Category: Economy and Markets
Gold prices edge up in Sri Lanka
Apr 23, 2013 (LBO) – Sri Lanka’s gold prices have risen slightly from a week earlier along with a recovery in the international prices, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 46,000 rupees for 22 carats, after falling from highs of 54,000 in March, […]
Sri Lanka stocks close 0.2-pct higher
Apr 23, 2013 (LBO) – Sri Lanka’s stocks closed up 0.19 percent helped by foreign buying into banking and beverages firms, brokers said. John Keells Holdings closed at 248.90 up 90 cents, Dialog Axiata closed at 9.30 up 0.10 rupees and Ceylon Tobacco closed up 1.90 rupees at 801.90. Distilleries Company of Sri Lanka closed […]
Secondary education quality drive in Sri Lanka backed by ADB
Apr 19, 2013 (LBO) – A drive to improve the quality of Sri Lanka’s state-run secondary education system is receiving 200 million US dollars in Asian Development Bank support from its results based lending program.The ADB is expected to give 120 million US dollars from its ordinary capital resources window for 26 years including a […]
Sri Lanka stocks close lower amid uncertainty
Apr 19, 2013 (LBO) – Sri Lanka’s stocks closed lower Friday, recouping some losses form a mid-day sell-off, amid uncertainty over the effects of power tariff hike and weaker commodity prices, brokers said. Weaker commodity prices usually signals a strengthening of the underlying value reserve currencies such as the US dollar and Euro coming from […]
Sri Lanka rupee weaker after traditional festival
April 19, 2013 (LBO) – Sri Lanka’s rupee weakened to 125.90/126.00 levels Friday from Thursday’s close of 125.72/78, in a steadily weakening trend, dealers said.Market participants say in recent weeks the authorities have tended to defend the currency only around 127 levels to the US dollars in the spot market. Sri Lanka’s rupee usually gains […]
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Apr, 18 2013 (LBO) – Sri Lanka’s central bank said it had hired a US public relations firm to counter attempts to “tarnish the political image and true economic successes” of the island by “groups with dubious agendas.” “..[I]f such campaign continues without a counter campaign to correct the misconceptions it may have the potential […]
Global economy to grow 3.3-pct led by US, emerging economies: IMF
Apr 17, 2013 (LBO) – The global economy will grow 3.3 percent in 2013 with the United States growing 1.9 percent, emerging and developing nations growing 5.3 percent and the Euro area contracting 0.3 percent, the International Monetary Fund has said. “What was until now a two-speed recovery, strong in emerging market and developing economies […]
Sri Lanka should be less dependent on foreign borrowings: Central Bank
Apr 17, 2013 (LBO) – Sri Lanka should depend less on foreign capital to bridge a savings investment gap, to make the economy more resilient to external shocks, the Central Bank has said.Sri Lanka had an investment ratio of 30.6 percent of gross domestic product in 2012 but domestic savings were only 17 percent. National […]
Sri Lanka Treasuries yield steady
Apr 17, 2013 (LBO) – Sri Lanka’s Treasuries yields eased 01 basis point across maturities at Wednesday’s auction with the 12-month yield at 11.34 percent the state debt office said. The 3-month yield was down 01 basis point at 9.24 percent and the six month yield was 10.24 percent also down 01 basis point. The […]
Sri Lanka central bank may buy gold: CB Governor
Apr 17, 2013 (LBO) – Sri Lanka’s central bank, an active trader in gold which cut its holdings last year may buy into gold, now that it is falling, Central Bank Governor Nivard Cabraal has said. “Overall, gold prices coming down is giving an opportunity to various central banks across the world to improve on […]
Sri Lanka stocks up 0.2-pct
Apr 16, 2013 (LBO) – Sri Lanka’s stocks closed up 0.2 percent with volumes boosted by a foreign strategic buying in Pan Asia Bank, brokers said. Nestle Lanka closed at 1769.00rupees down by 1.00 rupees. Dialog Axiata closed flat 9.30 rupees while Index heavy John Keells Holdings gained 0.70rupees to close at 248.50 rupees. Distilleries […]
Sri Lanka holds rates, expects growth from lower crowding out
Apr 16, 2013 (LBO) – Sri Lanka held policy rates steady amid heavy demand for bank credit from the state but expected economic activity to pick up after state borrowing reduce helped by an electricity tariff hike.“Inflation is expected to remain at these benign levels supported by prudent demand management policies, although the proposed revisions […]