Category: Economy and Markets
” loan with IMF
Feb 12, 2013 (LBO) – Sri Lanka has dropped plans for a new ‘budget support’ loan program with the International Monetary Fund, the island’s central bank said as the lender was not willing to give money directly for government spending.Injections into foreign reserves allows a central bank to run less tight monetary policy (sterilize less […]
Sri Lanka holds policy rates amid higher inflation
Feb 12, 2013 (LBO) – Sri Lanka’s central bank held its main policy rate at which money is injected at 9.5 percent in February after cutting rates in December, while inflation continued to blaze at four year highs above the policy rate. The monetary authority expects inflation to fall after March 2013. Update II Consumer […]
Sri Lanka sells 5-year bonds to yield 10.73-pct
Feb 12, 2013 (LBO) – Sri Lanka has sold 5-year bonds maturing on July 15, 2018 to yield 10.73 percent at Tuesday’s auction one basis point below the previous auction, data from the state debt office showed. The previous auction had a June maturity. In the secondary market 5-year bonds were trading at around 10.84/88 […]
Sri Lanka forex reserves at US$6.8bn in December
Feb 11, 2013 (LBO) – Sri Lanka’s official forex reserves rose by 387 million US dollars to 6,877 million US dollar by end December 2012 from 6,490 million US dollar a month earlier, the Central Bank said. Foreign reserves were up 15 percent from the December 2011 level of 5,957 US dollars. In order to […]
Sri Lanka issues rule for money brokers
Feb 08, 2013 (LBO) – Sri Lanka’s central bank has issued new regulations covering the money broking industry requiring them to be certified, set up reporting requirements and internal policies and procedures.Money brokers provide bid and offers in money and forex markets while protecting the anonymity of their clients. “The regulations are expected to give […]
‘s Commercial Credit goes for second tranche
Feb 08, 2013 (LBO) – Sri Lanka’s Commercial Credit is seeking subscriptions for debentures up to 500 million rupees, after the first tranche of 250 million rupees was taken up, managers to the issue said.Up to February 07, 168 applications worth 354 million rupees had been received. The Merchant Bank of Sri Lanka which is […]
Sri Lankan bond issues to be given expected rating first: Fitch
Feb 08, 2013 (LBO) – Bond issues by Sri Lankan companies will go through a two-step process in the future, where an ‘EXP’ or ‘expected’ rating will be assigned which will then be finalized after documentation and closure, Fitch Ratings said.Fitch said a rating referred to as ‘expected’ is issued on the agencies expectations regarding […]
Sri Lanka to develop Trincomalee port city with ADB finance
Feb 08, 2013 (LBO) – Sri Lanka will improve infrastructure in the northeastern port city of Trincomalee with an 85 million US dollar loan from the Asian Development Bank, information minister Keheliya Rambukwelle said.The Integrated Urban Development Project for Trincomalee will improve city infrastructure and encourage private sector investment, he said. The cabinet of ministers […]
Sri Lanka reduces sudden hike in tea export tax
Feb 06, 2013 (LBO) – Sri Lanka’s rulers have reduced a near doubling of an export tax on tea imposed without consultation of the affected parties on a retroactive basis, following protests from the industry.Sri Lanka’s tea industry found late last week that a higher tax on tea exports had been imposed with effect from […]
Sri Lanka three, six month Treasuries yields drop
Feb 06, 2013 (LBO) – Sri Lanka’s 3-month Treasuries yield dropped 22 basis points to 9.25 percent at Wednesday’s auction but the 12-month yield was flat, data from the state debt office showed. Compared to the auction on the last week of December, the 3-month yield has dropped 75 basis points, the 6-month yield 1.16 […]
Sri Lanka and Luxemburg to avoid double taxation
Feb 02, 2013 (LBO) – Sri Lanka and Luxemburg has signed an agreement to avoid double taxation, the island’s embassy in Brussels said.The agreement will help investments in tourism, business process outsourcing and financial services, which have potential, the embassy said. The deal was signed by the head of Sri Lanka’s mission to the European […]
Sri Lanka to rent underground utility ducts
Feb 01, 2013 (LBO) – Sri Lanka will rent space to telecom companies in conduits pre-laid under roads being rebuilt in the capital Colombo under a modernization program, helping prevent damage to the surface, an official said. Seneviratne said authorities have managed to minimize damage to roads recently re-built in Colombo due to utility connections […]