Category: Economy and Markets
Treasury puts record straight on central government’s outstanding debt
July 01, 2018 (LBO) – Sri Lanka’s General Treasury says former Central Bank Governor Ajith Nivard Cabraal has tried to present a different and distorted viewpoint on the Central Government’s financial statement in an article published recently under the caption “The Government’s Growth Scam”. The full statement issued by Finance Ministry is reproduced below. General Treasury […]
Colombo stocks drip lower through the week, foreign selling continues
June 29, 2018 (LBO) – The Colombo Stock Exchange (CSE) continued its slow bleed as stocks closed the week down from the previous period. Both major indices were down on the week. The All Share Price Index (ASPI) was down .5%, and the S&P SL 20 was off 1.1%. The trend of marginal foreign selling continued […]
Colombo Stock Exchange to launch new board for SME sector security listings
June 29, 2018 (LBO) – Sri Lanka’s Securities and Exchange Commission with the Colombo Stock Exchange will be launching a Small and Medium Enterprise Board for the SME sector next week. The SME Board which is to be launched for the first time in Sri Lanka will provide an opportunity for the SME sector to […]
CB Governor defends Deputy Governor from unfounded allegations
June 28, 2018 (LBO) – Central Bank Governor Indrajit Coomaraswamy on Thursday issued a special statement defending his fellow Central Banker Nandalal Weerasinghe. The statement is a reply to former Finance Minister Ravi Karunananyake who has repeated his allegations in the recent days against Senior Deputy Governor of the Central Bank, Dr. Nandalal Weerasinghe. “As […]
Tackling challenges through reforms crucial for sustained, equitable growth in Sri Lanka
Jun 28, 2018 (LBO) – The World Bank says that although recent policy measures have contributed to macroeconomic stability in Sri Lanka there are still significant risks stemming from both domestic and external fronts with the balance of risks tilted towards downside. “Sri Lanka faces a number of challenges to sustain future economic growth, create […]
Sri Lanka’s outlook remains stable but is conditional on reforms: World Bank
June 28, 2018 (LBO) – World Bank says a challenging domestic political environment has already taken a toll, slowing down some reforms and complicating the stable medium-term outlook and an impending election cycle which will only elevate this risk. World Bank, releasing its June 2018 edition of the Sri Lanka Development Update said the reforms are […]
Central Bank says no involvement in manipulating GDP estimates
June 28, 2018 (LBO) – Sri Lanka’s Central Bank says allegations that the Central Bank is involved in manipulating Gross Domestic Product (GDP) estimates are totally unfounded. Central Bank issuing a statement said the sole responsibility of compiling GDP estimates is vested with the Department of Census and Statistics (DCS) since 2007. “However, the Central […]
Noteworthy asset quality deterioration in Sri Lankan finance companies
June 28, 2018 (LBO) – ICRA Lanka, a group company of Moody’s Investors Service is cognisant of the asset quality deterioration in licensed finance companies in Sri Lanka, during the financial year ended March 31, 2018. “As per our analysis about 100bps increase (5.82% in March 2018 vis-s-vis 4.89% in March 2017) in gross NPA (non-performing […]
Anilana (ALHP) investor to make mandatory offer at 18% premium
June 28, 2018 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) has approved investment into Anilana Hotels and Properties (ALHP) by Singapore based SOMAP International. The investment by way of private placement will result in an infusion of Rs667mn (US$4.2mn) into the company at Rs1.3/share. After the private placement SOMAP will own […]
More pain as afternoon selloff takes Sri Lanka stocks to lowest close in 2018
June 26, 2018 (LBO) – The Colombo Stock Exchange sold off in the afternoon after being up for the first half of the session. The selloff took the market to the lowest close year to date, ahead of a poya (full moon) holiday tomorrow. The broader indices were both weak, with the ASPI closing down […]
IMF working paper suggests new Keynesian models for monetary policy decisions
June 26, 2018 (LBO) – An International Monetary Fund (IMF) working paper released yesterday suggested the Central Bank of Sri Lanka use new Keynesian models for monetary policy analysis and forecasting purposes. IMF working paper said small new Keynesian models, which are increasingly used in central banks for monetary policy analysis and forecasting purposes are […]
Vallibel Finance crosses Rs.1Bn mark for net profits
Jun 26, 2018 (LBO) – Vallibel Finance PLC crossed the one billion rupee net profit mark with the company announcing its income statement for the financial year ended on 31 March, 2018, recording growth across key indicators including income and profitability. Gross income for the financial year grew 35 percent over the previous year to reach 6.9 […]