Category: Economy and Markets
Sri Lankan stocks close up
Apr 07, 2009 (LBO) – Sri Lankan shares closed up on Monday, driven by index-heavy Sri Lanka Telecom (SLT) which moved up on speculation of a possible sell-down of a government stake in it, brokers said. Diversified Hayleys gained 2.50 rupees to close at 89.50. Chevron Lubricants gained 2.75 rupees to close at 109.75. The […]
Sri Lanka rupee has greater space for market determination: CB Governor
April 06, 2009 (LBO) – Sri Lankan Central Bank governor Nivard Cabraal said there was greater space for markets to determine the exchange rate, as the country heads for an International Monetary Fund bailout. The Central Bank lost more than two thirds of its reserve trying to defend a peg with the US dollar from […]
Sri Lanka urged to go slow on big projects
April 06, 2009 (LBO) – Sri Lanka should go slow on big projects because of funds shortages in order to be able to better cope with the economic slowdown this year, the central bank said. “Financial flows to the government and the private sectors are likely to decline in 2009 and recover gradually thereafter,” the […]
Sri Lanka small investors nibble at strong stocks
Apr 06, 2009 (LBO) – Sri Lankan shares edged up Monday supported by blue chip price increases in low volume trade, as small investors took tentative steps to invest in fundamentally strong stocks, brokers said.Mobile giant Dialog Telekom gained 10 cents to close at 4.90, while fixed line operator Sri Lankan Telecom gained 75 cents […]
Sri Lanka offers tax break for forex income
Apr 06, 2009 (LBO) – Sri Lanka has given an amnesty for individuals and businesses that deposit foreign exchange in banks in the next two year years, as the country grapples with a severe balance of payments crisis. Advertisements placed in weekend newspapers by the island’s central bank and finance ministry said the tax waiver […]
Sri Lanka economic growth to slow to 2.5% in 2009
April 06, 2009 (LBO) – Sri Lanka’s economic growth is forecast to slow sharply to 2.5 percent this year, from six percent last year and then recover to five percent in 2010, the central bank said.“Hence, in order to maintain inflation at a single digit level in the medium-term, it is imperative to continue with […]
‘s battle with Tigers forces it to seek bailout
April 5, 2009 (AFP) – Sri Lanka appears to be on the verge of crushing Tamil Tiger rebels after decades of fighting but its success has blown a hole in the nation’s finances and forced it to seek an IMF bailout. Negotiations are underway with the International Monetary Fund for a 2.4 billion-dollar rescue package […]
Sri Lanka forex interventions reduce in March
April 04, 2009 (LBO) – Sri Lanka has spent only 54 million US dollars defending a rupee peg in March with the island’s central bank selling 127.5 million US dollars in forex markets but also buying back 73.5 million US dollars, the latest official data show. Sri Lanka originally asked for 1.9 billion US dollars […]
Sri Lanka relaxes export support criteria
April 03, 2009 (LBO) – The Sri Lankan government is ready to be flexible on export earnings criteria in a support package for exporters to help them weather the economic recession, a senior finance ministry official said.S R Attygalle, director-general of fiscal policy of the finance ministry, said the government is ready to be flexible […]
Sri Lankan stocks close up on slim turnover
Apr 03, 2009 (LBO) – Sri Lankan shares closed marginally up Friday due to low volume price gains on Hatton National Bank (HNB) and renewed retail interest on Chevron Lubricants Lanka, brokers said. The All Share Price Index was up 0.05 percent (0.86 points) to end at 1,637.19 while the more liquid Milanka gained 0.19 […]
More regulations, same monetary system, after G20
LONDON, April 2, 2009 (AFP) – G20 leaders made major progress in reforming a “failed regulatory system” for global finance which had endangered the world’s prosperity, US President Barack Obama said after their summit Thursday. “We made enormous strides in committing ourselves to comprehensive reform of a failed regulatory system,” he said after a G20 […]
Sri Lanka rupee looks for direction amid IMF talks
April 03, 2009 (LBO) – The Sri Lanka rupee held steady against the US dollar in intra-day trading around 116.00 rupees Friday days after an International Monetary Fund mission wrapped up talks in Colombo, and a bailout expected within weeks. “An IMF mission is back to Washington and continues discussions with the authorities on the […]