Category: Economy and Markets
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 […]
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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 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 […]
” for Indian investment
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 […]
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 rupee gains after opening
Mar 29, 2012 (LBO) – Sri Lanka’s rupee gained against the greenback Thursday to strengthening to as much as 128. 25/50 rupees after opening at 129. 30/40 levels, dealers said. The rupee also closed stronger Wednesday, at 129. 30/40 levels after opening weaker at 129. 80/130.00 rupees against the US dollar. Sri Lanka has upped […]
Sri Lanka rupee strengthens as credit weakens
Mar 29, 2012 (LBO) – Sri Lanka’s rupee closed at 127. 75/85 against the US dollar after opening at 129.30/40 dealers said, with data indicating that a credit bubble which put pressure on the peg is breaking. Rupee liquidity from dollar purchases has risen from 6.7 billion rupees on March 14 to 26 billion rupees […]