Category: Economy and Markets
Sri Lankan stocks close flat
July 30, 2009 (LBO) – Sri Lankan shares closed flat Thursday, as retailers took profits on blue chip counters, while Dialog shares continued to be heavily traded, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.01 percent (0.22 points) to end at 2,509.79 Thursday, while the Milanka index of liquid stocks […]
Sri Lanka mission chief interviewed by IMF publication
July 30, 2009 (LBO) – An International Monetary Fund publication, the IMF Survey has published an interview with Brian Aitken, who led mission to Sri Lanka that resulted in a 2.6 billion US dollar loan to the island. The full interview is reproduced below: IMF Survey online: Why does Sri Lanka need an IMF-backed program? […]
Sri Lankan shares down 0.33-pct on profit taking
July 29, 2009 (LBO) – Sri Lankan stocks fell Wednesday as retail investors took profits, while there was heavy trading in Dialog Telekom for the fourth day running, brokers said.Brokers said 10.04 million Dialog Telekom shares changed hands Wednesday, while 1.64 million shares of Janashakthi Insurance and 1.12 million shares of Lanka Cement also changed […]
Sri Lanka bill yields fall
July 29, 2009 (LBO) – Sri Lanka’s Treasury bill yields fell across maturities with the 3-month yield falling 15 basis points to 10.64 percent, at Wednesday’s auction, the government’s debt office said. The 6-month yield fell 27 basis points to 11.46 percent and the 12-month yield fell 13 basis points to 11.97 percent. The government […]
Sri Lanka tobacco users generate more taxes, sales lower
July 29, 2009 (LBO) – Sri Lanka’s Ceylon Tobacco Company, which is the monopoly legal producer of cigarettes in the country, said profits grew in the June 2009 quarter, even as volumes fell and the government earned more revenue from taxes. The company, a British American Tobacco unit, said in a stock exchange filing that […]
Sri Lanka sees revenue improving with strong tax effort
July 28, 2009 (LBO) – Sri Lanka’s central bank said it expects government revenue collection to improve later this year, despite the downturn in the first few months, through better collection, a new Nation Building Tax and reduced tax holidays.The government is committed to increasing tax revenue by at least two percent of GDP by […]
Sri Lanka rupee may move if IMF forex reserve targets are not met
July 28, 2009 (LBO) – Sri Lanka’s tight peg with the US dollar, which is now backed by complementary monetary policy may move under an International Monetary Fund program if foreign reserve targets are not met, an official said. The 20-month IMF program is underpinned on a flexible exchange rate, and is based on specific […]
Sri Lanka keeps back IMF technical MOU
July 27, 2009 (LBO) – Sri Lanka has not released the technical memorandum of understanding between the government and the International Monetary Fund, taking a step back from the level of transparency established earlier.Sri Lanka’s central bank has published a letter of intent (LOI) and a memorandum of economic and financial policies (MEFP) relating to […]
Sri Lanka IMF supported budget implies tight second half
July 27, 2009 (LBO) – Sri Lanka’s IMF supported budget for 2009 implies a more credible revenue target, maintaining nominal capital expenditure at previous year’s levels in an economy that is inflating less, initial analysis shows.Sri Lanka’s runaway budgets were the underlying reason for the balance of payments crisis last year. IMF said short term […]
Sri Lankan stocks up
July 27, 2009 (LBO) – Sri Lankan shares made further gains Monday as selected blue chips like Commercial Bank, Dialog Telekom and Distilleries pushed indices up, brokers said. People’s Leasing mopped up most of the floating Seylan Merchant Leasing shares on a mandatory offer. The benchmark Colombo All Share Price Index (ASPI) closed up 1.44 […]
Sri Lanka IMF program a framework for donor support: mission chief
July 26, 2009 (LBO) – A 20-month International Monetary Fund backed economic plan will boost Sri Lanka’s reserves and provide a framework for donors to back post-war reconstruction, an official who led the mission to the island said. Though an immediate priority of the government was providing relief to refugees, reconstruction needs would grow over […]
Sri Lanka central bank to clean up data act under IMF program
July 26, 2009 (LBO) – Sri Lanka’s central bank will improve data reporting following the approval of a 2.6 billion US dollar facility by the International Monetary Fund, a loan document released by the monetary authority said. IMF sent a ‘safeguards assessment’ mission to the central bank in May to ensure that its funds could […]