Category: Economy and Markets
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 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 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 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 […]
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 shares end down 0.4-pct
April 17, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday with turnover beginning to pick up from low levels after a long holiday with interest still mainly on ‘penny stocks’, brokers said. Swarnamahal Financial Services, which has also been actively traded in recent days, closed flat at nine rupees. Seylan Developments also saw some […]
Sri Lanka Bank of Ceylon hires foreign banks to sell bond
Apr 17, 2012 (LBO) – Sri Lanka’s state-owned Bank of Ceylon has hired several foreign banks to arrange bond investor meetings in Asia, Europe and the US ahead of a planned new bond issue. It has hired Bank of America Corp. , Citigroup Inc. and HSBC Holdings to arrange bond investor meetings, Bloomberg news agency […]
‘s CPC lose Rs94bn in 2011
Apr 17, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation lost 94 billion rupees in 2011 up from 27 billion rupees a year earlier, largely due to below cost sales to a power utility, official data showed. Sri Lanka’s Central Bank in its annual report said a key reason for the loss was sales […]
Sri Lanka shares end up 0.2-pct
April 16, 2012 (LBO) – Sri Lankan shares closed firmer Monday after a long weekend owing to traditional new year holidays last week with trading still at low levels and focussed on ‘penny stocks’, brokers said. The main All Share Price Index rose 0.15 percent (8.27 points) to 5,434.00, while the more liquid Milanka index […]
Sri Lanka expected global shock to slow credit: CB Governor
Apr 16, 2012 (LBO) – Sri Lanka expected a global slowdown to moderate credit in the second half of 2012 and did not tighten monetary policy but spent foreign reserves to maintain growth, a top official said. Reserve Risk Sri Lanka sterilized the balance of payments amid warnings from both the International Monetary Fund and […]