Category: Economy and Markets
Inflation likely to remain in 4 – 6 percent range in 2019: Central Bank projections
Feb 22, 2019 (LBO) – Projections of the Central Bank indicates that inflation is likely to remain in the desired 4 – 6 percent range in 2019 and beyond. Headline inflation and core inflation increased in January 2019 mainly due to the increase in non-food inflation driven by higher expenditure on certain items such as […]
Central Bank decides to reduce SRR & keep policy rates unchanged
Feb 22, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 21 February 2019, has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.00 percentage point to 5.00 percent with effect from 01 March 2019. The Board also decided to […]
Rs.8bn inflows into securities since Jan; rupee appreciated 2.3-pct YTD: FM
Feb 21, 2019 (LBO) – Finance Minister Mangala Samaraweera says that foreign capital is now flowing back into the economy with 8 billion rupees worth inflows into government securities since January this year. Addressing the AmCham Breakfast Buzz held today in Colombo, the Finance Minister reminded that the rupee has also appreciated 2.3 percent year […]
First Capital Research expects a continuation of policy rates at current levels
Feb 21, 2019 (LBO) – First Capital Research said it expects a continuation of monetary policy rates at current levels although they recognize an increased probability of 10 percent for a rate cut considering the prevailing below par GDP growth and sluggish credit growth. First Capital Research expects the Central Bank to keep Statutory Reserve […]
Seylan Bank reports PAT of Rs.3,189Mn for year ended 31st Dec 2018
Feb 21, 2019 (LBO) – In a challenging external environment, Seylan Bank recorded a Profit-after-Tax of Rs. 3,189 Million for the year ended 31st December 2018 after one-off adjustment of Rs. 1,135 Million to resolve the long standing issue of additional gratuity. The Bank’s advances grew by 16.4% while the deposit base grew by 16.4%. […]
Five few BOI projects to start in Jaffna
Feb 20, 2019 (LBO) – The Jaffna District is one of the main districts in the Northern Province which the Board of Investment (BOI) has targeted for development through Foreign Direct Investments. Among the existing investments under BOI in the Northern Province are 6 Apparel Manufacturers and 15 other projects.When these are all operational the […]
Japan’s Odakyu Group partners TAD Group for Rs.4.5Bn investment in Sri Lanka
Feb 21, 2019 (LBO) – Japan’s Odakyu Group, a firm with interests in transport, real estate and retail together with the TAD Group is expecting to investment of 4.5 billion rupees with a number of significant further investment mandates to bolster the Sri Lankan economy over the upcoming years. One of its most significant ventures […]
Sri Lanka to introduce a Master Plan for Northern Province economic development
Feb 20, 2019 (LBO) – Sri Lanka’s government is to launch a framework for economic development in the Northern Province with the co-operation of UN agencies and the bilateral donors including those funding development projects in the North. The Framework will reflect upon the past decade of post-war development and identifies priorities for policy design, […]
Reducing gender gap boosts Sri Lankan economy, says WB VP for South Asia Region
Feb 20, 2019 (LBO) – The World Bank Vice President for South Asia Region, Hartwig Schafer concluding his three-day visit to Sri Lanka said the banks is commitment to work with public and private sectors to create the space for women to access work and remain at work. Evidence suggests that Sri Lankan women are […]
Sri Lanka could grow 20-pct in long-run by closing gender gap: WB Vice President
Feb 20, 2019 (LBO) – Sri Lanka specifically could grow its economy by as much as 20 percent in the long-run by closing the gender gap in the workforce, emphasized World Bank Vice President for South Asia Region Hartwig Schafer quoting data from an IMF study.Evidence suggests that Sri Lankan women are excelling in higher […]
Fitch downgrades SLT & CEB, upgrades Lion Brewery on rating scale revision
Feb 18, 2019 (LBO) – Fitch Ratings has taken rating action on non-financial corporates following the recalibration of its National Rating scale to reflect changes in the relative creditworthiness among the country's issuers following the downgrade of the sovereign rating. Accordingly, the National Long-Term Ratings of Sri Lanka Telecom, Ceylon Electricity Board and DSI Samson Group has been downgraded […]
Fitch revises National Long Term Rating of NSB to AA+(lka) from AAA(lka)
Feb 18, 2019 (LBO) – Fitch Ratings has revised the National Long-Term Rating of National Savings Bank to ‘AA+(lka)’ from ‘AAA(lka)’ with a stable outlook following the recalibration of the Sri Lankan National Rating scale after the sovereign’s Long-Term Foreign-Currency Issuer Default Rating was downgraded. The rating agency, however, said that the rating action is not related […]