Category: Economy and Markets
Sri Lanka lending rates to ease with lower state borrowing: Central Bank
June 7, 2013 (LBO) – Sri Lanka’s bank lending rates are expected to ease in the second half of 2013 with reduced bank borrowings by the state, the Central Bank said holding policy rates in June, after a cut last month. In May the monetary authority cut its policy rate corridor by 50 basis points. […]
Europe looking to take control of Libor: FT
LONDON, June 6, 2013 (AFP) – European Commission officials have drafted plans to take the scandal-hit key interest rate Libor from its current London base, the Financial Times reported on Thursday.It is calculated daily, using estimates from banks of their own interbank rates, and affects the pricing of more than 0-trillion of contracts across the […]
‘s Treasuries yields ease
June 05, 2013 (LBO) – Sri Lanka’s Treasuries yields eased at Wednesday’s auction with the 6-month yield falling as much as 09 basis points to 9.81 percent, data from the state debt office showed.The 3-month yields fell 03 basis points to 8.70 percent and the 12-month yield fell 01 basis point to 10.85 percent. The […]
Sri Lanka economic forum to focus on export growth
June 05, 2013 (LBO) – An annual economic policy forum with the participation of businesses, academics and state officials this year will focus on strategies needed to boost the island’s flagging exports, its organizer, Ceylon Chamber of Commerce said.Sri Lanka’s exports fell 18.2 percent to 726.7 million US dollars in January 2013 from a year […]
Sri Lanka stocks close flat
June 04, 2013 (LBO) – Sri Lanka’s stock closed flat Tuesday with investors continuing to take profit and losses in some index heavy stocks like JKH, DIST and NEST, brokers said. Softlogic Holding closed at 11.40 rupees down 30 cents and Vallibel One closed at 19.10 rupees down 60 cents. Sri Lanka Telecom closed at […]
Sri Lanka needs quick, cost-based energy tariffs: Treasury
June 3, 2013 (LBO) – Sri Lanka needs quick cost-based energy pricing to avoid balance of payments pressure and stop bank credit being used for consumption, a finance ministry report has said.The overall national savings rate is further undermined by the deficit in the current account of the budget, where the state spends in current […]
Sri Lanka state bank dividends, levies boost revenues
June 03, 2013 (LBO) – Sri Lanka’s state banks and insurance funds have contributed 23 billion rupees or about 0.3 percent of gross domestic product to state revenues in 2012, official data showed. State enterprises such as Lak Sathosa also operate without paying value added tax. Corrected, revenues of 2013
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June 03, 2013 (LBO) – Fitch Ratings has given a ‘BBB+(lka)’ expected rating to a proposed 1.25 billion rupees senior debenture issue by Singer Finance (Lanka) Plc. Rating Sensitivities Any changes in Singer’s ability or willingness to extend extraordinary support, as reflected in a change to Singer’s rating, a material reduction in Singer’s ownership in […]
Sri Lanka and Thailand ink deals on tourism, technology, business
May 31, 2013 (LBO) – Sri Lanka and Thailand inked agreements on tourism, technology, business during a visit by Thai Prime Minister Yinluck Shinawatra to the island, who had bilateral talks with President Mahinda Rajapaksa.Thai deputy Prime Minister Surapong Tovichakchaikul and Sri Lanka’s foreign minister G L Pieris, technology minister Patali Ranawaka inked the deals […]
Sri Lanka inflation accelerates to 7.3-pct on power tariff
May 31, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.3 percent in the 12 months to May 2013 accelerating from 6.4 percent in April mostly due a power tariff hike, data from the state statistics office showed. The Central Bank cut interest rates last month despite advice from the International Monetary […]
Sri Lanka 30-year bond sold at 12.5-pct
May 30, 2013 (LBO) – Sri Lanka’s maiden 30-year rupee denominated long bond was sold to yield 12.5 percent at an auction Thursday, the state debt office said.. The debt office which is a unit of the Central Bank offered 2.0 billion rupees of 30 year bonds maturing on June 01, 2043 with a coupon […]
Sri Lanka to sell 30-year long bonds
May 29, 2013 (LBO) – Sri Lanka is selling 30-year long bonds for the first time this week which fill a need for long term gilts, help better manage the state debt stock and extend a risk free yield curve, officials said.We think it is a good time,” Central Bank Nivard Cabraal said. “There will […]