Category: Economy and Markets
Sri Lanka to grow by 5.5-pct in 2010, but fiscally vulnerable: IMF
Apr 22, 2010 (LBO) – Sri Lanka’s economy is expected to grow at a faster 5. 5 percent of gross domestic product in 2010 but the country is facing a danger from excessive deficit spending, an International Monetary Fund (IMF) official said. IMF’s forecast is slightly lower than Sri Lanka’s central bank forecast of a […]
Sri Lanka money supply, excess liquidity closely watched: Central Bank
Apr 22, 2020 (LBO) – Excess liquidity in Sri Lanka’s money markets were high and base money was growing faster since the last quarter, but the Central Bank will ‘closely monitor’ changes and take action if needed, the monetary authority said. “Reserve money has been expanding at a higher rate since the last quarter of […]
Sri Lanka to get investments in hydro power, hotels
Apr 22, 2010 (LBO) – Two mini-hydro power plants and new hotels and hotel refurbishment are among several investments approved by Sri Lanka’s investment promotion agency, a statement said. The Board of Investment (BOI) said it has approved and signed agreements for eight new investments worth 20 million US dollars that will create 500 job […]
Sri Lanka Treasuries yields ease
Apr 22, 2010 (LBO) – Sri Lanka’s Treasuries yields eased at Wednesday’s auction with the 3-month yield falling 06 basis points to 8. 46 percent despite a higher than maturing volume of bills being sold, the debt office said. The debt office sold 2.3 billion rupees of 3-month bills, 6. 9 billion rupees of 6-month […]
Sri Lanka stocks close 0.41-pct up, hotel stocks continue rise
Apr 21, 2010 (LBO) – Sri Lankan stocks hit a new high Wednesday as institutional interest on index heavy banking stocks pushed the market up, while high retail interest in hotel stocks sent turnover past two billion rupees, brokers said. The All Share Price Index closed at 4,038. 89, up 16.52 points, while the Milanka […]
Sri Lanka must cut budget deficit, inflation: ADB
Apr 20, 2010 (LBO) – Post-war Sri Lanka’s main priorities in accelerating economic growth would be to rein in ballooning budget deficits and inflation, the Asian Development Bank said. The government is expected to introduce reforms to broaden the tax base and reduce tax exemptions in the 2011 budget in order to increase revenue, said […]
”: Central Bank
Apr 20, 2010 (LBO) – Sri Lanka’s state enterprises should be fixed as an “urgent policy priority” with a “strong reform programme” the island’s central bank said as seven state entities lost nearly 50 billion rupees in 2009 which is equal to one percent of gross domestic product. Losses in state enterprises and borrowing from […]
Sri Lanka gets US support for business in former war zone
Apr 20, 2010 (LBO) – The US Agency for International Development has tied up with Sri Lanka’s private sector to support new businesses in the former war zone that will generate employment, the aid agency said. The USAID Public-Private Partnerships for Northern and Eastern Sri Lanka Program is expected to create the equivalent of 5,000 […]
Sri Lanka shares edge higher amid profit-taking
Apr 20, 2010 (LBO) – Sri Lanka’s stock market edged higher but saw some profit-taking Tuesday after hitting new highs the day before and trading was lower with interest on hotels and banks, brokers said. There were a few private, off-the-floor deals in banking and hotel stocks which pushed up the day’s trading turnover. John […]
Sri Lanka shares hit new high
Apr 19, 2010 (LBO) – Sri Lankan stocks shot through the 4,000-point mark on the benchmark index Monday, hitting a new high as investors returned after holidays, enthused by anticipated higher corporate earnings and political stability after an election, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Sri Lanka state railways lose Rs4.7bn in 2009
Apr 18, 2010 (LBO) – Sri Lanka’s state-run railways lost 4,768 million rupees in 2009 up 4. 7 percent from the a year earlier, which was more than its annual revenues, while carrying lower volumes of cargo and passengers, the latest official data shows. Sri Lanka Railways operated 4,568 million passenger kilometres in 2009, down […]
Sri Lanka gets ADB help to get more taxes, spend better
Apr 16, 2010 (LBO) – The Asian Development Bank said it will give Sri Lanka a 50 million US dollar loan to improve government revenue management, including tax collection, and state spending on infrastructure and the poor. It said in a statement that the ADB and Japan will support Sri Lanka with fiscal reforms to […]