Category: Economy and Markets
Sri Lanka stock close marginally lower, rupee stronger
April 04, 2012 (LBO) – Sri Lankan shares closed slightly lower Wednesday with retail investors active and turnover boosted by several crossings and while the rupee gained ground against the dollar, brokers and dealers said. The rupee closed around 125.40/50 to the US dollar dealers said after opening 126. 00/10 levels. The main All Share […]
Sri Lanka IMF bailout loan resumed; US$426mn loaned for reserves
Apr 03, 2012 (LBO) – The International Monetary Fund said it will give 426 million US dollars to Sri Lanka, resuming its suspended bailout loan, after authorities took corrective steps to stem credit and foreign reserve losses. Settling external loans with foreign reserves does not add new demand but can prevent a contraction of demand […]
Sri Lanka may end forex interventions by May: CB Governor
Apr 03, 2012 (LBO) – Sri Lanka expects to end all interventions in forex markets by end May with forex sales for oil payments already less than planned, Central Bank Governor Nivard Cabraal said. “We haven’t committed to exactly when interventions will end,” Governor Cabraal said. “The need for intervention is already less than we […]
Sri Lanka bill yields held down
Apr 03, 2012 (LBO) – Sri Lanka’s Treasury bill yields were held flat by at Wednesday’s auction ending several weeks of corrections that helped push up market rates to reduce pressure on the exchange rate. However other data indicated that Sri Lanka has lost over 200 million dollars of reserves in just two days in […]
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Apr 02, 2012 (LBO) – Sri Lanka’s Hatton National Bank has been given a ‘B1’ foreign currency rating, based on its own balance sheet and possible state support, Moody’s Investors Service said. The rating has a stable outlook. The rating agency said HNB had maintained “above-average capitalization Levels” compared with similarly rated bank banks in […]
Sri Lanka forex inflows rising: Central Bank
Mar 31, 2012 (LBO) – Sri Lanka’s central bank said there had been a “considerable improvement” in foreign exchange inflows in March 2012, amid a caution that it is domestic monetary policy and not inflows that determines an exchange rate. More than 500 million US dollars in foreign investment is expected in the next few […]
Sri Lanka raises automobile import taxes
Mar 31, 2012 (LBO)- Sri Lanka has slapped new taxes of as much as 100 percent of import value on some imported cars, but raised taxes on hybrid cars at a lower rate, in a move which can reduce state revenues from automobiles this year. Sri Lanka’s ordinary citizens pay very high taxes on cars, […]
Sri Lanka raises tobacco, alcohol taxes
Mar 31, 2012 (LBO) – Sri Lanka’s finance ministry said it had raised taxes on tobacco, alcohol and beer, including higher import duties on imported beer, which can potentially raise 3. 0 billion rupees in new taxes a year. Excise tax on wine will go up by 50 rupees to 838 rupees a liter, on […]
Sri Lanka shares end up 0.4-pct
Mar 30, 2012 (LBO) – Sri Lankan shares closed slightly firmer Friday in somewhat choppy trade, brokers said. The main All Share Price Index rose 0. 35 percent (19.05 points) to 5,431.09, while the more liquid Milanka index fell 0. 13 percent (6.52) to close at 4,897.54. Turnover was 789 million rupees, according to stock […]
Sri Lanka on track to get IMF tranche next week
Mar 30, 2012 (LBO) – Sri Lanka is on track to resume a loan program with the International Monetary Fund next week, with preliminary data showing that action taken to break credit and domestic demand are showing results. The IMF held back the final two tranches of around 800 million dollars from its 2. 5 […]
Sri Lanka inflation jumps to 5.5-pct in March
Mar 30, 2012 (LBO) – Inflation in Sri Lanka’s capital Colombo accelerated to 5.5 percent in the 12 months to March 2012 up from 2.7 percent in February with the index growing 2. 2 percent in the month, statistics office data showed. Food prices remained stable with the foods index growing just 0. 1 percent […]
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Mar 30, 2012 (LBO) – Indian companies are keen to invest in Sri Lanka with the island’s Expo 2012 international trade drawing a large group of Indian businessmen, the High Commission of India said. The commitments were made during talks between a visiting team from the Confederation of Indian Industry and Sri Lankan commerce and […]