Category: Economy and Markets
Sri Lanka private sector credit shrinks as government borrows
June 22, 2009 (LBO) – Sri Lanka’s private sector credit has shrunk for the fourth straight month, while government credit continues to rocket, amid falling revenues and rising expenses, the latest official data shows. In April 2009, credit to private sector from the banking system was down 3.2 percent to 1,247.8 billion rupees from December […]
Sri Lanka private equity fund to be started by Singapore firm: report
June 22, 2009 (LBO) – Calamander Group, a Singapore based fund, is starting a 50 million US dollar private equity fund to invest in export commodity processing firms, a media report said. Last week Bloomberg quoted Arjuna Mahendran, HSBC Private Bank’s chief investment strategist, as saying that Sri Lanka could benefit from its proximity to […]
Sri Lanka foreign reserves inch up in April
June 22, 2009 (LBO) – Sri Lanka’s official external reserves without advances to domestic banks had increased 59 million US dollars to 1,131 million US dollars in April from 1,072 million US dollars in March, the Central Bank said. Remittances were 228 million US dollars more than the trade deficit, the Central Bank said As […]
Iran lashes out at West, media over unrest
TEHRAN, June 21, 2009 (AFP) – Iran accused Britain and the United States on Sunday of meddling in its affairs, amid an international outcry over its crackdown on protests over the results of last week’s presidential election. It hammered home its message by ordering the expulsion of BBC correspondent Jon Leyne just two days after […]
Fed to keep printing despite rising commodity prices: analysts
WASHINGTON, June 21, 2009 (AFP) – A jittery bond market and economic “green shoots” notwithstanding, the Federal Reserve is likely to reaffirm a commitment to keep pumping money into the economy to battle recession, analysts say. The Federal Open Market Committee (FOMC) led by chairman Ben Bernanke is expected at a two-day meeting opening Tuesday […]
Sri Lanka standby loan still not ready for board approval: IMF official
June 20, 2009 (LBO) – An International Monetary Fund loan for Sri Lanka is still not ready for approval for its executive board, an official said, though the country is rapidly emerging from a balance of payments crisis. Declining foreign reserves makes investors jittery and can trigger capital flight, while rising interests can cause banking […]
Sri Lankans are encouraged to be poor by politicians: minister
June 20, 2009 (LBO) – Politicians are responsible for killing the entrepreneur spirit of Sri Lankans by making them believe ‘capitalism’ is evil and poverty is better, a senior minister has said. Deng had originally studied and worked in France where he is said to have learned Marxism. Under his rule, very basic reforms ranging […]
Sri Lanka sells 2-year bonds for US$115.8mn
June 19, 2009 (LBO) – Sri Lanka has sold bonds worth 115.8 million US dollars in an offer to roll over 50 million US dollars in 2-year bonds, raising 66 million US dollars in fresh funds, the government’s debt office said. The bonds were sold at a weighted average margin of 497 basis points above […]
Sri Lankan stocks up 8.9-pct over week, 63.5-pct in 2009
June 19, 2009 (LBO) – Sri Lankan stocks closed up 8.9 percent for the week Friday, up 63.5 percent for the year, with stronger foreign buying interest coming to the market, brokers said. The benchmark Colombo All Share Price Index closed up 1.99 percent (47.94 points) to end at 2,451.91 Friday while the Milanka index […]
Sri Lanka repays US$125mn in foreign loans
June 19, 2009 (LBO) – Sri Lanka has repaid 125 million US dollars from a dollar loan arranged by Standard Chartered Bank last year, as lenders exercised an option, Central Bank Governor Nivard Cabraal said. Under Sri Lanka’s monetary law, the Central Bank acts as ‘banker’ to the government.The government’s debt office is also a […]
Sri Lanka buys US218mn from forex markets in June: CB Governor
June 18, 2009 (LBO) – Sri Lanka’s central bank has bought 218 million US dollars from forex markets so far in June on top of 160 million US dollars bought during the last two months, Central Bank Governor Nivard Cabraal said. Since a float of the rupee in March ahead of an International Monetary Fund […]
Sri Lankan stocks up 2.4-pct
June 18, 2009 (LBO) – Sri Lankan stocks extended gains Thursday closing up 2.4 percent with heavy trading on conglomerate John Keells Holdings (JKH) and financial sector companies activating the market, brokers said. The market has grown 59.9 perecent year to date, brokers said. The benchmark Colombo All Share Price Index closed up 2.41 percent […]