Category: Money
Sri Lanka’s Central Bank keeps policy rates steady
June 24, 2016 (LBO) – Sri Lanka’s Central Bank has decided to keep its key interest rates steady for a fourth straight month on Friday, despite rising inflation and high private sector credit growth. The full text of the statement is reproduced below. Monetary Policy Review – June 2016 According to provisional estimates of the […]
‘s comments, jobs report
June 07, 2016 (LBO) – U.S. interest rates may rise gradually after comments from Federal Reserve Chairwoman Janet Yellen on Monday, along with a surprisingly weak jobs report released on Friday. Yellen she said Friday’s jobs report was “disappointing” and “on balance, concerning,” but cautioned against placing too much significance on one economic report. The […]
Sri Lanka holds rates unchanged after policy meeting
May 20, 2016 (LBO) – Sri Lanka’s monetary board held interest rates unchanged after a monthly policy meeting taking into account among other things the Extended Fund Facility expected from the IMF and the others, that would enhance the country’s resilience to external shocks and improve investor confidence in the economy. The full statement is below: The […]
Ravi K says Japan agrees USD2.5bn development loan to Sri Lanka
May 19, 2016 (LBO) – Finance Minister Ravi Karunanayake told Parliament Thursday that Japan has agreed to provide about 2.5 billion US dollars worth development policy loan to Sri Lanka. This has been revealed yesterday when Japanese Prime Minister Shinzo Abe’s Special Representative Hiroto Izumi called on Prime Minster Ranil Wickremesinghe, Finance Minister said.“Mr. Izumi also […]
‘s high credit growth to private sector plateauing: Governor
May 05, 2016 (LBO) – Credit growth to Sri Lanka’s private sector by commercial banks is a key variable followed in determining monetary policy. This number has been running high in recent months, rising to 26.5 percent in February, compared with 25.7 percent in January on a year-on-year basis, although the figure is down from […]
‘s foreign debt servicing rises steadily
May 01, 2016 (LBO) – The amount Sri Lanka has spent on external debt repayment and interest has more than doubled over the last five years, Central Bank data shows. Earnings from exports, however, have not grown as much. Debt service payments increased to 4.7 billion dollars in 2015 from 1.8 billion dollars in 2011, […]
Ceylon Dollar Bond Fund records 8.82 percent dollar return
Apr 11, 2016 (LBO) – The Ceylon Dollar Bond Fund (CDBF) that invests in Sri Lanka Dollar Sovereign Bonds and Bank Bonds has recorded an 8.82 percent per annum annualized return (10.60 percent in Rupee terms) during the first quarter of 2016, its managers said. The dollar denominated fund in Sri Lanka is managed by […]
Final decision on VAT next week, says State Finance Minister Lakshman Yapa
Apr 01, 2016 (LBO) – The final decision on Value Added Tax will be taken by next Friday, State Finance Minister Lakshman Yapa Abeywardena told LankaBusinessOnline a short while ago. “No decision has been taken yet. It will be decided next Friday,” Abeywardena said. Inland Revenue Department has issued a notice to the VAT registered […]
Sri Lanka rates held unchanged after monetary policy meeting
Mar 29, 2016 (LBO) – Sri Lanka’s monetary board held interest rates unchanged after a monthly monetary policy meeting, surprising some market participants who expected a rate increase. Seven out of 13 economists expected the Central Bank to raise rates to tackle high credit growth and pressure on the Rupee, according to a poll done […]
Sri Lanka foreign reserves at USD6.6bn; IMF support by mid 2016
Mar 16, 2016 (LBO) – Sri Lanka’s gross official reserves were estimated at 6.6 billion US dollars by today, Special Assignments Minister Sarath Amunugama said. Speaking at a media briefing Amunugama said it is sufficient for 4 months of imports. “It is recommended to keep at least 3 months of imports. So we are at […]
Investrust says its money market fund outperformed in 2015
Feb 29, 2016 (LBO) – Investrust Wealth Management Ltd, a member of Investrust Holdings Ltd, said its money market fund was the best performing for the year ended 2015. The Investrust Money Fund delivered a net after fee return of 8.60 percent p.a. while outperforming the Money Market Funds available in the market, according to […]
Central Bank relaxed restrictions on remitting foreign currencies
Feb 05, 2016 (LBO) – The Central Bank has relaxed restrictions on remitting and transacting foreign currencies with immediate effect. With this new decision, foreign currencies can be remitted out of NRFC, RFC and RNNFC (Resident Non National Foreign Currency) accounts and FEEA (Foreign Exchange Earners’ Account) for any purpose and prior approval need not […]