Category: Economy and Markets
Helping Hand
The Manila based bank, which funded economic development and poverty alleviation projects worth US$ 2.7 bn during its 34 years stint in Sri Lanka, has already launched a North East Community Restoration and Development Project. rnrnNew projects for community development and water supply in the East are also in the pipeline, said ADB President Tadao […]
Decreasing
The bank said it offered and accepted bids for Rs.5.569 bn. rnrnThree-month notes slipped six basis points to 12.66 percent, six month treasuries dropped eight basis points to 12.91 percent and one year notes dropped lost seven basis points to 13.54 percent. rnrnThe bank said the three (Rs. 2.654 bn) and six (Rs. 418 mn) […]
Bread Security
Speaking at the Cabinet press briefing this morning, Prof. G. L. Peiris said that move was necessitated by the rising cost of living.rn rnHe added that Indian wheat would be available in the local market early next week at Rs. 15.00 a kilo, following successful negotiations by Premier Ranil Wickremesinghe during his recent trip to […]
Slipping
The bank said it offered and accepted bids for Rs.500 mn. rnrnThe weighted average yield dropped to 13.73 percent from 14.94 percent recorded in the previous auction. rnrnToday quote s two-year bond, which carried a coupon rate of 12.50 percent, is part of Rs. 2.000 bn scheduled to be issued during the months of February […]
Build More
ldblquote The budget will unveil many concessions for housing projects and other construction activities. This sector has been on a downward spiral for many years dblquote , Minister Bandula Gunawardene said. rnrnldblquote Investment in the construction industry has a multiplier effect on investment in the economy as a whole. It creates employment for all sectors […]
Unshackled
The government plans to set up a Revenue Authority to streamline the collection of taxes, customs and excise duties.
Open Sesame
The Fund quote s Executive Board would decided when to release the balance funds, once it evaluates the budget proposals for fiscal reforms that are mainly aimed at lowering the deficit, IMF quote Jeremy Carter said in an interview today. rnrnThe balance is likely to come in two equal tranches, one immediately after the budget […]
High Fever
The repo-rate or the repurchase rate is the key benchmark, which sets the floor in the overnight call money market, as it enables lenders to invest excess funds in treasury bills and bonds held by the Central Bank (i.e. at near zero risk). It is also the Central Bank quote s main instrument of signalling […]
Looking Pale
Trade data for the first 12 months of 2001 shows the deficit has narrowed down to US$ 1.157 bn, as against US$ 1.798 bn deficit during the same period in 2000. rnThe deficit narrows further to US$ 1.500 bn when the trade data excludes the value of three SriLankan airlines aircrafts imported during the same […]
Buying Rights
Despite as many as 4000 consumer rights groups floating in Sri Lanka, most are inactive, hindered by a lack of sufficient funding. rnrnLobbyists have come forward with suggestions that a welfare fund be set up making it mandatory for consumers to contribute to the fund. rnrnldblquote Just like other taxes GST or NSL, we are […]
Big Steps
The bank has amended the existing legislations and created separate categories for commercial banks and non-commercial banks. rnrnThe new guidelines which came into effect from February 1, requires new dealers to set aside minimum Rs. 150 mn in capital. rnrnCommercial banks have to maintain the capital in a separate fund known as Primary Dealer Special […]
No Problem
The government has also decided to shift the venue of the customarily aid group meeting from Paris to Colombo, in order to allow a greater participation of Sri Lankan officials in the discussion, Cabinet spokesman Minister G L Peiris said today. rnrnldblquote This change of venue will allow most of the officials who are in […]