Category: Economy and Markets
India offers US$100mn for Sri Lankan Tamils
NEW DELHI, July 6, 2009 (AFP) – India on Monday offered 100 million dollars for the tens of thousands of Tamil civilians displaced by conflict in Sri Lanka. India is home to millions of Tamils in southern Tamil Nadu state, which is separated by a narrow strip of sea from Sri Lanka.“I propose to allocate […]
Sri Lanka buys 450 million US dollars since float
July 4, 2009 (LBO) – Sri Lanka’s central bank has bought 290 million US dollars from forex markets in June to boost its foreign reserves, bringing the total purchases since a float of its currency in March to 450 million US dollars. The vicious cycle quickly gathers pace, and uncertainty about the currency results in […]
‘s need for IMF wanes: Central Bank
July 4, 2009 (AFP) – Sri Lanka’s central bank chief said Saturday that the island could live without a major IMF bailout that had been delayed by the final stages of the government’s fight with Tamil Tiger rebels.The government had requested the 1.9-billion-dollar loan in March to help stave off its first balance of payments […]
Sri Lanka IMF loan depends on Executive Board: official
July 3, 2009 (LBO) – The award of a stand by loan for Sri Lanka by the International Monetary Fund (IMF) is awaiting approval of its executive board, which is yet to set a date to consider the application, an official said. “But discussions are continuing, and the finalization of the program, as with any […]
Zimbabwe recovering under central bank competition; no inflation: IMF
July 3, 2009 (LBO) – Zimbabwe is starting to recover within months of the money monopoly of the Reserve Bank of Zimbabwe being broken, which allowed foreign currencies to compete against the hyperinflating domestic currency. In a ‘dollarized’ economy, transactions are conducted in foreign currency and people also save in foreign money and the government […]
Sri Lankan stocks down 2.13-pct during week
July 03, 2009 (LBO) – Sri Lankan shares fell Friday for the fifth straight day as small investors took profits mainly on blue chip counters, while high net worth, institutional and foreign investors played a waiting game, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.37 percent (9.02 points) to end […]
Sri Lankan stocks down 0.41-pct on profit taking
July 02, 2009 (LBO) – Sri Lankan shares continued to slide for the fourth straight day as retail investors carried on taking profits, while high net worth and institutional investors stayed on the sidelines, brokers said. Commercial Bank of Ceylon closed at 135.00 rupees, up 5.00, while National Development Bank closed at 155.00 rupees, up […]
Sri Lanka says stand by loan a test of IMF objectivity
July 1, 2009 (LBO) – A decision on a loan from the International Monetary Fund (IMF) for Sri Lanka expected in “four or five weeks” will be a test of the objectivity of the organization, a government minister said. In March, Sri Lanka floated the rupee, as a prior action for the loan ending a […]
Sri Lanka Treasuries yields fall
July 1, 2009 (LBO) – Sri Lanka’s three and six month Treasury bill yields edged lower while the 12-month yield stayed flat at Wednesdays auction, the government’s debt office said.The 3-month yield fell 12 basis points to 11.29 percent and the 6-month yield fell 9 basis points to 11.94 percent. The 12-month yield stayed flat […]
Sri Lanka upgrades growth to 3.5-4.5-pct
July 1, 2009 (LBO) – Sri Lanka’s economy is forecast grow at a faster 3.5 to 4.5 percent in 2009, up from the 2. 5 percent originally expected, following the end of a 30-year war and easier money, Central Bank Governor Nivard Cabraal said. In June 2009, inflation rose 0. 9 percent from a year […]
Sri Lankan stocks down 0.6-pct on profit taking
July 01, 2009 (LBO) – Sri Lankan shares closed down 0.6 percent Wednesday, as retailers took profit, while institutional, high net worth and foreign investors stayed in the sidelines, brokers said. National Development Bank closed at 153.50 rupees, up 1.00. Brokers said 1.58 million Lanka Cement shares changed hands today, while 1.22 million Piramal Glass […]
Sri Lanka recovery to be driven by domestic factors: economist
June 30, 2009 (LBO) – Sri Lanka’s economic recovery will be driven largely by domestic reconstruction flowing from an end of a three decade long war with some support from an external pick up, a regional economist said.“A lot of domestic factors, the end of war, rehabilitation, re-construction and improvement from agriculture will drive growth,” […]