Category: Economy and Markets
Sri Lankan firms allowed to borrow abroad
Apr 07, 2011 (LBO) – Sri Lanka’s central bank has begun allowing companies to borrow abroad, calling for applications from firms for loans up to 20 million US dollars. Sole proprietorships include those in consultancy services, handicrafts, advertising, publishing, sports services, fashion and film, and entertainment industry. Companies can borrow for working capital, investment, restructuring […]
Sri Lanka to get $300mn a year for infrastructure from ADB
Apr 07, 2011 (LBO) – The Asian Development Bank would finance Sri Lanka with about 300 million dollars annually over the next few years, with roads, water supply and sanitation getting attention, officials said. In the past three years Sri Lanka had got nearly a billion dollars of Asia Development Financing, with a peak of […]
Sri Lanka shares closer higher
Apr 07, 2011 (LBO) – Sri Lankan shares closed higher Thursday with some interest in the banking and finance sector although total trading volumes were lower than uual, brokers said. The All Share Price Index closed at 7,378.73, up 0.26 percent (18.83 points) while the more liquid Milanka index rose 0. 18 percent (12.90 points) […]
Sri Lanka shares end lower
Apr 06, 2011 (LBO) – Sri Lankan shares closed lower Wednesday with poultry sector stocks again drawing interest along with a hotel that boosted turnover, brokers said. The All Share Price Index closed at 7,359.90, down 0.14 percent (10.12 points) while the more liquid Milanka index fell 0.37 percent (25.85 points) to close at 6,996.43, […]
Sri Lanka and IMF to discuss ways to rope in excess money
Apr 06, 2011 (LBO) – The International Monetary Fund will discuss ways to deal with the excess money in Sri Lanka’s banking system in a bid to contain further inflation from being generated through the pegged monetary system. Sri Lanka’s central bank allowed inflation hit 8. 6 percent in the 12-months to March 2011 prompting […]
Sri Lanka HSBC, British Council backs students in business
Apr 06, 2011 (LBO) – Sri Lankan students studying at universities, private higher education institutions, vocational and professional bodies can win seed capital to start a business in contest launched by the British Council and HSBC bank. Aspiring students will have to submit a business plan to start enterprises in fashion design, architecture, crafts, tourism, […]
Sri Lanka may need monetary tightening: ADB
Apr 06, 2011 (LBO) – Sri Lanka may need monetary tightening later in the year to contain rising inflation and maintain export competitiveness, though growth will be strong for the next two years, the Asian Development Bank said. A central bank inflates an economy mainly by a coercive legal tender law that forces people to […]
Sri Lanka Treasuries yields flat
Apr 06, 2011 (LBO) – Sri Lanka’s Treasury bill yields were flat at Wednesday’s auction with six billion rupees of maturing bills being sold to real buyers, the government’s debt office said. The 3-month yield was 6.99, up one basis point, with 2,560 million rupees in bills being sold and the 6-month yield rose one […]
Sri Lanka gets more IMF cash; warned on excess liquidity
Apr 05, 2011 (LBO) – The International Monetary Fund has given Sri Lanka 218. 3 million dollars under its 2.5 billion US dollar program but called on the Central Bank to tighten liquidity management to prevent further inflation. Authorities expect Sri Lanka to generate less inflation after April. Sri Lanka is also expected to change […]
Sri Lanka IMF targets waived due to lack of data: official
Apr 05, 2011 (LBO) – Sri Lanka’s requirement for targets under an International Monetary Fund was “waived” because data was not available in time and not because they were missed, an official said. IMF’s Colombo representative Koshy Mathai said the lender gave the latest tranche despite the data not being available all the indications pointed […]
Sri Lanka shares end weaker
Apr 05, 2011 (LBO) – Sri Lankan shares closed marginally lower Tuesday with interest in poultry stocks and the finance sector, brokers said. The All Share Price Index closed at 7,370.02, down 0.04 percent (3.12 points) while the more liquid Milanka index fell 0. 15 percent (10.44 points) to close at 7,022.28, according to stock […]
Sri Lanka dam safety confab gets Dutch expertise
Apr 04, 2011 (LBO) – A Dutch expert will lead an annual forum on disaster risk organized by LirneAsia, a regional policy research body that has been active on improving dam safety policies in Sri Lanka which is an island dotted with thousands of reservoirs. LirneAsia says Sri Lanka has 12,000 small dams and 350 […]