Category: Economy and Markets
Sri Lankan stocks recover losses
Jan 20, 2010 (LBO) – Sri Lankan shares closed 1.4 percent higher Wednesday recouping some of the losses made over the past two days as investors kept a close eye on presidential polls due early next week, dealers said. With occupancy rates going up their is renewed interest in the leisure sector, brokers said. Aitken […]
Sri Lanka foreign reserves US5.2bn in November
Jan 20, 2010 (LBO) – Sri Lanka’s foreign reserves reached 5,228 million US dollars by end November 2009, which was equal to 6.4 months of imports, the Central Bank said. In 2009 the trade deficit was 2,468.5 million US dollars and remittances were 567 million US dollars higher. With the balances of the Asian Clearing […]
Sri Lanka holds policy rates steady
Jan 19, 2010 (LBO) – Sri Lanka’s central bank said it was keeping its main reverse repurchase policy rate at which money is injected to markets steady at 9. 75 percent, though inflation has started to pick up. “Though some volatility has been observed in the short term money market rates in recent weeks, market […]
” private sector salary hike
Jan 19, 2010 (LBO) – Sri Lanka’s labour minister has “ordered” a 2,500 rupee salary hike to private sector workers, a ministry statement said, though an organization representing the major employers said they had no knowledge of the move. The statement said a 405 rupee a month wage deal negotiated between a group of large […]
Sri Lanka stocks extend losses in broad sell-off
Jan 19, 2010 (LBO) – Sri Lankan stocks fell 1. 2 percent Tuesday in a broad sell-off that as buyers awaited third quarter results and kept an eye on presidential polls due next week, brokers said. MTD Walkers, a Malaysian controlled construction firm, extended gains closing 43.00 rupees higher at 425.75 rupees. In brief stock […]
Sri Lanka anchor currency inflation up
Jan 18, 2010 (LBO) – Consumer inflation in the United States, to whose currency the Sri Lanka rupee is tightly pegged, rose to 2.7 percent in December 2009 from a year earlier according to the latest data, as the island’s inflation also moved up. Sri Lanka has been quantity tightening from April 2009 by selling […]
Sri Lanka private sector credit up in November
Jan 18, 2010 (LBO) – Sri Lanka’s private sector loans surged 11. 7 billion rupees to 1,188 billion in November 2009, as rates fell to levels that stimulated credit demand, central bank governor Nivard Cabraal said. The Central bank has also pushed banks to lend in former war torn northern and eastern areas approving new […]
Sri Lankan stocks close 0.97-pct down on retail profit taking
Jan 18, 2010 (LBO) – Sri Lankan shares closed lower Monday as retailers took profits, while Hatton National Bank (HNB) and DFCC Bank sold out of Lanka Ventures to Acuity Partners, an investment bank, brokers said. The All Share Price Index closed at 3,528. 55, down 0.97 percent (34.59 points while the Milanka index of […]
Sri Lanka central bank created high inflation and reduced wealth: economist
Jan 16, 2010 (LBO) – Sri Lanka’s central bank has created average inflation of 11. 0 percent and must take the blame for impoverishing the people, a senior monetary economist and former central banker has said. After Sri Lanka got independence from Britain, the country had registered growth slightly over that of India, but had […]
Sri Lankan stocks close 0.7-pct up, hotels gain
Jan 15, 2010 (LBO) – Sri Lankan shares closed up Friday as investors chased after mid cap stock, especially hotels sector, while high interest on conglomerate John Keells (JKH) pushed turnover past 1.5 billion rupees, brokers said. The All Share Price Index closed at 3,563.14, up 0.75 percent (26.43 points) while the Milanka index of […]
Sri Lanka to pay extra interest to senior citizens
Jan 15, 2010 (LBO) – Sri Lanka’s government will pay an extra 20 percent ‘bonus interest’ for rupee deposits maintained at licensed commercial banks by senior citizens, the Central Bank said. The extra interest will be 20 percent of the interest earned after January 01, subject to a limit of 120,000 per person per year. […]
Sri Lanka RAM Ratings get new directors
Jan 15, 2010 (LBO) – Sri Lanka’s RAM Ratings unit said two new directors, Preethi Jayawardena and Liza Mohn Noor have been appointed to its board from January 2010. Jayawardena is a Fellow of the Institute of Chartered Accountants of Sri Lanka, is managing director of Chemanex Plc. , a listed firm, a member of […]