Category: Economy and Markets
Sri Lanka shares end down in thin trade
Jan 06, 2009 (LBO) – Sri Lankan shares ended weaker Tuesday in thin trade, ignoring more military gains against Tamil Tiger rebels, brokers said.Ceylinco Insurance closed up 8.57 percent or 15 rupees at 190 rupees although share prices of most other listed members of the Ceylinco group weakened or remained flat. The Ceylinco Group has […]
Sri Lanka negotiating currency swaps with foreign central banks: CB Governor
Jan 06, 2009 (LBO) – Sri Lanka’s is negotiating with foreign central banks to establish swap arrangements to increase its access to foreign currency, central bank governor Nivard Cabraal said. The Central Bank said it was looking for alternative ways of raising external finance after hedge fund money that came into the Treasuries market left […]
Sri Lanka shares weaken despite military gains
Jan 05, 2009 (LBO) – Sri Lankan shares shed early gains to end 1.11 percent weaker Monday despite more military successes against Tamil Tiger rebels, with brokers saying the market is likely to remain quiet until investment funds return.The army made more gains Monday, seizing another town held by the rebels as they pushed deeper […]
Sri Lanka to review forex curbs in April: Central Bank
Jan 05, 2009 (LBO) – Sri Lanka would review restrictions imposed on foreign exchange use in April 2009, the central bank said as the rupee continued to weaken against the greenback on liquidity injections made by the monetary authority. The central bank tightened limits on overnight trading positions of commercial banks, imposed penal interest rates […]
Sri Lanka rupee quoted at 114.05/25 against greenback
Jan 05, 2009 (LBO) – The Sri Lanka rupee was quoted at a low of 114.05/25 against the greenback in intra-day trading Monday before recovering on dollar sales by a state bank that usually represents the Central Bank, dealers said.Banks parked 12.8 billion rupees at the central bank through an open market auction at an […]
Sri Lanka cautioned by Japan on military breakthrough
TOKYO, January 5, 2009 (AFP) – Japan, Sri Lanka’s top donor, was cautious Monday after the Tamil Tiger rebels’ capital fell, with an official saying that only a political solution could resolve the island’s ethnic war. Sri Lankan President Mahinda Rajapakse, part of the Sinhalese majority, vowed in a New Year’s address to crush the […]
Sri Lanka govt mulls tax hike on milk powder imports
Jan 02, 2009 (LBO) – The Sri Lankan government is considering increasing customs duties on milk powder imports to take advantage of plunging global prices without raising domestic prices and raise revenue. World prices have plummeted by over 50 percent from a November 2007 high of 4,550 dollars a metric ton of milk powder. “The […]
Sri Lanka to give incentives for foreign remittances
Jan 03, 2009 (LBO) – Sri Lanka will give incentives to expatriate citizens to bring their saving home in the form of higher interest rates and lower taxes, Central Bank Governor Nivard Cabraal said.But a severe crash crunch in the government has led to a new surge of money printing in December, adding more pressure […]
Sri Lanka central bank promises single digit inflation in 2009
Jan 03, 2009 (LBO) – Sri Lanka’s central bank has promised single digit inflation amid deflationary external conditions and the possibility of a looser stance and lower interest rates in 2009, in its annual road map for monetary policy. In the last few months inflation has been falling with the effects of external deflationary conditions […]
Sri Lankan stocks rally in anticipation of military triumph
Jan 02, 2008 (LBO) – Sri Lankan retail investors pushed the market up sharply in moderate trade Friday in anticipation government forces had captured the northern Tamil Tiger stronghold of Kilinochchi. Brokers said foreign investors might make use of the rally to sellout. Blue chip John Keells Holdings (JKH) contributed 25.7 million rupees to the […]
Sri Lanka inflation seen falling to 8-9% by mid-2009: central bank
Jan 02, 2009 (LBO) – Sri Lanka’s inflation rate expected to fall to 8.0 – 9.0 percent by mid-2009, central bank governor Nivard Cabraal said.Cabraal said inflation has been coming down since July 2008 and that inflationary expectations also show signs of moderating. “Also, interest rates are expected to follow the decline in inflation,” Cabraal […]
Sri Lankan rupee slips to 113.90/114.00 to the dollar
Jan 02, 2008 (LBO) – The Sri Lankan rupee lost ground Friday and closed the first week of 2009 at 113.90/114.00 against the greenback, dealers said. The rupee opened the day at 113.10/20 to the dollar. Dealers said a large import bill was settled through state bank. They said the market largely ignored news of […]