Category: Economy
‘s Central Bank says Moody’s latest rating decision is unfounded
Nov 21, 2018 (LBO) – Sri Lanka’s Central Bank on Wednesday said that it is of the view that the decision by Moody’s to downgrade Sri Lanka’s foreign currency issuer and senior unsecured ratings from B1 (Negative) to B2 (Stable) does not properly reflect the country’s macroeconomic fundamentals, and therefore unwarranted. The Central Bank said […]
‘s political crisis puts IMF loan negotiations on hold
Nov 21, 2018 (LBO) – The International Monetary Fund (IMF) loan facility to Sri Lanka, approved in mid-2016, has been put on hold due to the islands prevailing political crisis, a foreign media report said. I The IMF approved the loan facility on the condition of comprehensive economic reforms. Speaking to media two weeks before the […]
Sri Lanka is on the brink of economic anarchy and chaos: Mangala
Nov 20, 2018 (LBO) – Sri Lanka’s former Finance Minister Mangala Samaraweera says that Sri Lanka is on the brink of economic anarchy and chaos as never experienced before. Releasing a statement, Samaraweera says the cavalier and irresponsible actions starting on October 26th places at risk Sri Lanka’s ability to meet its immediate debt obligations. “In […]
‘s downgrades Sri Lanka ratings to B2 amid political crisis
Nov 20, 2018 (LBO) – Moody’s Investors Service has downgraded the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings to B2 from B1 and changed the outlook to stable from negative. The decision to downgrade the rating to B2 is driven by Moody’s view that ongoing tightening in external and domestic financing conditions and […]
Prosperity Index show gains in North Western, Sabaragamuwa, Southern and Western provinces
Nov 19, 2018 (LBO) – Sri Lanka Prosperity Index (SLPI), increased to 0.771 in 2017 from 0.661 recorded in 2016, mainly due to improvements in ‘Economy and Business Climate’ and ‘Socio-Economic Infrastructure’ sub-indices, the Central Bank said in a statement.. Economy and Business Climate sub-index has improved during 2017, due to increase in per capita […]
Norway provides USD 3.5 mn for local empowerment through ILO
Nov 16, 2018 (LBO) – Norway extended to support up to 30 million NOK (3.5 million USD) to expand the ongoing project on “Local Empowerment through Economic Development and Reconciliation” (LEED+) implemented by ILO. Ambassador of Norway to Sri Lanka Thorbjørn Gaustadsæther and Country Director of the International Labour Organization (ILO) Simrin Singh signed the […]
Mahinda Rajapaksa says fuel price to be further reduced tonight
Nov 15, 2018 (LBO) – In a special statement in Parliament Mahinda Rajapaksa said fuel price will be further revised tonight. “It is only in Sri Lanka the fuel price goes up according to the formula when the world prices are going down,” he said. “This is why tonight the price will be reduced.” Speaking […]
Sri Lanka growth expected to recover to 4 – 4.5-pct in 2019: CB Gov
Nov 15, 2018 (LBO) – There are some positive signs with FDI and exports probably going to be record numbers this year and we envisage Sri Lanka’s growth to be somewhere between 4 -4.5 percent for 2019, the Central Bank Governor said. Growth is expected to remain below envisaged levels in 2018. As per the […]
Sri Lanka CB Chief confident of meeting debt repayment targets in 2019
Nov 14, 2018 (LBO) – Political uncertainty will not have an impact on Sri Lanka’s debt repayment preparations for 2019, the Central Bank Governor said. “Despite the uncertainty we have been operating with business as usual, ” Dr. Indrajit Coomaraswamy, Governor, Central Bank told reporters in Colombo, Wednesday. “CB is ready to cover the January 15th […]
Sri Lanka official reserves at USD7.9bn by end Oct; YTD rupee depreciation 12.9-pct
Nov 14, 2018 (LBO) – Supported by the receipt of the foreign currency term financing facility of 1 billion US dollars by the government, gross official reserves amounted to 7.9 billion US dollars as at end October 2018, providing an import cover of 4.2 months, the Central Bank said. The bank added that the significant […]
Central Bank reduced Statutory Reserve Ratio & increased policy interest rates
Nov 14, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 13 November 2018, has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.50 percentage points to 6.00 percent. In order to neutralize the impact of this reduction […]
SAARC energy regulators meet in a bid to initiate regional power trade
Nov 13, 2018 (LBO) – Sri Lanka hosted the third meeting of South Asian Association for Regional Cooperation (SAARC) council of experts of energy regulators (Electricity) in Colombo, Tuesday to pave the way for initiating regional power trade through the implementation of SAARC framework agreement. Apart from the infrastructure and regional power trading, the council will […]