Category: Economy
Federal Reserve will only cut rates once in 2019: Fitch Ratings
July 18, 2019 (LBO) – The Federal Reserve is likely to cut interest rates by less than financial markets expect over the rest of 2019 given robust jobs growth in the US, Fitch Ratings says. A 25bp cut now appears probable at either the July or September FOMC meeting but is unlikely to signal the […]
Sri Lanka’s possible fiscal slippage, main argument for not relaxing policy: CBSL Chief
July 12, 2019 (LBO) – Sri Lanka’s possible fiscal slippage is the main argument against relaxing monetary policy, the Central Bank Governor Indrajit Coomaraswamy said. Speaking to journalists in Colombo after the monthly monetary policy announcement, he said the government’s revenue has come down with increased expenditure, opening doors for a possible fiscal slippage. Monetary […]
Sri Lanka reserves improve to USD 8.9bn by end June; YTD rupee appreciation 4.1-pct
July 11, 2019 (LBO) – Sri Lanka’s gross official reserves have reached 8.9 billion US dollars by end June 2019, following the receipt of 2 billion US dollars from the issuance of ISBs, providing an import cover of 5.1 months, the Central Bank said. The successful issuance of the International Sovereign Bonds (ISBs) in June […]
Sri Lanka Central Bank maintains policy interest rates at current levels
July 11, 2019 (LBO) – Monetary Board of Sri Lanka’s Central Bank at its monetary policy meeting has decided to maintain policy interest rates at their current levels. “Considering the current and expected macroeconomic conditions, the Monetary Board was of the view that there is ample space for market lending rates to adjust downwards in […]
Millennium Challenge Corp. committed to advancing Sri Lanka compact: New CEO
July 08, 2019 (LBO) – New CEO of the Millennium Challenge Corporation, Sean Cairncross says that they are committed to advancing the proposed 480 million dollars compact that the two governments have jointly developed to address major constraints in the Sri Lankan economy related to transport and land administration. Sending a letter to Sri Lanka’s […]
Monetary Policy to be maintained allowing impact of previous rate cut to materialize: FCR
July 08, 2019 (LBO) – Sri Lanka’s Monetary Board would continue the policy rates with no change, considering the fact that it is too early to assess the impact of the previous 50 bps rate cut, First Capital said in a research note. “We believe that Monetary Board may first consider, CBSL’s ability to implement […]
Sri Lanka launches USD2.2Bn LRT project to modernise city dwelling and transportation
Jul 04, 2019 (LBO) – The government launched the Malabe and Colombo Fort Light Rail Transit (LRT) project with the aim of modernising the city’s transpotation system. The Ministry of Megapolis and Western Development launched the project in the presence of Prime Minister Ranil Wickremesinghe, yesterday in Colombo. The construction work is due to commence […]
World Bank classifies Sri Lanka as upper-middle income country under new revision
Jul 02, 2019 (LBO) – Sri Lanka has moved up to the upper-middle income category from lower-middle income category under the World Bank’s new country classification by income level. As of July 1, 2019, under the new revision, Sri Lanka’s Gross National Income (GNI) per capita is 4,060 US dollars, up from 3,840 dollars reported […]
SriLankan Airlines incurs to Rs.13Bn loss in first 4 months of 2019
Jul 02, 2019 (LBO) – State-run SriLankan Airlines total loss has increased to 12,961 million rupees in the first four months of 2019, a new report said. The total debt of Sri Lankan exceeded US 750 million dollars, according to mid –year Fiscal Position Report -2019 of the Finance Ministry. “While the Government is currently […]
Sri Lanka public servant pay hike effective from today
Jul 01, 2019 (LBO) – The salary increment and other allowances for public servants proposed by Finance Minister Mangala Samaraweera in his budget 2019 is effective from today (July 01). Accordingly, all public servants will receive an additional monthly allowance of 2500.00 rupees, the Finance Ministry said issuing a statement. Also, allowance for security forces […]
Accountants can assist in implementing effective tax system: Inland Revenue COMNR GEN
Jun 27, 2019 (LBO) – The new Commissioner General of Inland Revenue, Nadun Guruge recently highlighted the important role Chartered Accountants can play in ensuring an effective and efficient tax system in the country. Speaking at the felicitation ceremony organized by CA Sri Lanka, Guruge who assumed duties as the 33rd Commissioner-General also noted that […]
Sri Lanka successfully launches USD bond with over 3 times oversubscription
Jun 25, 2019 (LBO) – Sri Lanka returned to the US dollar bond markets, successfully pricing a new issuance of 500 million dollars 5-year and 1.5 billion dollars long 10-year bonds with over three times over subscription. The Central Bank said the final orderbook stood at over 1.8 billion dollars across 165 accounts for the […]