Category: Economy and Markets
Sri Lanka currency peg defence by interest rates not advisable: IMF
Sept 08, 2011 (LBO) – The International Monetary Fund is not in favour of mounting an interest rate defence of Sri Lanka’s currency peg, but would like to see exchange rate flexibility instead, an official said. Sri Lanka’s interest rate policy has been largely passive since a currency crisis ended with the float of the […]
Sri Lanka stocks end up 0.6-pct
Sep 07, 2011 (LBO) – Sri Lankan stocks closed higher Wednesday, with several private deals in conglomerate John Keells Holdings boosting turnover and speculative trades continuing in other shares, brokers said. HVA Foods was also heavily traded, closing at 77. 60 rupees, up 2.50, with 2.85 million shares done. There was a sole crossing of […]
Sri Lanka should stop defending currency peg: IMF
Sept 07, 2011 (LBO) – Sri Lanka should stop defending a dollar peg and allow the domestic currency to respond to market developments, the International Monetary Fund has said. Aitken said Sri Lanka’s interest rates were appropriate now but the central bank should watch credit growth and take action in the future. The IMF cautioned […]
Sri Lanka rupee peg weakens, treasuries flat
Sep 07, 2011 (LBO) – Sri Lanka’s dollar peg weakened by another 10 cents to 110.20 rupees in the spot market, amid continued pressure on the domestic currency, dealers said. The monetary authority’s unofficial two way quote was dropped to 109.70/110.10 Wednesday, in the wake of an earlier drop of 10 cents Monday. In the […]
Sri Lanka stocks end down 0.6-pct
Sep 06, 2011 (LBO) – Sri Lankan stocks closed lower Tuesday, failing to hold on to Monday’s gain, with interest in an investment firm and a tea exporter, brokers said. There was also a crossing of 766,000 Odel shares at 38 rupees each. It closed at 38, up 20 cents. Newly listed Textured Jersey Lanka […]
Sri Lanka exports up 40-pct to July
Sept 05, 2011 (LBO) – Sri Lanka’s exports in the seven months to July rose 40 percent to 6,080 million US dollars from a year earlier, with apparel growing 44 percent, an export promotion official said. In July exports had topped a billion US dollars. Ratnayake had earlier said year-end target for exports was 10 […]
Sri Lanka stocks end up 0.8-pct
Sep 05, 2011 (LBO) – Sri Lankan stocks closed higher Monday with interest in a motor vehicle import and in non-voting shares of a jewellery exporter, brokers said. The main All Share Price Index closed at 7,007.68, up 0.82 percent (57.07 points) while the more liquid Milanka index rose 0. 69 percent (43.27 points) to […]
Sri Lanka dollar peg breaks Rs110 level
Sept 05, 2011 (LBO) – Sri Lanka’s peg to the US dollar weakened 10 cents to 110. 10 Monday with the spot dollar being quoted around 110. 09/110.10 rupees as the currency continued to be under pressure, dealers said. Analysts say there could also be a ‘supply shock’ to the system in the form of […]
Sri Lanka graduates take aim for fresh tax grab
Sep 04, 2011 (LBO) – Graduates from Sri Lanka’s state universities are taking aim for a fresh tax grab by getting lifetime salaries as state workers, having already received a ‘free’ tertiary education from peoples’ tax money. The Island newspaper said a group calling itself the Combined Association of University Graduates (CAUG) charged rulers of […]
Sri Lanka stocks stagnant
Sep 02, 2011 (LBO) – Sri Lanka’s stock market remained stagnant Friday after two big deals sent indices and turnover up sharply Thursday, brokers said. The main All Share Price Index closed at 6,950.61, down 0.01 percent (0.89 points) while the more liquid Milanka index fell 0.07 percent (4.64 points) to close at 6,297.12, according […]
Sri Lanka stocks up, Dhammika Perera ups Hayleys stake
Sep 01, 2011 (LBO) – Sri Lanka’s stock market closed higher Thursday with big deals by high-net-worth investor Dhammika Perera pushing turnover over eight billion rupees, brokers said. The main All Share Price Index closed at 6,951. 50, up 1.05 percent (72.21 points) while the more liquid Milanka index rose 1. 09 percent (67.94 points) […]
Sri Lanka accountants meet to mull new rules, post-war prospects
Aug 31, 2011 (LBO) – Post-war business opportunities and the transition to new global accounting rules will be among the topics to be discussed at a conference organised by the Institute of Chartered Accountants of Sri Lanka. Mudalige said demand for conference participation has grown so much that they had to hold it at the […]