Category: Economy and Markets
Sri Lanka sovereign rating downgraded by S&P to B
Dec 15, 2008 (LBO) – Rating agency Standard & Poor’s (S&P) said it has downgraded Sri Lanka’s long term foreign currency sovereign credit rating to B from B+ with a stable outlook due to its deteriorating external liquidity position. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Sri Lanka central bank disputes S&P credit downgrade
Dec 15, 2008 (LBO) – Sri Lanka’s central bank has disputed a sovereign credit downgrade by Standard & Poors to ‘B’ from ‘B+’ saying it done without “proper assessment”. The Central Bank also said some comments in a media statement issued by the rating agency were “factually incorrect, logically untenable and grossly misleading.” The central […]
Sri Lanka prints money to buy tea in Zimbabwe-style move
Dec 14, 2008 (LBO) – State-run Sri Lanka Tea Board has spent over 200 million rupees to buy tea, using printed money from the Central Bank, in a Zimbabwe-style inflationary quasi-fiscal move, the latest information reveals. Tea Board chairman Lalith Hettiarachchi said last week that it had bought almost a million kilograms of tea worth […]
” for a day
Dec 12, 2008 (LBO) – The Sri Lanka rupee traded freely for possibly the first time in 2008, on last trading day of the week dealers said, while inter bank money market liquidity turned positive. Analysts say dealers would be treading warily when the market opens next week to see whether the central bank allow […]
Sri Lanka researchers told of dangers of romanticism
Dec 12, 2008 (LBO) – Researchers in Sri Lanka and elsewhere should not be guided by romanticism but approach an issue with an open mind and be prepared to change traditional ideas if their findings suggest otherwise, a top economist has said. Papers from Indian and Pakistani researchers as well as those from Sri Lanka […]
Sri Lanka shares close down 0.4%, rupee at at 111.30 against USD
Dec 11, 2008 (LBO) – Sri Lankan stocks lost closed 0.48 percent lower losing slim gains made a day earlier, while the rupee closed at 111.30/45 against the greenback in a day that saw no central bank intervention, dealers said. The All Share Price Index lost 0.48 percent (7.53 points) to end at 1,561.38 points […]
Sri Lanka rupee slides to 111.00 against green back
Dec 11, 2008 (LBO) – The Sri Lanka rupee traded at 111.00 rupees to the dollar Thursday with the market two way quote now at 111.00/30, with no official intervention in early trade, dealers said. “We have allowed a gradual depreciation of the rupee,” Central Bank chief economist Nandalal Weerasinghe said.“Other currencies have also depreciated […]
Sri Lanka rupee allowed gradual depreciation: central bank
Dec 11, 2008 (LBO) – Sri Lanka’s central bank says it is allowing a “gradual depreciation” of the rupee, after staying out of the market in early trading on Thursday, as the rupee dipped against the US dollar and recovered. “The central bank is not quoting so far, and the market is quoting on its […]
Sri Lanka October official reserves US$2.37bn
Dec 11, 2008 (LBO) – Sri Lanka’s foreign reserves had fallen to 2,374 million US dollars by the end of October from 3,185.4 million dollars in September the Central Bank said amid heavy intervention in forex markets. In October the central bank spent 587.70 million dollars intervening in the market, but November intervention volumes which […]
Sri Lanka rupee slips to 110.65 against greenback
Dec 10, 2008 (LBO) – The Sri Lanka rupee slipped to 110.65/75 against the greenback on Wednesday from 110.30 two days earlier, but the central bank is continuing to intervene at the new rate, dealers said. The Sri Lanka rupee had come under severe pressure from central bank liquidity injections to maintain reserve money, following […]
Sri Lanka shares break slide on thin trading
Dec 10, 2008 (LBO) – Sri Lankan shares ended slightly firmer Wednesday but on razor thin turnover with brokers saying the minor upturn after a long slide was likely to be short-lived. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index gained 1.31 […]
Sri Lanka government wins 2009 budget vote
Dec 08, 2008 (LBO) – Sri Lanka’s government Friday won a crucial vote in parliament on its budget for 2009 with a majority of 42 votes, a parliamentary reporter said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The government managed to win 126 votes in favour […]