Category: Economy and Markets
Sri Lanka rupee weakness a logical adjustment: CB Governor
June 14, 2013 (LBO) – A weakness in Sri Lanka’s rupee is a “logical adjustment” coming amid falling Asian currencies including the Indian rupee and Japanese Yen that will also ward off import pressure, Central Bank Governor Nivard Cabraal said.“There are different ways of looking at this,” Cabraal said. “The Indian rupee has weakened significantly. […]
Sri Lanka economic forum to bridge gap between business and universities
June 14, 2013 (LBO) – An annual economic policy forum will bring universities and business together in a bid to bridge a perceived gap between their needs and the output of local universities its organizer, Ceylon Chamber of Commerce said. A speech by Gehan Amaratunga, head, electronics, power and energy conversion group, Cambridge Engineering Faculty […]
Sri Lanka authorities watch gold import surge
June 14, 2013 (LBO) – Sri Lanka has seen a surge in gold imports in the second quarter of 2013 and is being watched by authorities, Central Bank Governor Nivard Cabraal said.“We have seen a activity in the gold market.People are importing gold,” Central Bank Governor Nivard Cabraal said. “From the second quarter it has […]
Sri Lanka stocks up 0.2-pct
June 14, 2013 (LBO) – Sri Lanka’s stocks closed up 0.19 percent on Friday following three straight days of losses with index heavy stocks continuing to drop and profit taking by some investors, brokers said. Distilleries Company gained 60 cents to close at 195.00 rupees, The Lion Brewery closed at 387.40 up 2.40 rupees. The […]
Sri Lanka to ban foreign investments in to steel, cement, retail trade
June 13, 2013 (LBO) – Sri Lanka plans to ban foreign investments into steel, cement, retail trade, small scale agriculture and beauty care products, to ‘protect’ domestic investors, according to decision by the cabinet of ministers.Cabinet spokesman Keheliya Rambukwelle said relevant regulations would be made known later. He said existing investors in the sectors will […]
Sri Lanka sells 20-year bonds at 12.15-pct
June 13, 2013 (LBO) – Sri Lanka has sold 20-year rupee denominated bonds to yield 12.15 percent and 30-year bonds to yield 12.50 percent, the state debt office said. . At the first 30-year bond auction last month 30-year bonds were also sold at 12.50 percent. The debt office sold 8.0 billion rupees in 20 […]
Sri Lanka stocks down 1.2-pct, rupee weaker
June 13, 2013 (LBO) – Sri Lanka’s stocks closed down 1.22 percent on Thursday for third straight day and the rupee closed lower touching 128 to the dollar, amid turmoil in global markets, dealers and brokers said. Distilleries Company lost 60 cents to close at 194.40 rupees, The Lion Brewery closed at 385.00 down 50 […]
Sri Lanka relaxes foreign exchange controls
June 12, 2013 (LBO) – Sri Lanka has relaxed controls on foreign exchange for travel, migration, sale of residential property by non-residents and maintaining foreign exchange accounts.“During the past few years, Sri Lanka’s macroeconomic fundamentals have improved and the domestic financial sector has become stronger and more resilient,” the Central Bank said in a statement. […]
Sri Lanka short term Treasuries ease
June 12, 2013 (LBO) – Sri Lanka’s short term Treasuries yields eased at Wednesday’s with the 3-month yield falling 03 basis points to 8.67 percent, the state debt office said. The 6-month yield fell 01 basis point to 9.80 percent and the 12-month yield was flat at 10.85 percent. The state debt office said 943 […]
Sri Lanka, finance, beer bonds oversubscribed
June 11, 2013 (LBO) – An offer to sell 5.0 billion rupees worth bonds in Lion Brewery (Ceylon) Plc and Central Finance has been oversubscribed on opening Tuesday, registrars to the sales said. High net worth investors and banks have been piling into the listed debentures, which have been made tax free. Small investors have […]
Sri Lanka stocks close down 0.5-pct
June 11, 2013 (LBO) – Sri Lanka’s stocks closed down 0.59 percent on Tuesday, following a sudden rise in the market the day earlier. The market was down due to investors taking profit and losses in the heavy index stocks CTC, LLUB and SLT, brokers said. Softlogic Holding closed at 10.90 rupees down 10 cents […]
Sri Lanka rupee weakens below 127 to dollar
June 11, 2013 (LBO) – Sri Lanka’s rupee weakened below 127 to the US dollar in the spot market in mid morning trade Tuesday, amid excess liquidity, dealers said.Sri Lanka has a loose peg with the US dollar and has tended to intervene when the exchange rate weakens below 127.00. Many Asian currencies which operate […]