The rise in inflation came despite a fall in international oil prices, and […]

Oct 25, 2006 (LBO) – A group of Belgian investors began a three-day visit in Colombo, scouting for potential investment opportunities to grow trade between both nations, officials said. Belgium’s ‘Duvel’ beer will also be launched in Sri Lanka to coincide with the visit. The trade balance is currently tipped in Sri Lanka’s favour, with […]

October 20, 2006 (LBO) – Sri Lanka has imposed fresh restrictions to limit imports of 44 non-essential items like electrical goods, chocolates, palm oil and cosmetics, in a bid to curb excessive credit growth. “A 50 percent margin deposit on the invoiced value of the imports should be placed by the importers at the time […]

October 19, 2006 (LBO) – Sri Lanka’s economy is expanding at a blistering pace led by the telecommunications sector, but an escalation in violence could erase some of the gains, the Asian Development Bank said. Less red tape, more deregulation would boost South Asia growth: ADBMANILA, Oct 19, 2006 (AFP) – South Asia has the […]