Category: Economy and Markets
‘s forex reserves fal to US$5.5bn in Feb 2012: data
May 6, 2012 (LBO) – Sri Lanka’s foreign reserves fell to 5,552 million US dollars at the end of February 2012, down 32 percent from a peak of 8,098 million US dollars in July 2011, official data shows. Sri Lanka’s reserves fell steeply during the second half of 2011 credit taken by state enterprises to […]
Sri Lankan shares weak
May 4, 2012 (LBO) – Sri Lankan share prices closed the week in the red on Friday, with large trades in conglomerate John Keells Holdings and computer parts vendor, PC House, brokers said. Colombo’s 240-tracker All Share Price Index slipped 7.33 points or 0.13 percent to close at 5,382.14, while the liquid Milanka Price Index […]
Sri Lanka interest rates move up, liquidity tighter
May 04, 2012 (LBO) – Sri Lanka’s overnight interest rate hovered nearer to a recently hiked policy rates Friday amid tighter liquidity, supporting its exchange rate and bond yields spiked, a day earlier, dealers said. A 2-year bond maturing on March 01, 2014 rose was quote around 12.75.13.00 percent. A 4-year bond maturing on August […]
Sri Lanka hikes prices of cooking gas, milk powder, cement
May 4, 2012 (LBO) – Sri Lanka on Friday raised prices of cooking gas, milk powder and cement, after a weak rupee, tax hike and higher energy prices raised costs. The price of a 12.5 kilo liquefied petroleum gas cylinder goes up by 350 rupees to 2,396 rupees from midnight Friday, Internal Trade Minister Johnston […]
” ratings confirmed: Fitch
May 04, 2012 (LBO) – Sri Lanka has to persist with reducing its budget gap and tighten monetary policy further if needed to ward off balance payments pressure, Fitch Ratings which confirmed a sovereign rating at ‘BB-‘ said. The outlook on the rating was ‘stable’. “The ratings reflect Fitch’s view that the authorities have taken […]
Sri Lanka exports grow 7.6-pct in Feb
May 04, 2012 (LBO) – Sri Lanka’s exports grew 7. 6 percent from a year earlier to 878 million US dollars in February 2012 with tea exports falling and apparels barely growing, while imports powered ahead, official data showed. In the first two months of the year exports grew only 3. 3 percent to 1.79 […]
Sri Lanka rupee in volatile ride
May 02, 2012 (LBO) – Sri Lanka’s rupee went on a wild ride Wednesday in thin trade in a market where there is little depth and uncertainty is high among dealers, market participants said. The rupee eventually closed around 127.70/128.50 The rupee traded as low as 131.00 to the US dollar and strengthened as much […]
Sri Lanka to keep to 6.2-pct GDP budget gap in 2012: Treasury Secy
May 02, 2012 (LBO) – Sri Lanka will keep to a 6. 2 percent of gross domestic budget gap planned for 2012 despite higher than expected interest costs amid monetary tightening, Treasury secretary P B Jayasundera said. “We will strictly adhere to the 6. 2 budget deficit announced in 2012,” he told reporters Monday. “We […]
‘s Treasuries yields up
May 02, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with 12. 4 billion rupees of bills being sold, the state debt office said. The 3-month yield rose 18 basis point to 12. 11 percent, the 6-month yield rose 15 basis points to 12. 20 percent and the 12-month yield […]
Sri Lanka pays back money printed in April
May 01, 2012 (LBO) – Sri Lanka’s Treasury has repaid most of the money borrowed from the banking system including printed money from the Central Bank to meet seasonal salary needs of state workers, a top official said. “Instead of Treasury bonds and long term securities there has been a preference for to less than […]
Sri Lanka, emerging countries should be watchful about Europe: IMF official
Apr 30, 2012 – (LBO) – Though the global economy is showing signs of improving, a slowing Europe and debt troubles which Sri Lanka and emerging Asia should watch, an International Monetary Fund official said. European fallouts could hurt emerging Asia through trade and financial channels, IMF’s resident representative Koshy Mathai said, at an economic […]
Sri Lanka and India ratings could be hurt by oil subsidies: S&P
Apr 30, 2012 (LBO) – Sri Lanka and India could face credit downgrade if oil prices rise further and energy subsidies are not reduced, Standard and Poor’s said in an Asia-Pacific report. “In India and Sri Lanka, we expect fuel and related subsidies to markedly worsen fiscal and external deficits unless subsidy levels fall,” Standard […]