Category: Economy and Markets
Sri Lanka’s business chamber welcomes Constitutional amendments but cautious about committee stage amendments
Apr 30, 2015 (LBO) – Sri Lanka Ceylon Chamber of Commerce welcomes the enactment of the 19thAmendment to the Constitution, to improve democratic ideals but cautions that the committee stage amendments to increase the number of Parliamentarians in the composition of the Constitutional Council has the potential to compromise its independence. In a statement Ceylon […]
Sri Lanka’s Central Bank to get US$400mn currency swap today
Apr 30, 2015 (LBO) – Sri Lanka’s Central bank said, that a 400 million US dollar currency swap by the Reserve Bank of India will be available to the Island today.Accordingly, a currency swap agreement between the two Central Banks was signed on 25th March, this year whereby 400 million US dollars was made available […]
Sri Lanka economy grows 7.4-pct in 2014; fiscal deficit increases: CB Annual Report
Apr 29, 2015 (LBO) – Sri Lanka’s economy has grown 7.4 percent in 2014 despite overall fiscal deficit has increased to 6 percent last year, releasing the 2014 annual report, the Central Bank said. “The government aimed to reduce the fiscal deficit to 5.2 per cent of GDP in 2014 from 5.9 per cent of […]
‘s Chamber of Commerce welcomes 19th amendment; concerns over constitutional council
Apr 29, 2015 (LBO) – Sri Lanka’s Chamber of Commerce has welcomed the enactment of the 19th amendment to the constitution saying it improves democratic ideals. Issuing a press release the Chamber has hailed the crucial roles played by the President, Prime Minister and the leaders of all political parties in arriving at a consensus; […]
Sri Lanka’s growth model needs to be modified: Economist
Apr 29, 2015 (LBO) Sri Lanka needs to rethink its growth model as the current system is severely constrained due to the Island’s fragile debt dynamics, a senior economist said. Over the last 6 7 years, Sri Lanka’s growth model has been based on commercial external borrowing led infrastructure development, Indrajit Coomaraswamy, Deputy Chairman of […]
Sri Lanka’s SEC sympathetic towards controversial Citrus Kalpitiya Beach Resort; EGM postponed
Apr 28, 2015 (LBO) – Sri Lanka’s Securities and Exchange Commission has requested the controversial Kalpitiya Beach Resort to postpone the scheduled extraordinary general meeting (EGM) which was supposed to held in May, by another month. “This was to enable the Company to come up with a precise direction on the future course of action […]
Sri Lanka stocks close up 0.1-pct
Apr 28, 2015 (LBO) – Sri Lanka’s stocks closed 0.13 percent higher despite a crucial Parliamentary vote to be taken shortly, brokers said. The Colombo benchmark All Share Price Index closed 9.31 points higher at 7,134.43 up 0.13 per cent. The S&P SL20 closed 5.47 points higher at 4,026.26 up 0.14 per cent. Foreigners bought […]
Sri Lanka sells $81.25mn of 2 and 3 year development bonds
Apr 28, 2015 (LBO) – The issue of Sri Lanka development bonds amounting to 50 million US dollars have been oversubscribed with 108.25 million US dollars of bids received from investors. The central bank has accepted 30.00 million US dollars of two year bonds at a rate of 6 month US dollars LIBOR plus a […]
Sri Lanka Treasury bill yields dropped: Central Bank
Apr 28, 2015 (LBO) – Sri Lanka’s Treasury bill yields were down on Tuesday’s auction with the 12-month yield dropped 11 basis points to 6.39 percent, data from the state debt office showed. It was decided to accept 5,715 million rupees from the auction of 12 month yield.6-month yield was also down from three basis […]
‘s CSE takes over SAFE Chairmanship
Apr 28, 2015 (LBO) – Sri Lanka’s Chairman of the Colombo Stock Exchange was unanimously elected as the Chairman of the South Asian Federation of Exchanges at the annual general meeting of SAFE concluded recently, the CSE said in a statement. CSE Chairman Vajira Kulatilaka succeeds Dr. Muhammad Abdul Mazid as the Chairman of SAFE […]
Sri Lankan MP Harsha de Silva says capital markets should develop instruments not only for rich but also for poor
Apr 28, 2015 (LBO) – South Asia needs to make financial instruments for people who are in the bottom of the economic pyramid rather than making instruments only for riches, Deputy Minister of Policy Planning and Economic Development of Sri Lanka said.“All of us in the SAFE (South Asian Federation of Exchanges) are facing similar […]
Sri Lanka Treasury bill yields drop: Central Bank
Apr 28, 2015 (LBO) – Sri Lanka’s Treasury bill yields were down at Tuesday’s auction with the 12-month yield dropping 11 basis points to 6.39 per cent, data from the state debt office showed.The debt office offered 3-month short term bills for the auction at 6.15 per cent and 9,085 million rupees were accepted from […]