Category: Economy and Markets
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. […]
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 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 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 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 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 […]
‘s Softlogic debentures oversubscribed
Aug 29, 2013 (LBO) – Sri Lanka’s Softlogic Finance said a debenture offer of 500 million rupees was oversubscribed.The bond sale had attracted orders of 527 million rupees from commercial banks, institutions, development banks, institutions and retail buyers. The firm offered bonds paying a fixed rate annually, every six months and monthly. The sale was […]
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 […]
‘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 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 […]