Category: Economy and Markets
Sri Lanka next forex liberalization wave after budget
June 15, 2010 (LBO) – Sri Lanka will see the next wave of foreign exchange liberalization after the budget, which is due at the end of June, Central Bank Governor Nivard Cabraal said. “Regulations are being drafted,” Cabraal said. “As soon as the regulation are drafted and tested we will announce them. The next set […]
Sri Lanka budget gap narrows in 1Q 2010
June 14, 2010 (LBO) – Sri Lanka’s budget gap has narrowed in the first quarter of 2010, with revenues picking up and the government also keeping a lid on current expenses from a year earlier, official data show. Total revenues were up 26.3 percent to 182.7 billion rupees in the three months to March and […]
Sri Lanka to sell US$275mn in bonds
June 14, 2010 (LBO) – Sri Lanka is rolling over 275 million US dollars in two and three-year government bonds which pay a 6-month month floating rate coupon, the government’s debt office said. Only 92 million US dollars in bonds out of a total of 100 million was sold through an auction and the balance […]
Sri Lanka stocks close 1.13-pct up
June 14, 2010 (LBO) – Sri Lankan shares closed at a new high passing 4,600 points on the benchmark index Monday, pushed up by selected index-heavy blue chips, while retail investors took profits on mid and small-cap stocks, brokers said. The All Share Price Index closed at 4,612. 76, up 51.43 points, while the Milanka […]
Sri Lanka to sign trade deals with China: official
June 11, 2010 (AFP) – Chinese Vice Premier Zhang Dejiang will hold talks with Sri Lanka’s president at the weekend and sign several trade and economic deals, the island’s foreign ministry said Friday. China is also building a port in the south of the island and is involved in constructing highways, power stations and petroleum […]
‘s Mahathir
June 11, 2010 (LBO) – Sri Lanka should target investment led growth and minimize borrowings which could lead to a future debt crisis, former Malaysian prime minister, Mahathir Mohamed said. As a result Sri Lanka has run up national debt to almost 86 percent gross domestic product (GDP) in 2009 from just 16 percent at […]
Sri Lankan stocks hit new high
June 11, 2010 (LBO) – Sri Lankan stocks rose to new highs Friday, passing the 4,500 points mark as institutional investors bought blue chips while retailers took profit from over-priced shares and re-invested in cheaper ones, brokers said. The All Share Price Index (ASPI) closed at 4,561.33, up 65.09 points, while the Milanka index of […]
Sri Lanka growth accelerates: CB Governor
June 11, 2010 (LBO) – Sri Lanka’s first quarter growth is likely to be “more than 6.0 percent” allowing year-end growth to reach 7. 0 percent, higher than originally forecast, Central Bank Governor Nivard Cabraal said. The Central Bank originally projected a growth of 6. 5 percent for 2010. “Our estimates are the first quarter […]
Sri Lanka gets Indian aid to rebuild transport infrastructure
June 11, 2010 (LBO) – India will lend about a billion dollars to help develop Sri Lanka’s transport infrastructure, rebuilding railways, a port and an airport in the war-torn north, a joint statement by the two neighbours said. India will give soft loans of about 800 million dollars for railway projects in Sri Lanka and […]
Sri Lanka CB appoints top committee to boost sovereign rating
June 10, 2010 (LBO) – A committee made up of top central bank, finance ministry and private sector representatives had been appointed to develop strategy to push Sri Lanka’s sovereign rating to investment grade, the island’s monetary authority said. The committee is charged with devising a strategy of taking Sri Lanka current speculative B+ (Fitch) […]
Sri Lankan stocks close 0.71-pct up
June 10, 2010 (LBO) – Sri Lankan stocks closed up Thursday from institutional and high net worth interest on selected high value and midcap shares, while retail investors continued to chase after midcap and ‘penny stocks’, brokers said. The All Share Price Index (ASPI) closed at 4,496. 24, up 31.83 points, while the Milanka index […]
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June 09, 2010 (LBO) – Sri Lankan stocks recovered Wednesday with gains in banks pushing the market up and retail investors seen chasing midcap and ‘penny stocks’ with heavy speculative trading on Ceylon Leather Products, brokers said. The All Share Price Index closed at 4,464.41, up 37.14 points, while the Milanka index of more liquid […]