Category: Economy and Markets
Balancing Act
Sri Lankas trade deficit for March expanded marginally, as the countrys import bill galloped ahead of export earnings, the Central Bank said Wednesday.Trade deficit for March grew US$ 70 mn to US$ 223 mn in 2004, as foreign inflows from tourism, ports, private transfers and net inflows of portfolio investments eased the pressure on the […]
Die or Dare
A 10-year State guarantee to buy its entire requirement of school, police and hospital uniform cloth is on offer to any investor daring to revive Kabool Lanka. Freedom Alliance Labour Minister Atauda Seniviratner says the government will also pledge Treasury approval to phase out the payment of some Rs. 160 million in outstanding statutory payments […]
Green Exchange
The Banks Public Debt Dept., sought offers from the market to raise US$ 250 mn worth of Sri Lanka Development Bonds.rn rnThe Central Bank will roll over US$ 91.5 mn worth of paper when it comes up for renewal on June 28 and issue fresh bills for the balance US$ 158.5 mn. rn rnThe issue, […]
Holding Steady
Sri Lankas foreign reserves took a 2.2 percent dip in March, slightly above a 5.7 percent drop in January 2004, according to latest data released by the Central Bank.rnrn Officialrnor Central Bank reserves slipped to US$ 2,261.5 mn, while total reserves, whichrnalso includes private holdings, rose 3.0 percent to US$ 3,313.3 mn.rn SrirnLanka has to […]
Breaking The Ban
Sri Lankas Tamil Tigers have asked India to reconsider its extension of a ban on the rebels imposed over the assassination of former premier Rajiv Gandhi.The Tamil National Alliance, the rebels proxies in parliament, said the ban raised the concern of the islands minority Tamils about Indias commitment to ending the three decades of bloodshed […]
Sampath Fortune
Sampath Bank plans to raise Rs. 1.5 billion by issuing debentures to strengthen its capital base and make long-term money available for lending.The issue which will open later this month will initially target to raise Rs. 1billion with an option to raise a further half a billion in case of an over subscription.rn rnThe five-year […]
Aid Direct
The World Bank handed out Rs. 4 million of grant money directly to eight non-governmental organizations recently.This model of directly supporting community-based work is a new concept promoted by the World Bank who in the past has only directly lent to governments.rn rnThe bank says there were over 300 applications of which they chose 8 […]
Peace Please
Sri Lanka needs to return to the negotiating table with the LTTE to untangle US$ 4.5 billion in international aid, but talks with the Tamil rebel faction still seem distant.After a four-day situation analysis, Japans Special Envoy to the Sri Lankan Peace Process left it open for the government and the LTTE to set a […]
Flat
Treasury Bill rates remained flat at Wednesdays auction due to excess liquidity in the money market and a steady outlook for short-term interest rates.The Central Bank offered and accepted bids for Rs.8,238 mn, though the auction was oversubscribed with Rs.16,808 mn worth of offers.rn rnTreasury rates for three, six, and one-year remained flat at 7.79 […]
Rowing Together
President Chandrika Kumaratungas minority government secured the deputy speakers post in Parliament on Tuesday after the main opposition party offered no resistance to the move.The United National Front reached an agreement with the government not to oppose Kumaratungas candidate for the position, said party spokesman Mahinda Samarasinghe.rn rnHe did not elaborate. rn rnThe UNFs position […]
Looking Good
Sampath Bank on Monday secured an A+ (sri) for its long-term debt and an A (sri) rating for its four-year debenture issue from Fitch Ratings.An A+ (sri) rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless be more vulnerable to changes […]
Pow-Wow
A Japanese envoy will meet with Tamil Tiger leaders in thernrebel-held town of Kilinochchi on Tuesday to discuss Sri Lankas efforts tornend a two decade civil war, an embassy official said.rnJapan is Sri Lankas largest aid donor and has joined diplomatic effortsrnto reach a final peace deal between the government and rebels since arnNorwegian-brokered cease-fire […]