Category: Economy and Markets
Teaching Proposals
By Nisha Arunatilake Sept 27, 2013 (LBO) – Despite impressive performance in access to education, issues of quality of education, access to higher levels of education and relevance of education has challenged the education sector in the recent past. School based recruitments will help to alleviate another pressing issue in the sector: the inefficient placement […]
Sri Lanka builds forex reserves by killing rupee liquidity
Sept 27, 2013 (LBO) – Sri Lanka’s central bank has called bids to sell down 10 billion rupees of its portfolio of Treasuries Friday after selling down 8 billion rupees of Treasuries earlier in the week, which will help build up foreign reserves.This year the Central Bank has to repay about 500 million US dollars […]
Climate Funds
Sept 27, 2013 (LBO) – Sri Lanka’s Pan Asia Bank said it had struck a deal to get 20 million US dollars to finance green energy, from in global climate fund. The bank is inviting clients to submit proposals for green projects. The Global Climate Partnership Fund (GCPF) is promoted by the German and Denmark […]
Sri Lanka stocks flat, rupee steady
Sept 26, 2013 (LBO) – Sri Lanka stocks were flat Thursday with interest in diversified companies and some speculative trading, brokers said, while the rupee was steady in forex markets, dealers said. A liquid five year Treasury bond was quoted at 11.71/75 percent during late trading, down from 11.75/78 percent levels yesterday. Excess liquidity in […]
Sri Lanka cautioned against high yield foreign debt by IMF
Sept 26, 2013 (LBO) – Sri Lanka has to be careful of borrowing from abroad at high rates, amid low growth and flat state revenues, an International Monetary Fund official said.Todd Schneider who headed an IMF mission in the wake of a successful 2.6 billion US dollar bailout, said Sri Lanka’s public debt dynamics were […]
Corporate Code
Sept 26, 2013 (LBO) – Sri Lanka’s chartered accountants and the Securities and Exchange Commission has launched a revised ‘Code of Best Practice on Corporate Governance.’ “Good corporate governance is fundamental to an organization’s competitiveness, growth and most importantly its sustainability,” The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) said in a […]
‘s NDB begins bond road show: report
Sept 26, 2013 (LBO) – Sri Lanka’s National Development Bank has begun a road show to sell a 250 million US dollar bond in international markets.DFCC Bank is also expected to go the market soon. Bloomberg newswires said investor meetings were being held in Hong Kong, Singapore, and London to starting from this week. Barclays, […]
Sri Lanka forex reserves rise to US$7.0bn in September
Sept 25, 2013 (LBO) – Sri Lanka’s forex reserves rose to 7.0 billion US dollars by September 23, 2013 up from 6.3 billion in July, boosted by capital inflows, the Central Bank said. Sri Lanka’s state-run National Savings Bank raised 750 million US dollars in September. In money market excess rupee reserves of banks rose […]
Sri Lanka exporters moving beyond labour arbitrage
Sept 25, 2013 (LBO) – Sri Lanka’s high end apparel and information technology firms are moving beyond labour arbitrage to leverage knowledge and supply chain efficiencies, officials said.“Labour arbitrage is not necessary, the way we see it,” Udena Wickramasuriya, group director at Brandix a top Sri Lanka based apparel group that also has operations in […]
Sri Lanka Treasuries yields steady
Sept 25, 2013 (LBO) – Sri Lanka’s Treasuries yields eased on shorter maturities at Wednesday’s auction despite more than the offered amount being sold to bidder, data from the state debt office showed.The 3-month yield eased 01 basis point to 8.60 percent, the 6-month also edged one basis point lower to 9.63 percent and the […]
Sri Lanka should keep policy on hold, make structural changes: IMF
Monetary Stance Sept 25, 2013 (LBO) – Sri Lanka should keep monetary policy on hold but make structural change to boost growth, an International Monetary Fund official said. Todd Schneider, head of a monitoring mission to Sri Lanka said external conditions have worsened with impending Federal Reserve action, and budget revenues were flat though inflation […]
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Sept 24, 2013 (LBO) – A proposed US dollar bond by Sri Lanka’s DFCC Bank has been given an expected ‘B+ (EXP)’ rating by Fitch. The ratings agency said DFCC has a satisfactory risk profile, good project finance track-record and strong capital ratios. DFCC is expected to sell a 250 million US dollar bond in […]