Category: Economy and Markets
Sri Lanka rupee weakens to new life low of 117.10 against greenback
April 20, 2009 (LBO) – Sri Lanka rupee fell steeply to 117.10 levels against the greenback Monday, after opening at 116.00/20 levels, with no intervention from the monetary authority, dealers said.Sri Lanka’s foreign exchange markets are coming to life after a lazy traditional New Year holiday week when demand for dollars was muted. The rupee […]
Sri Lanka to chair regional forum at Washington meet: CB chief
April 20, 2009 (LBO) – Sri Lanka will chair a meeting of South Asian central bank chiefs on the sidelines of International Monetary Fund and World Bank annual meetings later this week, Central Bank Governor Nivard Cabraal said. To develop domestic-oriented economy or successfully ‘stimulate’ an economy through looser policy (money printing) a country has […]
IMF approves US$47 flexi credit line for Mexico
WASHINGTON, April 17, 2009 (AFP) – The International Monetary Fund approved a 47-billion-dollar credit line for Mexico Friday under a new scheme designed to throw a cash lifeline to countries hit by the global economic crisis. “The Mexican authorities have stated they intend to treat the arrangement as precautionary and do not intend to draw […]
Sri Lanka to dip into deflation by mid 2009
April 18, 2009 (LBO) – Sri Lanka’s inflation will dip below zero briefly by the middle of 2009, the island’s central bank governor Nivard Cabraal said as the world is gripped by a classic deflationary collapse. During the great depression, when the dollar strengthened and people pulled money out of banks to bury in their […]
Sri Lanka shares close up 1.9-pct; rupee weakens
Apr 17, 2009 (LBO) – Sri Lankan shares closed up 1.9 percent Friday, supported by retail interest on large cap stocks, while the rupee weakened to 116.00 levels of state bank buying, dealers said. The rupee closed 116.05/15 against the US dollar, after opening stronger at 115.75/80 levels. State banks were on the buying side […]
” global recession
WASHINGTON, April 16, 2009 (AFP) – The International Monetary Fund on Thursday forecast a prolonged, deep global recession in a crisis “nobody is escaping,” with recovery slow and difficult.Weak capital flows to emerging economies in the downturn will hammer Eastern Europe in particular, the IMF said in releasing two chapters from its twice-yearly World Economic […]
Sri Lanka petroleum credit largely repaid: official
April 17, 2009 (LBO) – Most of the short term credits from Iran and private suppliers to Sri Lanka’s state-run petroleum retailer had been repaid, though the outflow worsened a balance of payments crisis in the island, a top central bank official said. The Ceylon Petroleum Corporation (CPC) had borrowed up to a billion US […]
Sri Lanka looks at cutting working week, easing layoffs
April 17, 2009 (LBO) – Sri Lanka’s labour ministry says a request by the private sector to cut the working week to five days to deal with an economic slump, is timely and attempts would be made to reach a deal fast. Sri Lanka’s private sector has asked to end a half-day of work Saturday […]
Sri Lanka looks to raise US$500mn abroad
April 17, 2009 (LBO) – Sri Lanka is looking to raise 500 million dollars from international markets when conditions turn more favourable, while rolling over about 300 million dollars more in maturing dollar debt in 2009, an official said. Global financial markets have turned risk averse compared to two years ago when Sri Lanka sold […]
Sri Lanka stocks close 0.5-pct up
Apr 16, 2009 (LBO) – Sri Lankan stocks closed up Thursday in thin trading, with investors still to return in full strength to the market after a traditional New Year holiday season, brokers said. JKH extended its offer to buy out the remaining stake of its insurance subsidiary Union Assurance Limited. Dialog Telekom a subsidiary […]
Sri Lanka central bank makes Rs22bn forex loss
Apr 16, 2009 (LBO) – Sri Lanka’s central bank, which has a monopoly on money issue in the island, has made a 5.04 billion rupee loss in 2008, badly hit by a 22.8 billion rupee forex loss, despite running a dollar peg which has to be backed by US assets. The process reversed thereafter, as […]
Sri Lanka JKH extends deadline for Union Assurance offer
April 16, 3009 (LBO) – Sri Lanka’s John Keells Holdings (JKH) has extended the deadline for shareholders of Union Assurance, in which it gained full control after buying out Carsons Cumberbatch, the other main shareholder.JKH said the offer was extended due to public holidays over the local New Year holiday season which falls in April. […]