Category: Economy and Markets
Sri Lankan shares rise after eight sessions of falls in thin trade
Dec 23, 2016 (Reuters) – Sri Lankan shares edged up on Friday, snapping eight straight sessions of falls and moving away from a more than eight-month closing low hit in the previous session, while turnover was low in holiday-thinned trade as investors stayed away from markets ahead of the Christmas weekend. The Colombo stock index […]
Sri Lankan rupee ends firmer on dollar selling by state bank
Dec 23, 2016 (Reuters) – The Sri Lankan rupee closed higher on Friday as dollar selling by a state-run bank helped the local currency gain in lacklustre trading ahead of a long weekend, amid little demand from importers for the U.S. currency, dealers said. Rupee forwards were active, with one-week forwards closing at 149.75/90 per […]
Asia stocks pressured by Wall Street, dollar holds below 14-yr peak
SINGAPORE, Dec 23 (Reuters) – Asian stocks stepped back in subdued trade on Friday as Wall Street took a breather from its relentless rise since the U.S. election, while the dollar hovered below the 14-year high set earlier this week. MSCI’s broadest index of Asia-Pacific shares outside Japan , which touched a five-month low […]
Market Watch: Central Bank tightens stance, sovereign yield rises
Dec 22, 2016 (LBO) – Sri Lanka’s Central Bank effectively tightened its monetary stance on Thursday by conducting a repo auction at 7.47 percent, above the Standing Deposit Facility Rate (SDFR) of 7 percent. The repo auction for around seven billion rupees absorbed excess liquidity in the market, which may signal an upward tick in […]
Sri Lankan rupee falls on importer dollar demand
Dec 22, 2016 (Reuters) – The Sri Lankan rupee fell on Thursday as importer demand for the greenback outpaced inflows from remittances and dollar conversions by exporters, dealers said. Also, weighing on sentiment were dollar purchases by state-controlled banks, they added. The rupee forwards were active, with one-week forwards trading at 150.95/151.00 per dollar, compared […]
Strong safeguards must accompany Asia’s infrastructure drive: ADB
Dec 21, 2016 (LBO) – Asia’s spending on growth-boosting infrastructure is set to get a tailwind from development financing while the safeguard systems used by the Asian Development Bank (ADB) and other development banks as conditions for their loans are under international scrutiny. More financing for infrastructure is becoming available from established and new lenders […]
Sri Lanka Finance Minister Ravi Karunanayake sees stable rupee in 2017
Dec 20, 2016 (Reuters) – Sri Lankan Finance Minister Ravi Karunanayake said on Tuesday the rupee currency, which is under downward pressure, will recover and be steady next year with expected foreign inflows. The rupee, which has fallen 3 percent this year after a nearly 10 percent loss in 2015, is under pressure because of […]
India taking steps to promote digital, mobile transactions
Dec 21, 2016 (LBO) – India is taking steps to promote digital and mobile transactions in the country after its demonitisation program. After the cancellation of legal tender basis of old 500 rupee and 1,000 rupee notes there has been a surge in use of credit and debit cards, mobile phone applications and e-wallets in […]
‘s Lagarde guilty of negligence
Dec 20, 2016 (LBO) – A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence in allowing the misuse of public funds, during her term as French finance minister. The judges did not question Lagarde’s decision to seek an out-of-court settlement with tycoon Bernard Tapie, but they said her failure to […]
‘s festive demand for rice: Ministry
Dec 20, 2016 (LBO) – Sri Lanka’s Ministry of Industry and Commerce will increase supply of freshly milled rice to meet a surge in demand during the festive season, a statement said. Sri Lanka will import 10,000 tonnes of rice, and buy 20,000 tonnes of paddy (both White Rice and Nadu) from the Paddy Marketing […]
Sri Lankan rupee edges down on mild importer dollar demand
COLOMBO, Dec 19 (Reuters) – The Sri Lankan rupee slipped on Monday on mild importer dollar demand, as the market braced for declines in the local currency with the central bank raising the spot reference rate following a hike in U.S. interest rates, dealers said. The U.S. Federal Reserve raised interest rate by 25 basis […]
Sri Lanka govt revenue up 23-pct: Finance Ministry
Dec 19, 2016 (LBO) – Sri Lanka’s Finance ministry says that state revenue has increased by 23 percent during the first nine months of this year compared with the same period in 2015. “Accordingly, the state revenue in the first nine months of 2016 rose to 1,180 billion rupees from the 959 billion rupees earned […]