Category: Economy and Markets
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 […]
PTL Watch: Wide quotes, less participation in bonds
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‘s
Dec 19, 2016 (LBO) – Moody’s Investors Service says that Sri Lanka’s (B1 negative) program with the International Monetary Fund (IMF) has helped stabilize the balance of payments and established an ambitious roadmap to fiscal consolidation and structural reform. The investors service however says sustained implementation of reforms will be challenging. The 2017 budget confirms the […]
‘s visit
Dec 19, 2016 (LBO) – Malaysia and Sri Lanka will consider the possibility of free trade agreement, a joint statement said, after the official visit of President Maithripala Sirisena to Malaysia. President Maithripala Sirisena was on a visit to Malaysia last week at the invitation of Malaysia’s Prime Minister Abdul Razak, during which five memoranda […]
Asia stocks find relief as China set to return seized US drone
TOKYO, Dec 19 (Reuters) – Asian shares steadied in early trade on Monday after China agreed to return a U.S. drone it had seized, easing worries about rising diplomatic tensions between the world’s two biggest economic powers. MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.1 percent after falling to its lowest […]
Sri Lankan shares hit more than 2-wk closing low led by banks
Dec 16, 2016 (Reuters) – Sri Lankan shares fell for a third straight session on Friday to close at their lowest in more than two weeks, as a dollar rally to a 14-year peak after an interest rate increase by the U.S. Federal Reserve earlier this week kept investors subdued. The 25-basis-point rate increase could […]
Sri Lankan rupee closes steady; state-controlled bank sells dollars
Dec 16, 2016 (Reuters) – The Sri Lankan rupee came off early falls to close almost steady on Friday as a state-controlled bank sold dollars, dealers said. The rupee is still under pressure as banks bought the greenback after the central bank raised the spot reference rate on Thursday and the U.S. Federal Reserve on […]