Category: Economy and Markets
Sri Lanka will not take all advice that is given: CB Governor
Sept 19, 2011 (LBO) – Sri Lanka will not take all economic advice that is given but chart its own course based on a longer term path, Central Bank Governor Nivard Cabraal said amid concern over continued defence of the island’s dollar peg. “We’ve got to be very clear to the public, to the economic […]
‘s credit expansion slower in July
Sept 19, 2011 (LBO) – Sri Lanka’s commercial banks loaned 26.9 billion rupees to private business in July 2011, down from 39 billion rupees a month earlier and credit to the state fell, following the sale of a soveriegn bond, official data showed. Central Bank credit to government – usually a red flag of impending […]
Sri Lanka starts active open market operations – Update
Sept 19, 2011 (LBO) – Sri Lanka’s central bank resumed active open market operations Monday absorbing a small amount of excess liquidity eight basis points above it 7.0 percent policy rate, rejecting most of the bids that came at higher rates, dealers said. Market participants offered to sell 36.15 billion in excess rupees through the […]
Sri Lanka stocks end up 0.29-pct
Sep 16, 2011 (LBO) – Sri Lankan stocks recovered Friday ending a week-long fall with continued trading in shares that had drawn the interest of speculators, brokers said. The main All Share Price Index rose 0.29 percent (19.99 points) to 6,870.92, while the more liquid Milanka index rose 0.50 percent (30.75 points) to close at […]
Sri Lanka policy rates steady, credit expected to slow: Central Bank
Sept 16, 2011 (LBO) – Sri Lanka has kept policy rates steady at 7. 00 percent to deposit excess reserves and 8. 50 percent to inject cash as rupee liquidity in monetary markets declined, expecting credit growth and forex interventions to ease in the future. The Central Bank said broad money grew 20. 7 percent […]
Sri Lanka gets new Treasuries dealer
Sept 16, 2011 (LBO) – Sri Lanka’s central bank said it had appointed Wealth Trust Securities Limited as a primary dealer for government securities. The firm’s chief execuitve is Dammika Ranawana who had two decades of experience in fixed income securties markets in Sri Lanka. The firm is promoted by Sri Lanka based Finco Holdings […]
Sri Lanka forex interventions to ease, inflows expected: CB Governor
Sept 16, 2011 (LBO) – Sri Lanka’s recent interventions in forex markets which were partly triggered by payments for oil will ease in the future, helped by higher expected inflows, Central Bank Governor Nivard Cabraal said. “Now the interventions are much less,” Cabraal said. “Even going forward, our estimates are that it will be limited. […]
Swazi king wants bailout from IMF, World Bank
MANZINI, September 14, 2011 (AFP) – Swazi King Mswati III said Wednesday that the International Monetary Fund and the World Bank should come to his country’s rescue, as they have for troubled nations like Greece and Portugal. “When they come to visit us, they do not come in the same spirit and that is a […]
Sri Lanka, Vietnam mull tractor plant, garment ventures
Sept 15, 2011 (LBO) – Vietnam is considering setting up a tractor plant in Sri Lanka and also joint ventures in garment manufacture, the island’s ministry of industry and commerce said in a statement. “Vietnam is keen to import more coconuts from Sri Lanka, collaborate in garment manufacturing and also to set up a manufacturing […]
‘s GDP expands 8.2-pct in June quarter: statistics office
Sept 15, 2011 (LBO) – Sri Lanka’s economy expanded by an estimated 8. 2 percent in the second quarter of 2011 from a year earlier, led by industry and services, the state statistics office said. In the second quarter of 2010, gross domestic product grew by 8.5 percent. The statistics office said industry, which has […]
Sri Lanka stocks end down 0.7-pct
Sep 15, 2011 (LBO) – Sri Lankan stocks slumped again Thursday with turnover falling further amid continued trading in shares that had drawn speculative, brokers said. The main All Share Price Index fell 0.65 percent (44.68 points) to 6,850.93, while the more liquid Milanka index fell 0. 79 percent (49.16 points) to close at 6,178.49, […]
Sri Lanka to resume cash auctions in money markets: CB Governor
Sept 15, 2011 (LBO) – Sri Lanka’s central bank is ready to start daily cash auctions in money markets Governor Nivard Cabraal said, as dollar sales to maintain a currency peg rapidly sucked rupees out of the banking system. “If liquidity is low and we do not have excess liquidity, we will resume daily auctions,” […]