Category: Economy and Markets
Sri Lanka rupee weakens to new life low
April 01, 2009 (LBO) – The Sri Lanka rupee traded at a new low of 116.10 rupees against the greenback Wednesday dealers said, heightening expectations of a successful deal with the International Monetary Fund (IMF).In a pegged country rate cuts are achieved by further monetizations of deficits (printing money) unless the government reduces spending.This will […]
Sri Lankan stocks close down
Mar 31, 2009 (LBO) – Sri Lankan shares closed down on Tuesday, dragged down by blue chips such as John Keells Holdings (JKH) and National Development Bank (NDB) on low volume trades despite inflation and interest rates coming down, brokers said. Dialog Telekom, a subsidiary of Telekom Malaysia, closed flat at 4.90 rupees. The All […]
Sri Lanka reconstruction after war could stimulate economy: ADB
Mar 31, 2009 (LBO) – Sri Lanka’s economic growth will slow down this year but could revive the next helped by reconstruction activity expected with the end of the war against Tamil Tigers, the Asian Development Bank said.The ADB report said the island economy remained resilient last year, bolstered by strong growth in the agriculture […]
Sri Lanka inflation drops to 5.3-pct in March
Mar 31, 2009 (LBO) – Consumer price inflation in Sri Lanka’s capital Colombo dropped to 5.3 percent in the 12-months to March 2009 from 7.6 percent in February, with prices dropping for six straight months, the government’s statistics office said. Consumer prices have dropped absolutely from October 2008, when the revised Colombo Consumer Price Index […]
Sri Lanka needs to depreciate rupee: ADB
Mar 31, 2009 (LBO) – Sri Lanka should adopt a more flexible exchange rate policy and depreciate the rupee to make exports more competitive and better manage import demand, the Asian Development Bank said.ADB Lead Economist for Sri Lanka Narhari Rao said two issues of concern are the fiscal deficit and the external account in […]
Sri Lanka stocks close down despite Light House deal
Mar 30, 2009 (LBO) – Sri Lankan shares closed down Monday despite large crossings of Lighthouse Hotels Limited (LHL) which went through during the last minutes of trading at a premium, brokers said. The All Share Price Index was down 0.23 percent (3.85 points) to end at 1,644.59 while the more liquid Milanka slid 0.23 […]
Sri Lanka IMF talks stretch to second week
Mar 30, 2009 (LBO) – The Sri Lanka rupee closed at 115.20/45 against the greenback, with the country’s reserves running low as talks with the International Monetary Fund for a bailout package, stretched to a second week. The Sri Lanka rupee broke the Central Bank’s defended peg level of 114.25 last Thursday. The IMF team […]
Sri Lanka spends US$240mn in peg defence in Feb09
Mar 28, 2009 (LBO) – Sri Lanka has spent 240 million US dollars in February 2009 defending a dollar peg in an ill-fated exercise that has already drained two-thirds of the country’s foreign reserves, the latest official data shows.Sri Lanka’s gross official reserves, including fiscal balances, fell to 1,415 million US dollars in January from […]
Sri Lanka shares end firmer
March 27, 2009 (LBO) – Sri Lankan shares ended firmer Friday with the indices pushed up by gains in John Keells Holdings, Distilleries and also Seylan Bank, in which a controlling stake was offered for sale by the central bank, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and […]
Sri Lanka bailout talks progressing: IMF
Mar 27, 2009 (LBO) – An International Monetary Fund (IMF) mission in Sri Lanka is talking with the government on a stand-by arrangement and but the volume of financing the island requires is yet to be decided, an official said. “We don’t have any date as to the conclusion of those discussions or their likely […]
Sri Lanka rupee weakens in volatile trade
Mar 27, 2009 (LBO) – Sri Lanka rupee fell to 115.35/50 levels against the greenback in intra-day trading Friday with heavy buying from foreign banks while the monetary authority briefly took the foot off peg defence, dealers said. The rupee hit a low of 115.75 against the greenback when peg defence was eased amidst heavy […]
Sri Lanka share trading boosted by Carson oil palm deals
March 26, 2009 (LBO) – Sri Lankan shares ended almost flat Thursday but turnover was pushed up to 915 million rupees by large transactions in three oil palm companies of the Carson Cumberbatch group, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]