Category: Economy and Markets
Sri Lanka to charge retrospective taxes on converted vehicles
Jan 04, 2012 (LBO) – Sri Lanka is set to charge millions of rupees of taxes on a retrospective basis from owners of pick-up trucks and jeeps who have converted them under existing rules, according to a new cabinet decision.In free countries with strong constitutional guarantees of liberty to citizens, so called ex post facto […]
Sri Lanka personal income tax now very low: Treasury Secretary
Jan 04, 2012 (LBO) – Sri Lanka’s personal income tax rates are now very low and eligible persons should start paying taxes voluntarily, Treasury Secretary P B Jayasundera said. He said with Sri Lanka is becoming a service economy made up of self-employed and professionals working in legal, healthcare, education or information technology and income […]
Sri Lanka to issue coin series to depict districts
Jan 03, 2013 (LBO) – Sri Lanka will issue coins with a face of 10 rupees to depict each district in the country in 2013, the Central Bank has said in a road map for monetary policy. Sri Lanka has 25 administrative districts. Central Bank Governor Nivard Cabraal also said Wednesday a program will be […]
Sri Lanka aims at inflation of 7.0-pct in 2013
Jan 03, 2013 (LBO) – Sri Lanka’s Central Bank aims to inflate the economy by about 7.0 percent in 2012 based on a monetary targeting framework where money supply and credit growth is taken into account.Delivering a monetary policy roadmap for 2013 Governor Nivard Cabraal said the Central Bank was will continue to aim for […]
Sri Lanka lecture by Monash University don
Jan 03, 2013 (LBO) – Sisira Jayasuriya, professor of economics at Monash University, Melbourne will deliver the fifth Gamani Corea Foundation lecture on Thursday January 10 at the Marga Institute in Kotte, organizers said.Jayasuriya’s research and policy advisory activities cover trade, macroeconomic, environmental and food policy issues in developing countries, with a focus on Asia. […]
Sri Lanka gilt yields plunge for second straight day, stocks up
Jan 03, 2013 (LBO) – Sri Lanka’s government bond yields plunged over 100 basis points over two days with active trading in four and five year maturities, and stocks closed up, dealers and brokers said. A 5-year bond maturing on 15 August 18 opened at 11.20/25 percent levels, moved to 11.35/45 then buying dropped 10.60/65 […]
” reserves, IMF deal talks ahead
Jan 03, 2013 (LBO) – Sri Lanka will not accumulate too much foreign reserves, but will maintain an amount that is comfortable for the economy and a deal with the International Monetary Fund is also on the cards, Central Bank Governor Nivard Cabraal said.Sri Lanka would have collected with about 6.8 billion US dollars of […]
Sri Lanka G-Sec short selling to be allowed, counter party risks cut
Jan 02, 2013 (LBO) – Sri Lanka will allow covered short selling of Treasuries, issues will be underwritten, and central clearing will be set up to cut counterparty risk as part of efforts to boost market efficiency, Central Bank Governor Nivard Cabraal said.Sri Lanka’s central bank issues government securities on behalf of the Treasury and […]
Sri Lanka Treasuries yields plunge
Jan 02, 2013 (LBO) – Sri Lanka’s Treasuries yield fells across the board at Wednesday’s auction with the six month yield plunging as much as 33 basis points, data from the state debt office showed.The debt office offered 20 billion rupees of bills at the auction and sold a total of 30.2 billion rupees of […]
Sri Lanka to add Yuan bonds to forex reserve assets
Jan 02, 2013 (LBO) – Sri Lanka will diversify its foreign reserve assets to reflect government debt and Yuan denominated bonds are a candidate, Central Bank Governor Nivard Cabraal said. Sri Lanka has borrowings mainly in US dollars, Japanese Yen, Special Drawing Rights and Euro but China has become a large lender over the past […]
Sri Lanka relaxes forward forex curbs, bank open positions
Jan 02, 2013 (LBO) – Sri Lanka has relaxed curbs on foreign exchange forward deals introduced last year and widened the net open positions for banks with effect from today, Central Bank Governor Nivard Cabraal said.Cabraal said Sri Lanka was estimated to have posted a 100 million dollar surplus in the balance of payments in […]
Sri Lanka should cut losses, bank credit to state energy utilities: CB Governor
Jan 02, 2013 (LBO) – Sri Lanka should cut losses and bank credit taken by Ceylon Petroleum Corporation and Ceylon Electricity Board with better pricing in 2012, Central Bank Governor Nivard Cabraal said.Currency depreciation not only increases the price of energy itself, but also destroys the real value of current salaries and lifetime financial savings. […]