Category: Economy and Markets
Money Cleansing
rnMinister Bandula Goonerwardene at the Cabinet press briefing today said the government hoped to utilize the funds to boost local investments. The proposed Inland Revenue Special Provision Act, which will declare a 18 month clemency period to invest previously undeclared funds through capital investments in formal businesses.rn Prospective investors will not face penalties or taxes […]
Terror Treasure
Proceeds from the auction will be used as seed capital for the proposed Youth Corps, Minister Bandula Goonerwardene said.rn rnThe Gold collection, which includes 1521 bangles, 1192 rings and 1242 bangles, is currently placed with the Central Bank in eight separate deposits. rn rnIt is claimed that the JVP has build up this Gold reserve […]
Easing Ahead
The Central Bank offered and accepted bids for Rs.6.565 bn despite the auction being oversubscribed with bids for Rs. 12.461 bn. rnrnBids on offer this week included re-issues of Rs. 5.565 bn in maturing bills and Rs.1.000 bn in fresh issues. rnrnThe weighted average yield for three month notes slipped three basis points to 12.83 […]
Building Debt
Construction work on the head office complex is expected to cost the bank around Rs. 4 bn. rnrnThe securatised paper carrying a ten-year tenure, will be privately placed with institutional investors, a senior HNB official said. rnrnSecuratisation is an asset backed debt instrument, where the future cash flow receivables of the assets are transferred to […]
Easing Up
Money brokers are expecting a benchmark repo interest rate cut towards end April, due to twin effects of the IMF disbursement and improved liquidity in the money market following the festive season.Some even speculate that the Central Bank may announce the rate cut immediately, in order to give a clear signal to the market ahead […]
New Head
Gunaratne is a Chartered Accountant by profession and presently is the Chairman of Sevanagala Sugar Industries. rnrnSevanagala Sugar, is in the process of being privatised with the government selling its 90 percent stake. Four parties have been shortlisted. rn
Ganu Denu
The Board has also approved Sri Lanka quote s request to extend the period of the current programme by two months to August 19 2002. rnrnThe Sri Lankan Government resorted to an US$ 253 mn stand by arrangement with the IMF early last year following a steep drop in official reserves and free float of […]
Capitalist Rebels
The rebel group quote s theoretician Dr.Anton Balasingham explaining his leader quote s stand said, ldblquote economic policy would be based on the open market system. [But] We can only think about the economic structure, after the conflict is resolved dblquote . rnrnThese statements are expected to somewhat mitigate the Sri Lankan business communities anxiety, […]
Holding Firm
Three-month notes dropped one basis point to 12.93 percent, six month bills slipped one basis point to 12.97 percent and one year treasuries lost four basis points to 13.74 percent. rnrnDealers say rates have held firm, despite a Rs. 7.8 bn liquidity crunch on seasonal demand. rnrnDealers expect the shortfall to ease after the New […]
Cutting Tape
Cabinet spokesman Prof. G L Peiris announced that a decision to this effect was taken yesterday, allowing private operators re-enter domestic air travel. rnrnMeanwhile, in a shift of policy, the opposition members from across the floor will from now on be elected to chair the Public Enterprise Committee and the Public Accounts Committee. rnrnOpposition MP […]
Small Solace
ldblquote Both the Government and Central Bank have responded positively to our concerns about the negative effect of Debit Tax dblquote , Primary Dealers Association quote s President, Ajantha Madurapperuma told Lanka Business Online. rnrnldblquote We were told that changes are currently been drafted to exclude the repo market from Debit Tax dblquote , he […]
Helping The Little
An agreement for technical assistance for the SME sector was officially closed between the government and the ADB on March 27rn rnThe aid is being funded as a grant by the Japan Special Fund and is a component of the ADB-financed lquote Small and Medium Enterprise Sector Development Program quote loan of US$86 million.rn rnThe […]