Category: Economy and Markets
Sri Lanka sells smaller bill volume at auction
Sept 04, 2013 (LBO) – Sri Lanka has accepted only 2.7 billion rupees of bids for an auction of 9.0 billion rupees of maturing bills Wednesday with yields being flat, the state debt office said. The 3-months yield was at 8.61 percent, the 6-month yield was 9.64 percent and the 12-month yield was 10.56 percent. […]
‘s Pan Asia Bank becomes gilt dealer
Sept 04, 2013 (LBO) – Sri Lanka’s Pan Asia Bank Plc has been appointed a primary dealer in government securities, the Central Bank said. The bank has been given the nod to start operations from September 16..
Sri Lanka raises over US$200mn from dollar bonds
Sept 04, 2013 (LBO) – Sri Lanka has raised over 200 million US dollars from dollar denominated bonds from mainly Middle Eastern banks, Central Bank Governor Nivard Cabraal said.The government has received funds up to three years through the sale of bonds styled ‘Sri Lanka Development Bonds (SLDBs) last week, Cabraal said. This is the […]
Sri Lanka Forex Association gets new head
Sept 03, 2013 (LBO) – Sri Lanka Forex Association, made up members engaging in dealing Treasury related products in the island’s interbank markets covering 22 banks has elected P A Lionel, as its President. Lionel, a senior deputy general manager at state-run Bank of Ceylon, counts 30 years of experience in banking where 25 years […]
Forestry Case
Aug 02, 2013 (LBO) – A provincial High Court in Sri Lanka is to hear a petition to wind up Touchwood Investments, a Colombo-based forestry firm, according to a newspaper notice placed by lawyers. A notice in Sri Lanka’s Daily News, newspaper said, a resident of Rajagiriya, a suburb of Colombo has petitioned the High […]
Sri Lanka private inflation index surges to 9.9-pct in July
Sept 02, 2013 (LBO) – Inflation in Sri Lanka’s key cities rose 9.9 percent in August 2013 from a year earlier accelerating from 6.1 percent in July, a price index compiled by private citizens showed.The CAL Urban Index, compiled by an investment research house, rose 2.4 percent in August, after falling 1.4 percent in July. […]
Sri Lanka not too worried over currency troubles: Treasury secretary
Aug 31, 2013 (LBO) – Sri Lanka was not much worried over currency troubles sweeping South Asia, Treasury Secretary P B Jayasundera said as the Indian Ocean Island followed India into import tightening.In 1991 the Reserve Bank of India completely ran out of foreign reserves and even shipped its gold reserves abroad before halting sterilized […]
Sri Lanka inflation up 6.3-pct in August
Aug 30, 2013 (LBO) – Sri Lanka’s inflation measured in the capital Colombo rose 6.3 percent in the 12-months to August up from 6.1 percent in July, though prices fell during the month, the state statistics office said.The Colombo Consumer Price Index fell 0.6 points during August to 176.2 points. ¬¬The food and non-alcoholic beverages […]
Sri Lanka tightens rules on car imports amid currency pressure
Aug 30, 2013 (LBO) – Sri Lanka has imposed a 100 percent cash margin on letters of credit to import cars to slow the imports of cars, the Central Bank said as the rupee came under pressure in forex markets. The central bank said currencies of several trading partners have weakened against the Sri Lanka […]
Sri Lanka rupee under moral suasion, bonds ease
Aug 30, 2013 (LBO) – Sri Lanka’s rupee was quoted at 132.95/133.10 to the US dollar in the spot next market amid moral suasion dealers said while bond yields eased slightly. Sri Lanka today imposed a 100 percent margin on letters of credit for car imports. Update II Interbank liquidity climbed to 5.1 billion rupees […]
Sri Lanka opposition warns on foreign borrowings, exchange rate
Aug 29, 2013 (LBO) – Sri Lanka’s main opposition United National Party has warned on continued foreign borrowings and the current developments in the island’s exchange rate market. Opposition legislator Harsha de Silva said in a statement that banks, including listed NDB and DFCC state banks are being pressured to borrow abroad to ultimately fund […]
Sri Lanka to spruce up two cities with World Bank finance
Aug 29, 2013 (LBO) – Sri Lanka will borrow 200 million US dollars from the World Bank to develop two cities, the state information office said. The three year project will boost urban infrastructure in Kandy in central Sri Lanka and Galle in the South. The project will improve traffic and transport and solid waste […]