Category: Economy and Markets
‘s faster growth bucking trend: Fitch
Aug 05, 2013 (LBO) – Sri Lanka’s economy is growing faster despite a slow global recovery, but the country needs more savings and foreign direct investments to reduce borrowings, senior rating analysts at Fitch said.Andrew Colquhoun, senior director and head of Asia Pacific sovereign ratings said a global recovery was still patchy, with the outlook […]
Sri Lanka stocks close flat
Aug 02, 2013 (LBO) – Sri Lanka’s stocks closed flat Friday with losses in the large cap stocks and banking stocks, brokers said. The benchmark Colombo All Share Index closed 0.78 points lower at 6,155.82 and the S&P SL 20 Index closed 13.00 points higher at 3,490.57 up 0.37 percent. Turnover was 399 million rupees. […]
Sri Lanka Softlogic appoints risk, retail chiefs
Aug 02, 2013 (LBO) – Sri Lanka ‘s Softlogic group said it had appointed two senior executives with domestic and international experience to head the group risk and audit function and its retail unit. After starting at KPMG Ford Rhodes Thornton & Company in 1981 he moved to Singer Industries (Ceylon) Ltd, and moved to […]
Sri Lanka calls auctions to mop up liquidity
Aug 02, 2013 (LBO) – Sri Lanka has called auctions to mop 20 billion rupees overnight and sell 9.5 billion rupees in Treasury bills outright after liquidity spiked due to a debt repayment from central bank credit a day earlier. To the extent that liquidity is left sloshing around in the banking system overnight, the […]
Sri Lanka stocks close up 2-pct
Aug 01, 2013 (LBO) – Sri Lanka’s stocks closed up 1.98 percent Thursday following a week of losses with heavy activity in a plantation stock, some gains in the large cap stocks and banking stocks, brokers said. In the banking sector, Hatton National Bank closed at 110.80 up 0.70 rupees, Pan Asia closed at 18.00 […]
”’ rating confirmed by S&P; warns on debt, institutions
Aug 01, 2013 (LBO) – Standard and Poor’s has confirmed Sri Lanka’s ‘B+’ sovereign rating with a stable outlook but warned on government debt and weak institutions. Sri Lanka’s external liquidity remains exposed to international liquidity conditions. Through 2015, we project that Sri Lanka’s gross external financing needs will exceed 120% of current account receipts […]
Sri Lanka raises hard alcohol, beer taxes
July 31, 2013 (LBO) – Sri Lanka has raised taxes on hard alcohol by 75 rupees a litre and beer by 10 rupees per litre along with cigarettes which will help keep revenue targets on track, an official said. The mid-year tax hike will not bring in additional revenue above budget projections but simply keep […]
‘s inflation up 6.1-pct in July 2013
July 31, 2013 (LBO)- Consumer prices in Sri Lanka’s capital Colombo rose 6.1 percent in July 2013 from year earlier easing from 6.8 percent in June, with the index gaining 0.2 percent in the month, the state statistics office said. But this time policy has been loosened aggressively, the exchange rate has been weaker and […]
Sri Lanka raises fag taxes to boost revenues
July 31, 2013 (LBO) – Sri Lanka has raised taxes on cigarettes to bring in an additional 1.4 billion rupees in revenues for the rest of the year, an official said. Treasury Secretary P B Jayasundera said tax revenues were picking up with an improvement seen in customs collections. The price of cigarettes based on […]
Sri Lanka sovereign and banking forum by Fitch
July 31, 2013 (LBO) – Fitch Ratings will hold a sovereign and banking roundtable forum in Colombo on August 06, where senior analysts from the rating agency and representatives of the financial sector will participate. Sri Lanka’s central bank Governor Nivard will be chief guest. The full statement is reproduced below: Fitch to Host First […]
Sri Lanka 12-month Treasuries yield falls
July 31, 2013 (LBO) – Sri Lanka’s 12-month Treasuries yield fell 04 basis points to 10.52 percent at Wednesday’s auction, data from the state debt office said. In the secondary market 3-month bills were quoted at 8.65/85 percent levels and 6-month bills were quoted around 9.65/75 percent levels, dealers said. The 12-month bill was quoted […]
Sri Lanka tax revenues picking up: Treasury Secretary
July 30, 2013 (LBO) – Sri Lanka’s tax revenues are picking up helped by stronger customs collections, Treasury Secretary P B Jayasundera said.Sri Lanka’s state revenues were 51 billion rupees below target in the first four months Jayasundera said revenues were better in June and July with a pick in vehicle imports also contributing. Sri […]