Category: Economy and Markets
DFCC Bank launches Sri Lanka’s first virtual payment system
Jun 14, 2016 (LBO) – Sri Lanka’s DFCC Bank launched the Vardhana virtual wallet, a mobile application that enables financial inclusion for its customers, Tuesday. The mobile app enables users to simplify the way they transact and stay in control of their finances. The banks customer base is around 300,000 to 400,000 and around a […]
Sri Lanka must get finances in order: IMF
June 14, 2016 (LBO) – Sri Lanka needs to put its fiscal house in order, the International Monetary Fund said, revealing details of the 1.5 billion dollar 36-month support programme. “There is a clear need to put tax revenues on an upward path as part of a growth-friendly phase of fiscal consolidation and debt reduction,” […]
Sri Lanka foreign reserves at USD5.6 billion end May
June 14, 2016 (LBO) – Sri Lanka’s official reserves were 5.62 billion dollars at the end of May, down from 6.07 billion dollars end of April, Central Bank data showed. Foreign currency reserves were 4.6 billion dollars, and reserves in Gold were 0.8 billion dollars. The IMF’s first disbursement of SDR 119.894 million (168.1 million […]
Oil futures fall as global growth, Brexit concerns weigh
TOKYO, June 14 (Reuters) – Crude oil futures fell in Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain’s possible European Union exit. Brent crude oil futures slipped below $50 a barrel, falling 50 […]
Sri Lanka sells USD250mn one-year development bonds
June 13, 2016 (LBO) – The issue of Sri Lanka development bonds amounting to 200 million US dollars has been oversubscribed with over 516 million US dollars of bids received from investors. The central bank has accepted 250.04 million US dollars in one year bond at a floating rate of six month LIBOR (94 bp) […]
ADB, Sri Lanka sign USD2mn grant for flood and landslide relief
Jun 13, 2016 (LBO) – The Asian Development Bank (ADB) said they would grant US 2 million dollars to finance relief efforts in the country following the recent floods and landslides which claimed around 100 lives and damaged the homes and livelihoods of thousands more. “Considering the scope of the damage in Sri Lanka and […]
PTL Watch: Yields tick higher, foreign holding up
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Bitcoin hits 2-year high, now 684.78 on Chinese buying
June 13, 2016 (LBO) – A sudden burst of buying pressure in Bitcoin, driven by Chinese buyers, has spiked the virtual currency higher to 684.78 dollars on heavy volumes. Bitcoin is trading at its highest level since May 2014, and “up 250 percent since we first suggested this an outlet for desperate-to-leave capital outflows in […]
IFC looks to fund Sri Lanka infrastructure, tourism and energy
Jun 13, 2016 (LBO) – The International Finance Corporation, a part of the World Bank group, said they are focusing on financing financially viable projects in Sri Lanka, and highlighted potential areas such as infrastructure, tourism, agribusiness, energy and also finance. “The project IFC gets involved should be viable and also should have a development […]
‘t favor risk assets: Gross
Jun 13, 2016 (LBO) – Bill Gross, who runs the 1.4 billion dollar Janus Global Unconstrained Bond Fund, says the possibility of Brexit is another element that does not favor risk assets. “Risk assets are dependent upon growth, they’re dependent upon — even in the high-yield market — on relative stability and to the extent […]
Asian shares and sterling skid, yen firms
June 13 (Reuters) – Asian shares and sterling skidded in early Asian trade on Monday and the perceived safe-haven yen rose, as investors fretted ahead of this week’s central bank meetings as well as Britain’s June 23 referendum on whether to remain in the European Union. Also adding to the grim U.S. mood, an man […]
Sri Lankan rupee up as exporters, foreign investors convert dollars
June 10 (Reuters) – Sri Lankan rupee forwards edged up on Friday as dollar conversions by foreign investors and exporters surpassed importer demand for the U.S. currency, dealers said. The spot rupee, which was traded actively for a third straight day, also rose, dealers said. Dollar/rupee forwards, known as spot next, were at 145.02/12 per […]