Category: Economy and Markets
Sri Lanka bank credit fall from peak in February
Apr 23, 2012 (LBO) – Sri Lanka’s commercial banks loaned 55.3 billion rupees to private business in February 2012 higher than in January and state credit also remained strong but eased from records volumes a month earlier, official data showed. The data also contains the effects of currency depreciation after authorities allowed the rupee to […]
Sri Lanka rupee weak, money markets liquid -Update
Apr 23, 2012 (LBO) – Sri Lanka’s currency weakened Monday to above 131 rupees to US dollar after opening at 129.90/130.20 levels against the US dollar in the spot market while money markets were liquid, dealers said. In late afternoon trade the rupee was quoted as low at 131. 50/70 near historic lows, after recovering […]
Sri Lanka shares end down
April 23, 2012 (LBO) – Sri Lankan shares closed lower Monday and turnover fell back to low levels despite some enthusiasm seen last week after regulators lifted price restrictions that triggered a knee-jerk rally, brokers said. Citrus Leisure W0018 warrants were also actively traded, ending at 2.10 rupees, down 1.70 while Environmental Resources Investments close […]
New ILO-World Bank study suggests tools to tide over economic shocks
April 21, 2012 (LBO) – Policymakers across the world should to develop a more robust labour market and expand workers social insurance cover, to tide over future economic shocks, a new report said. With a sample of 77 countries significantly affected by the crisis, representing 89 percent of global GDP and 86 percent of world […]
Sri Lanka prematurely commended for avoiding trade sanctions
Apr 20, 2012 (LBO) – The International Monetary Fund has prematurely commended Sri Lanka for not imposing trade sanctions on itself, in a bid to end a balance of payment crisis brought by loose monetary policy, newly released documents show. Trade sanctions can reduce economic activity and deprive tax revenues for rulers to keep spending. […]
Sri Lanka shares end down 0.6-pct
April 20, 2012 (LBO) – Sri Lankan shares slumped Friday after a short-lived rally the day before in a knee-jerk reaction to the lifting of price restrictions by regulators, brokers said. The main All Share Price Index fell 0.64 percent (35.11 points) to 5,483.61, while the more liquid Milanka index fell 0. 30 percent (14.81) […]
Sri Lanka IMF program staff report released
Apr 20, 2012 (LBO) – In perhaps a new shift to transparency Sri Lanka has released an International Monetary Fund staff report prepared to support the 7th review under its program, after suppressing them for years. Sri Lanka ended up in a balance of payments crisis by trying to defend an exchange rate without tightening […]
Sri Lanka bank debt sale hit by racing rates
April 19, 2012 (LBO) – Sri Lanka’s listed Commercial Bank of Ceylon, the island’s largest privately owned bank, said there were no takers for a five-year bond offered at a fixed rate, as interest rates rose sharply. The five-year debt, rated AA- by Fitch Ratings Lanka opened for subscription on March 27 offering a fixed […]
Sri Lanka shares end up 2-pct
April 19, 2012 (LBO) – Sri Lankan shares closed sharply higher Thursday after regulators lifted price restrictions imposed to curb speculation, brokers said. SMB Leasing non-voting shares were the top gainer closing at 50 cents, up 10 cents with over 1. 2 million shares done. Kuruwita Textile Mills was the next highest gainer, ending at […]
Sri Lanka Treasuries yields rise again
Apr 18, 2012 (LBO) – Sri Lanka’s Treasury bill yields rose again across maturities at Wednesday’s auction following an increase of more than 50 basis points last week, data from the debt office showed. The auction was oversubscribed with bids amounting to 22,776 million rupees being received. The 3-month yield rose 11 basis points to […]
Sri Lanka shares end down
April 18, 2012 (LBO) – Sri Lankan shares closed weaker Wednesday with trading remaining lacklustre following a holiday for the traditional new year last week, brokers said. The main All Share Price Index fell 0. 09 percent (4.97 points) to 5,407.47, while the more liquid Milanka index fell 0.06 percent (3.17) to close at 4,907.15. […]
Sri Lanka to grow 7.0-pct in 2012: ADB
Apr 18, 2012 (LBO) – Sri Lanka will grow 7.0 percent in 2012 with tighter monetary policy brought in to strengthen the exchange rate and cut inflation and will rebound to 8. 0 percent in 2013 the Asian Development Bank said. ADB’s, Sri Lanka chief Rita O’ Sullivan said the administration’s emphasis on boosting infrastructure […]