Category: Economy and Markets
Sri Lankan stocks close down 0.10-pct
Sept 27, 2010 (LBO) – Sri Lankan stocks failed to hold on to early gains which propelled them past the 7,000 point mark for the first time in early trade Monday and closed weaker, brokers said. The market lost the momentum which had sent it to record highs in recent days with investors cashing-in to […]
Sri Lanka revised IMF deal focuses on budget
Sept 27, 2010 (LBO) – A revised program Sri Lanka has signed with the International Monetary Fund is allowing more monetary space for the central bank with responsible fiscal policy continuing to be the key focus. A revised letter of intent given by the government has made a deposit insurance scheme for banks, reducing tax […]
Sri Lanka rupee tops 112.00 to the greenback
Sept 27, 2010 (LBO) – Sri Lanka’s rupee soared above 112.00 rupees to the greenback Monday the highest since December 2008, when the country was in the midst of a balance of payments crisis, dealers said. The central bank has high policy rates compared to its anchor US currency allowing it to push the currency […]
Sri Lanka opens billion dollar sovereign bond
Sept 27, 2010 (LBO) – Sri Lanka has opened subscriptions for a billion US dollar 10-year sovereign bond which may sell for around 6.5 percent days after the International Monetary Fund gave 212 million US dollars to the Central Bank to beef up already high reserves. A Bloomberg newswires report said the bond may yield […]
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 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 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 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 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 […]
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 […]