Category: Economy and Markets
”AA(lka) rated bonds
Sept 20, 2012 (LBO) – A five year subordinated bond sale by state-run Bank of Ceylon’s of up to 6 billion rupees has been rated ‘AA(lka)’ one notch below the entity’s national rating of ‘AA+(lka)’, Fitch Ratings said. The bonds will be used to boost the bank’s Tier II capital base. Fitch said Bank of […]
Sri Lanka central bank says issues guidelines to bank forex dealers
Sept 20, 2012 (LBO) – Sri Lanka’s Central Bank said it had issued a direction under the country’s banking law improve “the standard of business conduct and good market practices” on foreign exchange trading activities of licensed commercial banks. However some of the more extreme controls have been relaxed over the past three decades. “The […]
Sri Lanka pushes up food prices to increase farmer profits
Sept 19, 2012 (LBO) – Sri Lanka has pushed up food prices of the people to provide greater profits to the farming lobby, while another tax on canned fish has also been raised, a notice published by the finance ministry said. The finance ministry said a tax on potatoes has been raised by 30 rupees […]
Sri Lanka Treasuries yields fall
Sept 19, 2012 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the six month yield falling the most by 21 basis points to 12.91 percent, data from the state debt office showed. Earlier in the day the rupee was quoted as strong as 131.30/60 to the US dollar. The debt […]
Sri Lanka stocks close one percent lower
Sept 19, 2012 (LBO – Sri Lanka stocks extended losses closing 1.04 percent lower Wednesday, as investors took profits from steep recent gains, while a newly listed finance company stock hit a new high, brokers said. Many other stocks however lost ground for the second day as investors took profits after recent steep gains. Abans […]
Sri Lanka stocks down 0.98 pct
Sept 18, 2012 (LBO) – Sri Lanka stocks closed down 0.98 percent Tuesday, taking a breather from steady gains made over several days. The benchmark Colombo All Share Price Index dropped 58.28 points to close at 5,9110.81 down 0.98 percent and the S&P SL 20 index closed down 1.03 percent at 3,177.73 points up 32.97 […]
Sri Lanka keeps policy rates unchanged, says credit slowing
Sept 18, 2012 (LBO) – Sri Lanka’s Central Bank kept its key policy rate at which money is injected to the economy at 9. 75 percent saying credit was slowing and balance of payments pressure and inflation was easing. The central bank said average monthly bank credit volumes had fallen to about 27 billion rupees […]
Sri Lanka banks on cricket to repair image
COLOMBO, Sept 17, 2012 (AFP) – Sri Lanka is banking on cricket to repair the damage to its blood-stained image after the brutal end to a 37-year ethnic war as it stages the biggest tournament in the nation’s post-independence history. Since declaring an end in 2009 to a conflict that claimed up to 100,000 lives, […]
Sri Lanka economy grows 6.4-pct in 2Q: statistics office
Sept 17, 2012 (LBO) – Sri Lanka’s economy grew 6.4 percent in the second quarter of 2012 from a year earlier, slowing from 7.9 percent in the first quarter, gross domestic product estimates by the state statistics office showed. The statistics office said agriculture grew 9.1 percent from a year earlier, industry grew 9. 5 […]
Sri Lanka sells US$121mn in 3-year bonds
Sept 17, 2012 (LBO) – Sri Lanka has sold US121.05 million US dollars of 3-year bonds at a weighted average yield of 400 basis points above the 6-month London Interbank Offered Rate, the state debt office said. Sri Lanka offered 60 million US dollars of bonds for sale but 121. 05 million in bids were […]
Sri Lanka stocks up 7.8-pct in week
Sept 14, 2012 (LBO) – Sri Lanka stocks closed up 2.59 percent Friday gaining 7.8 percent through the week in a broad based rally, with record gains by an illiquid new stock, brokers said. The benchmark Colombo All Share Price Index closed at 5,920 gaining 149.6 points and the S&P SL 20 index closed up […]
Sri Lanka to keep credit ceilings in place, policies working: CB Governor
Sept 14, 2012 (LBO) – Sri Lanka’s will keep credit ceilings in place as banks still have enough space to lend, and policies taken to fix balance of payments pressure is bringing results, Central Bank Governor Nivard Cabraal said. Governor Cabraal says measures taken earlier in the year, including credit ceilings are now taking effect […]