Category: Economy and Markets
Paskiquote s Theories
High non-performing loans of Bank of Ceylon quote s and Peoples Bank were highlighted as the cause for the high intervention cost in the local financial sector, at the Financial Reforms forum that ended today. rnrnldblquote Banking supervision could have been more forceful on state banks to control their lending to dubious projects dblquote , […]
Wobble Start
The rupee wobbled sharply against the US dollar, following Central Bank quote s decision to cut its key short-term rates by 50 basis points this morning.
Do Or Die
ldblquote Some of you will benefit, some won quote t, some will have to close down, but the country quote s economy will flourish as a result of the efficient financial sector dblquote , he said opening the curtain raiser of the top level Financial Sector Reforms Forum today. rnrnThe three-day forum has brought together […]
Hole In The Coffers
The Central Bank estimates state revenue at Rs.275 bn, while total debt servicing stands at Rs.300 bn, the bank quote s Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online. rnrnHe said the bank is looking at introducing interest rate swaps, inflation linked bonds and short-term borrowings to tide through the crisis. rnrnPresently, interest payments […]
DEX Exchange
The Colombo Stock Exchange quote s (CSE) is putting the finishing touches to its long awaited debt trading system, which is due to make its debut next month.
North Bound
rnWith investor interest in the area perking up, development projects are beginning to get underway with road rehabilitation and water/sanitation projects, among those high on the agenda.rn rnIn addition to four large-scale industries in the area, there are a total of 3548 industrial units in the area employing some 15,000 people.rn rnMost of these are […]
Act Now
Ajantha Madurapperum also called for proactive measures to prevent a liquidity shortfall in the festive month of April. rnrnThe Central Bank cut its discount rates last October, when both repo and reverse repo was reduced by 1 percent to 12 percent and 14 percent, respectively. rnrnMadurapperuma said that factors that traditionally governed the domestic interest […]
Tall Order
The accord sets out specific time bound targets including detailed mechanism to monitor progress and also represents ADB quote s long-term commitment to Sri Lanka quote s future economic development, ADB President, Tadao Chino told a news conference. rnrnFinance Minister K N Choksy said the bank quote s assistance would go a long way to […]
Double Issue
The company plans to use the funds to help finance its two power projects in Matara and Horana. rnThe group will issue Rs. 200 mn worth of two-year unsubordinated, unsecured and redeemable debentures with interest payable semi annually.A further Rs. 200 mn worth of four-year debentures with interest payable either annually or semi annually will […]
Poor Outlook
ldblquote 2001 was one of the worst years in terms of economic performance.Poor monetary and fiscal management was compounded by a series of external and internal shocks, dblquote he said addressing a Norwegian Aid delegation on Sri Lanka quote s economic revival plan. rnrnHefty military spending, a stalled privatization programme and mounting losses at key […]
Building Bridges
Finance Minister K N Choksy told a Norwegian Aid delegation headed by Olav Kjorven, Deputy Minister of Development Cooperation that a systematic framework was necessary after the government signed an indefinite truce agreement with the LTTE recently. rnHe said the Relief, Rehabilitation and Reconciliation framework, also known as the lquote Triple R document quote will […]
Money To Fish
A Norwegian team of consultants are due this week to negotiate funding for coastal economy development, Finance Minister, K N Choksy told Lanka Business Online. rnrnldblquote The project will not be limited only to North and East. The Norwegian team will evaluate the entire coastal belt of Sri Lanka for potential development projects dblquote , […]