Category: Economy and Markets
Sri Lanka to sell $150 mn in debt
June 20, 2012 (LBO) – Sri Lanka’s public debt office is seeking bids to raise 150 million dollars via a bond issue, a public notice said. Those eligible to subscribe include Sri Lankan with dual citizens, foreign nationals and non-resident Sri Lankans, the Public Debt Department of the Central Bank of Sir Lanka said Wednesday. […]
Sri Lankans are charitable, but within reason
June 19, 2012 (LBO) – Sri Lankans give generously to help the poor, the needy, the religious and their old schools, but fight shy on giving to civil society organisations, a preliminary study showed. However, the long-term potential of these practices – and where they may lead – remains an open question, the researchers noted. […]
Sri Lanka stocks up 1.2-pct
June 19, 2012 (LBO) – Sri Lanka’s stocks closed up 1.2 percent Tuesday recovering lost ground with sharp gains in with hotel firms Citrus Leisure and Kalpitiya Beach showing the most gains, brokers said. The Colombo All Share Index rose 61 points to close at 5,059. 29 points with the Milanka Index of liquid stocks […]
Sri Lanka money markets reach policy rates
June 19, 2012 (LBO) – Sri Lanka’s money markets were tight Tuesday with gilt backed repos quoted at 9. 50/70 percent around the policy interest rate of 9.75 percent, for over a week, two months after the key rate was raised, official data showed. High short term rates discourage the holding of dollars by exporters […]
Sri Lanka warned to be careful about forex swaps by IMF
June 18, 2012 (LBO) – Sri Lanka should be careful about the inflationary effects of liquidity created by large foreign exchange swaps with the Central Bank, an International Monetary Fund official said. Analysts have warned that liquidity created by all central bank purchases for foreign exchange – including outright purchases – would flow out through […]
Sri Lanka economy grows 7.9% in first quarter: statistics office
June 18, 2012 (LBO) – Sri Lanka’s economy expanded by a slower 7.9 percent during the first quarter of this year, from the same period a year earlier, dragged down by a fall in farm output, the national statistics office said. The Indian Ocean Island’s economy has quickened at a rapid pace since Sri Lanka’s […]
Sri Lanka shares up 0.13 percent
June 18, 2012 (LBO) – Sri Lankan share prices nudged up 6.89 points, after falling some 51 points during intra-day trade, despite buying interest in selected stocks, brokers said. New entrant, Ramboda Falls, rose 14.10 rupees to 24.10 rupees on trades of 706,888 shares, on speculative buying interest, brokers said. Lanka Hospitals, gained 1.10 rupees […]
” rating confirmed
June 18, 2012 (LBO) – Sri Lanka’s Fitch Ratings has confirmed state-run National Savings Bank’s ‘AAA(lka)’ rating with a stable outlook based on continued state support for the bank and keeping to its mandate. “The rating action follows the halting and subsequent reversal of, a transaction by NSB to acquire shares in The Finance Company […]
Sri Lankans suffering due to wrong policy: legislator
June 17, 2012 (LBO) – Sri Lankans are suffering due to wrong economic policy actions especially those involving state interventions in markets that are backfiring, a legislator who has earlier raised red flags about the balance of payments has said. Harsha de Silva, an economist who represents Sri Lanka’s main opposition United National Party said […]
Sri Lanka eyes new deal with IMF as bailout draws to a close
June 16, 2012 (LBO) – Sri Lanka is eyeing a new deal with the International Monetary Fund with the end of three year program in July 2012 whose success was marred at its tail end by a new balance of payments crisis triggered by energy price manipulations. The three year 2.5 billion US dollar program […]
Sri Lanka economic growth may slow to 6.75-pct, inflation to rise: IMF
June 15, 2012 (LBO) – Sri Lanka’s economic growth may slow to 6.75 percent in 2012 and inflation may rise to 9.5 percent by year end, requiring monetary policy to be kept tight, for the time being the International Monetary Fund official said. Discussions were also underway for a follow up program. John Nelmes, head […]
Sri Lankan state-run university part-funds its own capex
June 15, 2012 (LBO) – Sri Lanka’s state-run University of Colombo is part-financing a 395 million rupee building with cash generated by lecturers who conduct post graduate programs, as well as bank financing, officials said. “There is big demand for post graduate studies from the private sector,” professor Hirimburegama said. “I don’t think we should […]