Category: Economy and Markets
Mix and Match
The Govt., the World Bank and the Asian Development Bank are preparing a survey on the investment climate in Sri Lanka.The survey will help policy makers address impediments to investment including legal, policy and institutional reforms.rn rnThe exercise forms part of a regional effort to attract more investment and promote information sharing between the countries. […]
Mock Runs
The Central Bank plans to start mock runs for scripless trading on government securities next week after parliament approved the legislative amendments.Deputy Superintendent Public Debt, Dr.W M Hemachandra says trial runs for market participants starts off on Dec.9, with live runs schedule to take place at the end of January.rn rnAmendments to the Registered Stock […]
Its A Wrap
Upcoming debt market specialist, National Wealth Corp. wrapped up a complex debt-restructuring deal for the governments supermarket chain.rnrnrnrnrnrnNew Page 1rnrnrnrnrn Arnconsortium of six commercial banks endash Bank of Ceylon, Peoples Bank,rnCommercial Bank, HSBC, Hatton National Bank and Seylan Bank endash inked the dealrnon Monday, in what NatWealth claims is the largest debt restructuring deal inrnSri […]
Upward March
Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first nine months of this year, which helped the trade deficit shrink marginally, the Central Bank said Monday.The positive sentiment contributed to a rise in exports and a higher import bill in September.rn rnHigher export numbers helped lower the trade […]
Leg Up
The Sri Lankan rupee is on course for a firmer footing against the US dollar, despite recent political cross currents that have shaken the currency.After appreciating some two percent against the dollar, the currency has hit some rough weather due to the ongoing political tussle.rn rnThe rupee closed weaker at 96.00 against the greenback on […]
Please Give
The government is hoping to persuade BOI firms to submit to the proposed Economic Service Charge.Finance Minister K N Choksy says the agreements with BOI firms and International Investor Protection Agreements, that the government is signatory to, prevented the state from slapping such levies against their will.rn rnFinance Minister however says they should pay the […]
Hidden Costs
World Bank is likely to chip in and help the government foot the hefty early retirement bill to off load around 300,000 public servants. rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Talks on negotiating the wish list under thernfourth tranche of the World Banks Poverty Reduction Support Programme, is duernto start next year. Part of the hefty VRS package […]
Look Who’s Talking?
The main opposition Peoples Alliance is geared for Act Two of the ongoing political drama, with the President on Thursday setting a mid December deadline for political haggling with the Prime Minister to end.President Chandrika Kumaratunga set this deadline, while addressing a cross section of the business community late Thursday.rn rnA memorandum of understanding between […]
‘s Talking?
The main opposition Peoples Alliance is geared for Act Two of the ongoing political drama, with the President on Thursday setting a mid December deadline for political haggling with the Prime Minister to end.President Chandrika Kumaratunga set this deadline, while addressing a cross section of the business community late Thursday.rn rnA memorandum of understanding between […]
Is It A Mirage?
The UNF government is prepared to forget the past and offer a greater role for the opposition in the current peace talks, if a consensus can be developed on the peace process and the economy, Minister G L Pieris says.ldblquote The government wishes very strongly to put the strains and tensions, that have characterised the […]
Out Of Focus
The Treasury is taking a second look at budget proposal to slap a new tax on equity trading, following howling protest by market players.rnrnrnrnrnrnProposals like a tax on mobile phones and Economic Service Chargernrnrnrnrn Proposals like a tax onrnmobile phones and Economic Service Charge (ESC), have also grabbed policymakersrnattention for some tinkering before they come […]
Strong Rupee Policy
Finance Minister K N Choksy made the strongest statement yet that the government is committed to a strong rupee policy.ldblquote Sri Lankans have accepted with complacency and resignation the concept of a weak rupee prevailing indefinitely dblquote , Minister Choksy said, during the round up of recent economic developments presented shortly before the budget proposals.rn […]