Category: Economy and Markets
Sri Lanka needs stable economy to progress: CB governor
Apr 06, 2010 (LBO) – Sri Lanka needs a stable economy with low inflation and ‘reasonable’ interest rates to progress and reduce poverty, after recovering from a 30-year war, Central Bank Governor Nivard Cabraal said. In Sri Lanka, for the past several decades, deficit spending governments have created a need for high interest rates but […]
Sri Lanka apparel sector has vacancies: investment chief
Apr 06, 2010 (LBO) – Employment at Sri Lanka’s export processing zones have increased 3.7 percent by end 2009 and there are now unfilled vacancies at some firms, the head of Sri Lanka’s state investment promotion agency said. Deputy director general A M C Kulasekera said firms coming under the agency, which received tax concessions, […]
Sri Lanka to issue coin to replace note
Apr 05, 2010 (LBO) – Sri Lanka will issue a new ten rupee coin from April 05, to replace a note of a similar denomination now in circulation, the Central Bank said Monday. The nickel plated coin has a diameter of 26. 4 millimetres. The obverse has the armorial ensign of Sri Lanka with a […]
Sri Lanka economy seen growing 6.5-pct in 2010: central bank
Apr 05, 2010 (LBO) – Sri Lanka’s economy will bounce back from the effects of war and global recession with 6. 5 percent growth this year, and maintain 7-8 percent growth in the medium term, the Central Bank said. Gross domestic product growth of 7.5 percent is anticipated next year and eight percent in 2012, […]
Sri Lankan stocks close 0.94-pct up, trading volumes low
Apr 05, 2010 (LBO) – Sri Lankan shares closed up Monday on price gains in selected midcap and high value stocks, while trading volumes remained low owing to market liquidity shortfalls, brokers said. Colombo’s All Share Price Index closed at 3,781. 90, up 35.40 points, while the Milanka index of more liquid shares gained 0.47 […]
Sri Lanka exporters have to face stronger rupee: Treasury Secretary
Apr 05, 2010 (LBO) – Sri Lanka’s exporters should get ready to face a steadily strengthening exchange rate and improve productivity to operate in the new environment, Treasury secretary P B Jayasundera said. “Our currency has depreciated but from this year, it will appreciate,” Jayasundera told a forum at central bank’s headquarters in Colombo. “Our […]
Sri Lanka lures Tamil diaspora investment for former war zone
Apr 05, 2010 (LBO) – Sri Lanka’s investment promotion agency said it has set up an office in the former war zone of northern Jaffna to handle foreign investments especially from Tamils who migrated to avoid the conflict. The Board of Investment said in a statement staff at its new Jaffna branch are all Tamil […]
Sri Lankan private pension funds encouraged to enter equities: SEC chairman
Apr 02, 2010 (LBO) – Pensions funds operated by private firms would be encouraged to invest more in the stock market and legal hurdles that prevented them would be cleared, Sri Lanka’s capital market regulator said. Sri Lanka state managed EPF has been investing heavily in the equity market in recent weeks as long-standing foreign […]
Sri Lanka govt rules out more protection, subsidies for business
Apr 02, 2010 (LBO) – The Sri Lankan government cannot give more protection and subsidies for local and export businesses who must instead be more productive and innovative, Treasury Secretary P B Jayasundera said. He told the National Chamber of Exporters the government has delivered peace by ending the Tamil Tiger war and begun building […]
Sri Lankan stocks close 0.59-pct up, blue chips gain
Apr 01, 2010 (LBO) – Sri Lankan stocks closed up Thursday boosted by price gains on index heavy blue chips, while John Keells Holdings (JKH) reached a billion dollars in market capitalization, brokers said. At the end of trade Thursday, JKH had reached a market cap of 114.9 billion rupees, brokers said. Dealers said the […]
Sri Lanka grey market dollar premium high
Mar 31, 2010 (LBO) – Foreign exchange premiums in Sri Lanka’s kerb or black market have widened in recent months to about three rupees above the bank currency rate from below the rate a few years ago. A US dollar note is being sold in the kerb market for around 117.25/50 rupees compared to a […]
Sri Lanka inflation slows to 6.3-pct in March
Mar 31, 2010 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 6.3 percent in March 2010 from a year earlier, down from 6.9 percent in February with the index falling 1. 0 percent in the month, the government’s statistics office said. In the month of March the Colombo consumer price index fell 1.0 […]