Category: Economy and Markets
Greenlight
The Colombo Stock Exchanges debt trading system is likely to take off this month, giving smalltime investors closer access to the government debt market.Seylan Merchant Bank, who became the first of the five members to get a licence, says they plan to roll out operations this month.rn rnThe DEX allows the public to buy and […]
On Track
Central Bank said GDP growth was on track to meet annual target of 5.5 percent this year but warned that political instability and progress on peace would be important for faster growth. Service sector growth has been outstripping the agriculture and industry sectors by a fair margin.rn rnSince economic liberalization in 1977 the industry sector […]
Steady Run
The Central Bank, Wednesday, left growth projections of 5.5 percent for 2003 intact, but warned that key structural reforms had to go ahead to maintain the momentum. ldblquote The downside is the slower implementation of structural reforms such as labour reforms, public administration and particularly infrastructure projects means we wont be able to sustain the […]
Third Opinion
So far, the bank has mandated Fitch Ratings Inc. to give Sri Lanka its first country rating. Fitch was selected for its local presence through Fitch Ratings Lanka Ltd. rn rnThe mandate for the second rating from either Moodys Investor Services or Standard & Poors will be given once the bank selects a rating advisor.rn […]
Hurry Up
The United States asked top Sri Lankan politicians to hurry up and sort out their differences, as the ongoing political impasse is hurting the peace process.US Deputy Secretary Richard Armitage said the current political impasse in Sri Lanka cannot be allowed to continue, and added that he will consult with the other donor co-chairs — […]
No Attachments
The Rs. 1bn will be allocated as an outright grant for rehabilitation and reconstruction in 2004, Niranjan Deva Aditya EU Parliamentarian said in a statement this week.rn rnLast years EU budget for Sri Lanka was Rs. 2 bn. In addition Sri Lanka received Rs.1.5bn in Aid of displaced people and Rs.1bn under the Humanitarian Office […]
Flat Rates
Treasury bill yields remained flat on Wed. amidst speculation that that the Central Bank is unlikely to tinker with its short-term interest rates on Thu.rnrnrnrnrnrnNew Page 1rnrnrnrnrn The Central Bank has been following a soft rate stance amid reduced government borrowing following the February 2002 ceasefire. rn The bank has cancelled several government bond auctions […]
No Surprises
The Central Bank left its key short-term rates unchanged on Thursday, signalling that it was comfortable with the country quote s economic fundamentals. The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy […]
New Blood
Merchant Bank of Sri Lanka is tapping the local debt market to raise up to Rs. 200 mn to fuel its expansion programme.rnrnrnrnrnrnNew Page 1rnrnrnrnrn Arnfour-year unsecured debenture, which comes with a combination of fixed andrnfloating interest rates starting from 10 percent, will be on offered to thernpublic shortly.rn rn rn rn THE ISSUE rn […]
Help at Hand
ThernrnAsian Development Bank on Thursday approved a rnUS$ 80 million loan package to improve daily living conditions in the North and rnEast of Sri Lanka. rnThe project will focus its activities on the most-severely conflict-affected districts: Jaffna, Mannar, Kilinochchi, Mullaittivu, Vavuniya, Trincomalee, Batticaloa, and Ampara, where essential infrastructure will be rehabilitated along with restoring community […]
New Money
The Ministry of Enterprise Development, Industrial Policy and Investment Promotion. is hoping to raise US$ 90 mn next year to fund the second leg of a concessionary loan scheme to small and medium scale enterprises. Ministry officials say they could approach the Asian Development Bank (ADB) for assistance, this time to help the state raise […]
Saving Face
Starting off talks on environmental conservation the World Conservation Union (IUCN) called for a change of attitude among conservationists and corporates to enable sustainable development in Asia. The IUCN conference on regional conservation issues kicked off its first session in Colombo on Tuesday laying emphasis on the role of businesses and industries in environmental conservation.rn […]