Category: Economy and Markets
Investment Divide
Legislation to divide the country into five industrial zones under the Board of Investment (BOI) has gone a step ahead, with the draft Act being finalised, Enterprise Development Minister, G.L. Peiris said today.
Long Term Dues
Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that the bank hopes to offer around Rs. 1.5 bn at the initial issue. rnrnThe bond is likely to be priced at around 12 percent to 13 percent, though market players are expecting to bid at around 15.5 percent. rnrnThe ten-year bond, the first in Sri […]
Borrowing Spree
A series of Reconstruction bonds are due to hit the market later this year, while the remaining US$ 91.5 mn of the US$ 250 mn development bonds will be issued later this month. rnrnReconstruction bonds will be issued in rupee and dollar denominated notes. Of this, the bank is looking to raise US$ 300 mn […]
Final Issue
The two-year bond will be linked to the six months London interbank offered rate or LIBOR.rn rnThe government last year said it was raising up to US$ 250 mn through the bond issues to help bridge the yawning budget deficit. However, only US $ 158.5 million two year bonds were issued.rn rnEarlier this year in […]
New Faces
There has been a positive response to Central Bank quote s call to expand the government securities market by issuing new licences.rn rnThe bank quote s Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that lquote a few parties have already submitted their applications. quotern rnrnMarket watchers speculated that the new comers include Peoples […]
Hard Talk
ldblquote It is vital that fiscal programme remains on track to ensure that the overall budget target of 8.5 percent of GDP is not exceeded, while protecting pro-poor spending, dblquote IMF quote s Deputy Division Chief (Asian & Pacific Dept.) Jeremy Carter said addressing delegates at the Sri Lanka Development Forum today. rnrnCarter urged the […]
Moving On
The Central Bank cut its key short-term discount rate by lowering the overnight reverse repurchase rate (reverse repo) by ten basis points to 13.75 percent this morning.The announcement is in line with the bank quote s new policy of making regular changes to its key discount rates, to make it more responsive to market developments, […]
Restoring Jaffna
rnSri Lanka quote s top trade chamber, the Ceylon Chamber of Commerce, has identified three priority areas for development by the private sector, on a commercial scale. rn rnThese include low cost housing, repair and rehabilitation of road networks as well as construction and operation of up to three star level hotels and tourist facilities.rn […]
Rising Prices
Increasing food prices pushed the Colombo District Consumer Price Index up by 6.5 per cent (point to point) to 137.9 from 137.1 in April.
Slower Pick Up
The bank said the deficit for the first quarter shrank 18.5 percent to US$ 277 mn from US$ 340 mn recorded in the same period 2001. rnrnExport earnings for the quarter slipped 15.2 percent to US$ 1,080 mn compared with US$ 1,274 mn in 2001. rnrnImport expenditure dropped by 15.9 percent to US$ 1,358 mn […]
Colombo Venue
Held for the first time in Sri Lanka, the forum brings together donor countries and lending agencies. rnrnUnlike the earlier Paris Aid group meetings, the parley is not a pledging conference. rnrnThe government will present the second draft of its Poverty Reduction Strategy Paper (PRSP), which will highlight possible areas for donor funding. Another document, […]
Full Throttle
The government quote s residual stakes in sugar plantations have been completed.Preparation work on disposing minority stakes in Lanka Marine Services (LMS), Shell Gas Lanka Ltd and National Insurance Corp. (NIC) are progressing as schedule. rnrnldblquote We are hopeful that we can conclude these three deals by end June or so, dblquote Chairman P B […]