Category: Economy and Markets
Sri Lanka forex reserves ease to US$6.67bn in Feb
May 05, 2013 (LBO) – Sri Lanka’s forex reserves fell 185 million US dollars to 6.659 billion US dollars in February 2013 from a month earlier, and was down 3.1 percent from the beginning of the year, official data showed. The IMF has said Sri Lanka’s reserves have generally been stable. “We don’t think there […]
” final rating: Fitch
May 4, 2013 (LBO) – Fitch Ratings said it had given a final rating of ‘A(lka)’ to a 1.5 billion rupee tranche of fixed interest rate unsecured debentures to which it had previously given an expected rating. “The issue proceeds are to be used to lengthen the maturity profile of existing debt, thereby improving Singer’s […]
Sri Lanka SOE losses hurt investment and jobs: IMF
May 03, 2013 (LBO) – Massive losses at Sri Lanka’s state enterprises have a negative impact on people’s lives that are beyond accounting losses in the balance sheet, which hurts investment and jobs an International Monetary Fund official said.Last year state-run Ceylon Petroleum Corporation and Ceylon Electricity Board lost more than 150 billion rupees. “It […]
” measure
May 03, 2013 (LBO) – Consumer prices in Sri Lanka’s urban areas rose 7.2 percent in April 2013 from a year earlier, according to a price index compiled by citizens down from 12.6 percent in March. CAL Research said it expected inflation to tick up following an electricity price hike this month. Analysts say any […]
Japan ready to continue support for Sri Lanka: Finance Minister
Apr 03, 2013 (LBO) – Japan will continue to support Sri Lanka if peace is maintained and with the economy also on a growth path, visiting Japanese deputy prime minister and finance minister Taro Aso said.“Considering that the Sri Lankan economy keeps on the current growth trajectory and given that peace and security would be […]
Sri Lanka has scope for easing policy: CB Governor
May 03, 2013 (LBO) – Sri Lanka has scope to ease policy, because credit growth is slowing and the Central Bank has been selling down its Treasuries stock, Governor Nivard Cabraal said. When its Treasuries are sold down, through a ‘quantity tightening’ policy can be tight, analysts say, regardless of the actual policy rate. T-bill […]
Sri Lanka should keep monetary policy on hold: IMF
May 02, 2013 (LBO) – Sri Lanka should keep monetary policy on hold for the moment to build on economic stability based on low inflation, an International Monetary Fund official said. The balance of payments situation was also correcting, though lower imports had put pressure on state finances. But there had been no dramatic reversals […]
US builds public market, bus station in Eastern Sri Lanka
May 01, 2013 (LBO) – The United States has built a public market and bus station in Sri Batticaloa in Sri Lanka’s war torn Eastern Province which will help economic activities in the area, the American embassy in Colombo said.The newly constructed market and bus station in Pullumalai will help economic activities and also boost […]
Sri Lanka cigarette sales drop 14-pct in weaker economy
May 01, 2013 (LBO) – Sri Lanka’s Ceylon Tobacco Company Plc said cigarette sales dropped 14 percent in the March 2013 quarter from a year earlier, but profits dropped only 1.8 percent to 1,463 million rupees helped by wider margins. The firm reported earnings per share of 7.81 rupees for the quarter. CTC, a unit […]
‘s BB- sovereign rating confirmed: Fitch
Apr 23, 2013 (LBO) – Sri Lanka’s ‘BB-‘ sovereign rating has been confirmed with a stable outlook by Fitch on tighter monetary policy and corrective measures to stem balance of payments troubles but warned of rising foreign debt. Sri Lankan authorities expected 7.5 percent and 8.0 percent. Fitch said the government forecast of higher growth […]
‘s inflation eases to 6.4-pct in April
April 30, 2013 (LBO) – Inflation in Sri Lanka’s capital Colombo rose 6.5 percent in April 2013, from a year earlier, easing down from 7.5 percent in March, the state statistics office said.The Colombo Consumer Price Index fell 0.5 percent or 0.8 points during the month to 170 points during the month helped by a […]
Sri Lanka stocks flat
Apr 29, 2013 (LBO) – Sri Lanka’s stocks closed barely changed Monday despite foreign investor interest in banking stocks, brokers said. The benchmark Colombo All Share Index closed 05.45 points higher at 5,967.62 up 0.09 percent and the S&P SL 20 Index closed 03.78 points higher at 3,363.14 up 0.11 percent. Turnover was 846 million […]