Category: Economy and Markets
Sri Lanka inflation slows to 7.1-pct in May 2017
June 22, 2017 (LBO) – Sri Lanka’s inflation according to the National Consumer Price Index (NCPI) was down to 7.1 percent in May 2017 from 8.4 percent in April, the Census and Statistics Department said. The NCPI for all items for the month of May 2017 was 121.8, an increase of 0.8 index points or […]
Sri Lanka to postpone SVAT abolition till end 2017
June 22, 2017 (LBO) – Sri Lanka’s cabinet approval has been granted to postpone the abolition of SVAT system until the end of this year. Accordingly, the SVAT abolition will take effect from 01 January 2018 after the necessary legislation is passed through Parliament. This decision has been taken in order to give sufficient time […]
Central Bank expected to keep key rates unchanged: First Capital
June 21, 2017 (LBO) – The Central Bank of Sri Lanka is expected to keep key interest rates unchanged in its monthly monetary policy announcement on Friday, with slower first quarter growth and a deceleration in inflation contributing to the decision, First Capital Research said in a pre-policy research note. GDP growth for the first […]
Fitch expects more interest rate pressure for Sri Lankan corporates
June 20, 2017 (LBO) – Fitch Ratings says it expects rising domestic interest rates to hurt Sri Lankan corporates over the next 12 months. Releasing a statement, the rating agency said borrowing costs of corporates have increased more than 200bp in the 12 months to March 2017. The Central Bank increased policy rates by 125bp […]
Auditor General’s opinion creates chaos in Parliament
June 20, 2017 (LBO) – Sri Lanka’s Parliament on Tuesday referred the controversial annual report of the Finance Ministry to the Committee on Public Finance amid chaos in Parliament. The Auditor General, expressing his view on the finance ministry accounts of 2016, said that he is not been able to obtain sufficient and appropriate audit […]
Infrastructure must be developed alongside admin, legal frameworks: Finance Minister
June 20, 2017 (LBO) – Sri Lanka wants to boost investments to make the country an export driven economic and financial hub of the Indian Ocean, the new finance minister said. “Developing physical infrastructure must be done along with administrative and legal frameworks to ensure required policy or regulatory support to streamline and boost public […]
‘s Central Bank eyes full inflation targeting: Governor
June 20, 2017 (LBO) – Sri Lanka is planning to adopt a full inflation targeting framework probably by next year, Central Bank Governor Indrajit Coomaraswamy said. Delivering the keynote address at the launch of the Oxford Business Group’s 2017 report on Sri Lanka Monday, Coomaraswamy said this step will enhance greater transparency and predictability for […]
Sri Lanka’s Central Bank to sell USD515mn development bonds
June 19, 2017 (LBO) – Sri Lanka’s Central Bank will issue 515 million US dollar development bonds with a tenor of 1 year 7 months, 3 years, 4 years and 4 years 9 months. The Central Bank said the subscription will be at a floating rate of 6 month LIBOR for USD plus a margin […]
Finance Minister meets S. Korean Deputy PM at AIIB meeting
June 19, 2017 (LBO) – Minister of Finance and Media Mangala Samaraweera held discussions with the Deputy Prime Minister and Minister of Strategy and Finance of the Republic of Korea, Kim Dong-yeon on Saturday, the Finance Ministry said. Samaraweera and Kim Dong-yeon discussed issues of mutual interest and underscored the importance of closer bilateral relations […]
Central Bank to stop making payments to wilfully defaced notes
June 16, 2017 (LBO) – Sri Lanka’s Central Bank said it will not make payments to wilfully mutilated, altered or defaced currency notes after the end of this year. The Central Bank advises the public to refrain from such practices and also requests the public to exchange such currency notes through banks. If not, holders […]
Sri Lanka plans trade, business delegation to Bangladesh
June 16, 2017 (LBO) – Sri Lanka’s Ministry of Industry and Commerce plans a trade and business delegation visit to Bangladesh next month, on the back of a three-fold rise in trade between the two countries, a statement said. “Bilateral trade between the two countries tripled since 2010 but there is unexplored potential,” said Minister […]
Sri Lanka economy grew 3.8-pct in first quarter of 2017
June 15, 2017 (LBO) – Sri Lanka’s statistics office says economic growth rate for the first quarter of 2017 has been estimated as 3. 8 percent. The GDP for the first quarter of 2017 was 2,161,770 million rupees against 2,082,544 million rupees reported for the same period last year. “Severe drought condition prevailed mainly in […]