Category: Economy and Markets
Sri Lanka gets more IMF cash, suggests new monetary framework
Sept 25, 2010 (LBO) – The International Monetary Fund has released 212. 5 million US dollars to Sri Lanka under its 2.5 billion US dollar program, backed reform proposals and suggested that the central bank move away from its quantity targeting monetary framework. “Further improvements in monetary policy formulation will provide useful support for macroeconomic […]
Sri Lanka urban bond raises Rs4.6bn at opening
Sept 24, 2010 (LBO) – A five-year bond issued by Sri Lanka’s Urban Development Authority (UDA), a state agency, to raise 10 billion rupees which opened Thursday has drawn 4. 6 billion rupees, a stock exchange filing said. The UDA is issuing 50 million debentures at 100 rupees each, to be doubled if oversubscribed, to […]
Sri Lanka private sector employees to get new pension scheme
Sept 24, 2010 (LBO) – The Sri Lankan government plans to introduce a pension scheme for private sector employees soon, Gamini Lokuge, Minister of Labour Relations and Productivity Promotion, said. Lokuge also said the pension payments will be made up to the death of the recipient and their dependents will not be entitled to it. […]
Sri Lanka may deduct more money from private worker salaries
Sept 24, 2010 (LBO) – Sri Lanka’s government may take away more money from the salaries of private sector workers to set up another pension fund, a government minister said, amid concerns about the management of an existing fund. A few years ago an attempt to create a contributed pension fund for state workers was […]
Sri Lanka stocks close up 1.71-pct
Sept 24, 2010 (LBO) – Sri Lankan shares closed higher Friday with heavy buying of banking sector stocks, brokers said. The All Share Price Index closed at 6,888. 49, up 1.71 percent (115.78 points) while the more liquid Milanka index rose 1.36 percent (97.14) to close at 7,263.65, according to stock exchange provisional figures. Turnover […]
Sri Lanka tax appeals process seen flawed, unjust
Sept 23, 2010 (LBO) – Sri Lankan tax payers are at the mercy of an unfair system with no proper appeal mechanism and aging members of a review board not bothering to turn up for hearings, an expert said. “Some members do not bother to turn up for the hearing of an appeal and delegate […]
Sri Lanka upgrades growth forecast for 2010
Sept 23, 2010 (LBO) – Sri Lanka has upgraded its growth forecast to between 7.5 to 8.0 percent for 2010, on a better than expected second quarter economic expansion and stronger credit flows, Central Bank governor Nivard Cabraal said. The central bank which cut policy rates for two months in a row held rates in […]
Sri Lanka stocks close up 1.03-pct
Sept 23, 2010 (LBO) – Sri Lankan shares edged higher into record territory Thursday with prices of a couple of firms invoved in a change of ownership soaring, brokers said. The All Share Price Index closed at 6,772.34, up 1.03 percent (69.35 points) while the more liquid Milanka index rose 1. 56 percent (110.13) to […]
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Sept 22, 2010 (LBO) – Moody’s Investors Service said it had given a ‘B1’ sovereign rating for Sri Lanka with a ‘stable’ outlook on the end of a war, low inflation and efforts to contain the budget deficit, despite having high levels of debt. “The stable outlook also considers Sri Lanka’s small size, partial dollarization, […]
Sri Lanka B+ sovereign rating outlook lifted to positive: Fitch
Sept 21, 2010 (LBO) – The outlook on Sri Lanka’s ‘B+’ sovereign rating has been lifted to ‘positive’ from ‘stable’ on the end of a 30-year war and an agreement with the International Monetary Fund. The full statement issued by Fitch is reproduced below: Fitch Ratings has today affirmed Sri Lanka’s Long-term foreign and local […]
Sri Lanka stocks close up 2.8-pct
Sept 21, 2010 (LBO) – Sri Lankan shares closed higher Tuesday in trading marked by a change in control of an asset-rich pharamaceutical firm and the first imposiotn of a price band under new rules, brokers said. The All Share Price Index closed at 6,702.99, up 2.8 percent (181.56 points) while the more liquid Milanka […]
Sri Lanka central bank holds policy rates steady
Sept 21, 2010 (LBO) – Sri Lanka’s central bank said it has decided to hold policy interest rates steady at a meeting Tuesday given falling market rates and increased credit flows to the private sector. The central bank said it expects market interest rates to fall further. “Market interest rates continued to adjust downwards in […]