Category: Economy and Markets
Sri Lankan rupee flat
Jan 01, 2009 (LBO) – The Sri Lankan rupee closed the first trading day of the new year at 113.10/20 to the dollar in an inactive market, brokers said Thursday. The rupee opened the day at 112.90 to the dollar. The rupee fell dipped towards 113.80 levels earlier in the week but gained after the […]
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Jan 01, 2008 (LBO) – Sri Lanka is hoping to hike import taxes as international prices fall to cover part of the cost of a 16 billion rupee ‘stimulus’ announced by the government to boost economic growth in 2009, a top official said. The government announced a series of measures this week, including cheaper diesel […]
Sri Lanka repays Citibank, ICIC loans
Dec 31, 2008 (LBO) – Sri Lanka has repaid 175 million US dollars in commercial loans, involving Citibank and India’s ICICI Bank, and raised only 150 million dollars in new loans, in 2008, the government’s debt office said.A 100 million US dollar syndicated loan arranged by Citibank in 2005, a balance 25 million US dollar […]
Sri Lanka repays Citibank, ICICI Bank loans
Dec 31, 2008 (LBO) – Sri Lanka has repaid 175 million US dollars in commercial loans, involving Citibank and India’s ICICI Bank, and raised only 150 million dollars in new loans, in 2008, the government’s debt office said. A 100 million US dollar syndicated loan arranged by Citibank in 2005, a balance 25 million US […]
Sri Lanka inflation at 14.4-pct in December
Dec 31, 2008 (LBO ) – Consumer price inflation in Sri Lanka’s capital Colombo fell to 14.4 percent in the 12-months to December from 16.3 percent in November, the government’s statistics office said. In the first half of 2008 inflation was high partly due to effects of loose policy in 2007 and also high inflation […]
Sri Lanka gives incentives to tea, rubber sectors
Dec 30, 2008 (LBO) – Sri Lanka’s government has moved to protect and revive the tea and rubber industries with a host of incentives announced in a wide-ranging economic stimulus package. These measures meet long-standing demand of tea cultivators, especially small farmers, and factory owners. The government will also set up a state trading institution […]
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Dec 30, 2008 (LBO) – Sri Lanka has announced a ‘stimulus package’ valued at 16 billion rupees to maintain growth at an optimistic 6.0 to 6.5 percent in 2009, with cuts in energy prices and incentives for exporters. “We have been able to maintain a growth rate of 6.0 percent or above in the past […]
Sri Lanka Seylan Bank up sharply on takeover expectations
Dec 30, 2008 (LBO) – Sri Lankan stocks continued to weaken Tuesday but Seylan Bank shares shot up almost 29 percent on anticipation of a takeover after it was placed under a state-owned bank when depositors began withdrawing funds. The All Share Price Index eased 0.79 percent (11.85 points) to 1,484.53 while the Milanka lost […]
Sri Lanka rupee gains to 112.90 against greenback after limit cut
Dec 30, 2008 9LBO) – The Sri Lanka rupee rose to 112.90/113.00 levels after the Central Bank cut overnight trading positions of banks, dealers said.The spot dollar opened around 113.60/80 levels Tuesday. The rupee edged towards 113.80/114.00 levels Monday. Overnight rates in the inter bank market was around 13.00/13.50 with excess liquidity at most banks, […]
Sri Lanka government statisticians defend numbers
Dec 29, 2008 (LBO) – Sri Lanka’s statistics office has defended their numbers from a growing tide of skepticism amid further revelations about the involvement of the island’s policymakers in manipulating the country’s price index. The skepticism about Sri Lanka’s growth numbers came at first because two different numbers were generated from the Central Bank […]
State workers to take less pay to save country
SAIPAN, December 29, 2008 (AFP) – The Northern Mariana Islands, faced with an escalating economic crisis, needs a four-day working week to cut costs, Governor Benigno Fitial said Monday. Fitial, who rejected a proposed budget bill that contained pay increases for department heads, said cost-cutting measures were “critical.” The department of finance said the Northern […]
Sri Lankan stocks open the week marginally down
Dec 29, 2008 (LBO) – Sri Lankan stocks Monday opened the week with both indices down due to lack of buyers and steadily falling prices of blue chip stocks pulling trading volumes down, brokers said. The All Share Price Index dipped slightly by 0.65 percent (9.72 points) to close at 1,496.38 points while the more […]