Category: Economy and Markets
Sri Lanka has 10-pct of foreign reserves in gold: WGC
Mar 17, 2010 (LBO) – Gold now makes up 10 percent of Sri Lanka’s foreign reserve assets after the country tripled its gold holdings with a purchase from the International Monetary Fund in 2009, industry data showed. The United States remained the largest gold holder with 8,133. 5 tonnes, Germany second with 3,406.8 tonnes and […]
Sri Lanka risk rating seen covering factors outside war
Mar 17, 2010 (LBO) – Getting Sri Lanka a more favourable insurance risk rating involves not just the absence of war but other factors like media freedom and corporate governance, officials and analysts said. Altogether, 48 ‘risk factors’ are covered in Aegis’ rating model which also considers criminal risk like corruption, crime, law enforcement and […]
Sri Lankan stocks 1.58-pct down
Mar 16, 2010 (LBO) – Sri Lankan stocks ended lower Tuesday dragged down by falls in speculative and retail driven stocks, brokers said. The All Share Price Index closed at 3,782.84, down 1.58 percent (60.71 points) Tuesday, while the Milanka index of more liquid shares dived 2.35 percent (104.22 points) to close at 4,335.39. Turnover […]
Sri Lanka state worker cost climbs to new high
Mar 15, 2010 (LBO) – Sri Lanka state workers took away 57 cents as salaries and wages out of every tax rupee paid by the people in 2009, as the government continued to expand a bloated public service amid an economic slump, the latest official data showed. Salaries and pensions of workers climbed to 353 […]
Sri Lankan stocks becalmed
Mar 15, 2010 (LBO) – Sri Lanka stocks closed flat Monday as investors took profits and reinvested in selected midcap and hotels stocks, while heavy interest in John Keells Holdings (JKH) and Hotel Services (Ceylon) boosted turnover past a billion rupees, brokers said. The All Share Price Index closed at 3,843.55, down 0.03 percent (1.29 […]
Sri Lanka to sell US$100mn in bonds
Mar 15, 2010 (LBO) – Sri Lanka is offering 100 million US dollars in two and three year floating rates bonds, paying interest every six months mainly targeting the domestic market with bids closing on March 18, the government’s debt office said. Sri Lanka has an outstanding dollar denominated ‘development bond’ debt stock of 1,469 […]
Sri Lanka newspaper poll shows support for IMF, EU stance
Mar 14, 2010 (LBO) – A decision by the International Monetary Fund to suspend its program to Sri Lanka and a European Union decision to lift trade benefits have found wide support in a newspaper poll. A poll by the business news section of The Sunday Times, an influential weekly, found that 74 percent of […]
Sri Lanka lifts taxes on gold imports
Mar 13, 2010 (LBO) – Sri Lanka has lifted taxes and levies on gold imports from to promote jewellery industries in the country, the central bank said. “The removal of all applicable import taxes and other levies on gold imports will reduce the gold prices in the market and contribute to promote gold and jewellery […]
Sri Lanka stocks close 0.33-pct up, Hotel Services heavy traded
Mar 12, 2010 (LBO) – Sri Lankan stocks closed up Friday as investors bought selected blue chip and midcap shares, while the sale of a controlling stake in Hotel Services pushed turnover past 2.8 billion rupees, brokers said. The All Share Price Index closed at 3,844.84, up 12.54 points, while the Milanka index of more […]
Sri Lanka must curb state consumption, inflate less to raise incomes: economist
Mar 12, 2010 (LBO) – Sri Lanka has to curb excessive state consumption, keep inflation low to encourage private savings, and improve governance to draw foreign capital to promote growth and incomes, a top economist has said. Higher savings were required to increase growth and achieve the targets of replicating the economic success of East […]
Sri Lanka rejects bids at Treasuries auction
Feb 11, 2010 (LBO) – Sri Lanka has rejected all bids at the Treasuries auction Wednesday which offered to roll over 10. 5 billion rupees of maturing, bills the government’s debt office said. The central bank also mopped up 3. 6 billion rupees through a central bank securities auction where 10 billion was originally released. […]
Sri Lanka rupee strengthens against greenback
Mar 11, 2010 (LBO) – Sri Lanka rupee strengthened to 114.0 to the greenback with the spot dollar quoted at 113. 95/114.05 with banks unwilling to hold dollars with high short term rupee interest rates, and the central bank staying in the sidelines, dealers said. On Wednesday the central bank rejected bids for an entire […]