Category: Economy and Markets
Sri Lanka Treasuries auction yields down
Feb 14, 2013 (LBO) – Sri Lanka’s Treasuries yield fell across maturities at Wednesday’s auction with the 3-month yield falling as much as 15 basis points to 9.10 percent, data from the state debt office showed. The 6-month yield fell 8 basis points to 10.08 percent and the 12-month yield fell one basis point to […]
Sri Lanka will be forced into expensive loans with IMF out: legislator
Feb 13, 2013 (LBO) – Sri Lanka will have to rely on high interest loans from international capital markets and China with the International Monetary Fund refusing budget support, a legislator has said.“What this country now needs is neither budget support nor balance of payments support,” opposition legislator Harsha de Silva said. “What this country […]
Sri Lanka economy to grow 6.25-pct in 2013: IMF
Feb 13, 2013 (LBO) – Sri Lanka’s economy is expected to grow 6.25 percent in 2013 after dipping to 6.0 percent in 2013, with high inflation reducing space for monetary easing, the International Monetary Fund said.“The recovery will be constrained by high inflation which limits room for near term monetary easing,” IMF mission team leader […]
Sri Lanka war zones get two hospitals with US support
Feb 13, 2013 (LBO) – Two new hospitals built with American and Sri Lankan government involvement in former war zones in the north had been opened on February 12, the US embassy in Colombo said.The Mulankavil base hospital in Kilinochchi and Oddusuddan divisional hospital in Mullaitivu were built at a cost of a million US […]
Sri Lanka should hold policy rates till inflation falls: IMF
Feb 13, 2013 (LBO) – Sri Lanka should freeze policy rates until inflation starts to fall, International Monetary Fund said as the country is going through the highest inflation generated by the central bank in nearly four years.Inflation Risk Sri Lanka should hold policy rates till inflation falls: IMF Feb 13, 2013 (LBO) – Sri […]
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 […]
” 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 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 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 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 […]
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 […]