Category: Economy and Markets
Sri Lanka fiscal and monetary authorities in harmony: officials
Apr 16, 2013 (LBO) – Sri Lanka’s monetary and fiscal policy is in harmony with both authorities aiming for stability low inflation, and the presence of a Treasury official in the central bank was a not a threat to its independence, officials said.The secretary to the finance ministry is an ex-officio member of the Monetary […]
Sri Lanka and Burkina Faso looks for closer economic ties
Apr 15, 2013 (LBO) – Sri Lanka will train students from Burkina Faso and strengthen economic ties, the economic development ministry said following a ministerial delegation from the African nation.Burkina Faso is a member of the UN Human Rights Council. It was among the eight countries that abstained from voting on a UN resolution that […]
Sri Lanka water supply board plugs some leaks, ups profit
Apr 14, 2012 (LBO) – Sri Lanka’s state-run National Water Supply and Drainage Board, has increased provisional operating profits to 3.0 billion rupees in 2012, up from 1.9 billion rupees by raising tariffs and reducing leakages. Non revenue water had fallen from 31.3 percent of the total to 30.7 percent in the Greater Colombo Area, […]
‘s savings ratio to go up if state firms cut losses
Apr 12, 2013 (LBO) – Sri Lanka’s domestic savings ratio will be boosted if large losses in state enterprises are reduced, Central Bank deputy Governor Nandalal Weerasinghe said. In 2012, Sri Lanka had a domestic savings rate of 17.0 percent of gross domestic product with the central government running a current account deficit (dis-saving) of […]
Sri Lanka Hayleys to sell Rs2.0bn debt
Apr 12, 2013 (LBO) – Sri Lanka’s Hayleys Plc, a diversified group will sell 2.0 billion rupees of listed unsecured debt which will have been rated ‘AA-‘ by RAM Ratings Lanka. RAM said the group’s business was diversified with strong markets in gloves and activated markets. But the group’s debt had increased 30 percent year-on-year […]
‘s Hatton National Bank to sell Rs4bn debt
Apr i1, 2013 (LBO) – Sri Lanka’s Hatton National Bank Plc is planning to sell 4.0 billion rupees of subordinated debt, which has been rated ‘A+(lka)(EXP)’ one notch below its long term rating, Fitch Ratings said. Rating Action Rationale The proposed debentures are rated one notch below HNB’s National Long-Term rating of ‘AA-(lka)’ to reflect […]
” Fitch Rating
Apr 11, 2012 (LBO) – Singer Sri Lanka Plc, a consumer durables firm will sell 1.5 billion rupees of senior debt which has been given an expected ‘A(lka)’ rating, Fitch Ratings said. Fitch had also confirmed an ‘A(lka)’ rating of the company. The outlook is stable. Singer will use the money from the debenture to […]
Sri Lanka to publish accurate private savings number
Apr 10, 2013 (LBO) – Sri Lanka will consider publishing an accurate number for private savings from next year, separating out state enterprises which are lumped together as ‘private’ firms at the moment, officials said.Domestic savings are made up from central government savings, state enterprise and private entities. A deficit in the current account of […]
Sri Lanka economic growth to pick up in 2013: ADB
Apr 10, 2013 (LBO) – Sri Lanka’s economic growth will pick up to 6.8 percent in 2013 from 6.4 percent and extend to 7.2 percent in 2014, the while there will also be positive export growth, the Asian Development Bank has said.Sri Lanka’s merchandise exports will pick up 4 percent in 2013 and 5 percent […]
Sri Lankan energy utilities lose Rs150bn in 2012, bank debt Rs245bn
Apr 10, 2013 (LBO) – Sri Lanka’s state energy utilities lost 150.9 billion rupees in 2012, which is equal to 2.0 percent of gross domestic product, while debt taken from banks to fund losses rose 53 percent to 245 billion rupees, official data shows. The Ceylon Electricity Board made an operational loss of 61.2 billion […]
Sri Lanka Treasuries yields flat
Apr 10, 2013 (LBO) – Sri Lanka’s Treasuries yield were steady at this week’s auction with the three month yield easing one basis point to 9.25 percent and the 12-month yield flat at 11.35 percent, the state debt office said. The 6-month yield for which bids were rejected a week earlier was 10.25 percent. The […]
Sri Lanka aiming for low inflation, 7.5-pct growth in 2013: CB Governor
Apr 09, 2013 (LBO) – Sri Lanka’s interest rates and inflation would fall in the coming months in a virtuous cycle, helped also by market pricing energy which will lower credit pressure, Central Bank Governor Nivard Cabraal said. Sri Lanka’s inflation rose 7.5 percent in the 12 months to March 2013 but eased from 9.2 […]