Category: Economy and Markets
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 […]
Sri Lanka Treasuries yields steady
Aug 28, 2013 (LBO) – Sri Lanka’s Treasuries yields were steady at Wednesday’s auction with 9.7 billion rupees in bills being sold to the market, after offering 10 billion rupees, the state debt office said.A central bank that prints money to buy Treasury bills adds demand to the economy, which trigger imports and causes currency […]
‘s rupee hits new low
Aug 28, 2013 (LBO) – Sri Lanka’s rupee hit a new low of near 135.00 to the US dollar in the spot next market Wednesday dealers said, while bond yields rose. The rupee opened at 133.20/30 to the US dollar and weakened rapidly, in mid-morning trade in one of the sharpest single day falls seen […]
Sri Lanka rupee fall temporary aberration: CB Governor
Aug 28, 2013 (LBO) – A sharp fall in Sri Lanka’s rupee was a temporary aberration Central Bank Governor Nivard Cabraal said after the rupee recovered to 133.30 to the dollar after falling as much as 135.00. “We have looked into the matter and it was a very small trade, Governor Cabraal said. “We think […]
Sri Lanka rupee weaker, bonds flat
Aug 27, 2013 (LBO) – Sri Lanka’s rupee weakened below 133 to the US dollar Tuesday and bond were flat amid jitters in international forex markets, dealers said.The rupee weakened to 133.05/10 levels to the US dollar in the spot next market, where settlement is made three days later, weakening from 132.90/133.00 Monday. Exporters were […]
UN-ESCAP boss at South Asia econ summit in Sri Lanka
Aug 27, 2013 (LBO) – Noeleen Heyzer, executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) will deliver the keynote address a regional economic forum in Sri Lanka. The 6th South Asia Economic Summit (SAES), will start in Colombo on September 02. The Institute of Policy Studies, a […]
”’ rating confirmed: RAM
Aug 26, 2013 (LBO) – RAM Ratings has cut outlook on a ‘BBB’ rating of Sri Lanka’s Sanasa Development Bank Plc, a micro-financier based on a co-operative concept, to ‘stable’ from ‘positive’. “The revision reflects a trend of weakening asset quality amidst an accretion in non-performing loans (NPLs) as well as the Bank’s moderated performance,” […]
Sri Lanka bond yields steady, money tighter
Aug 26, 2013 (LBO) – Sri Lanka’s bonds opened flat Monday but money markets were tighter after excess liquidity in the interbank market gradually reduced last week, dealers said.Gilt-backed repos were quoted around 8.40/50 percent about and un-backed call money was quoted at 8.70/80 percent about 10/15 basis points higher than last week, dealers said. […]
Sri Lanka at helm of South Asia free trade effort
Aug 26, 2013 (LBO) – South Asian nations have to cut negative lists to improve the people’s trade freedoms, a top regional official had said following a ministerial meet in the Island nation.Ahmed Salem, Secretary General of the South Asian Association for Regional Co-operation had said a goal was established at a 2011 regional summit […]
China firm seeks to investments in power, waste management in Sri Lanka
Aug 26, 2013 (LBO) – Aerospace Long-March International, a Chinese state firm is seeking joint ventures in power and waste disposal, Sri Lanka’s economic development ministry said.The company is already involved in Sri Lanka’s Lotus Tower project. A team led by the firm’s President Guo Zhaoping had met Sri Lanka’s economic development minister Basil Rajapaksa. […]
‘s aims high in becoming easier place for business: CB Governor
Aug 26, 2013 (LBO) – Sri Lanka aims to be among the 30 easiest places to do business in the world by 2016 and maintain stable economic conditions comparable to advanced nations, Central Bank Governor Nivard Cabraal said.Sri Lanka which was at one time ranked around 100 in a ease of doing business indicator compiled […]
”’ by Fitch
Aug 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank’s planned dollar denominated bond has been given an expected rating of ‘BB-‘ by Fitch Ratings. “Fitch believes that the issue of the notes by NSB is closely linked with government policy requirements,” the rating agency said. The proceeds are likely to be used to […]