Category: Economy and Markets
Sri Lanka CB governor says South Asian policy making improving
Aug 21, 2008 (LBO) – Economic policies in South Asia are improving and people are taking ownership for policymaking and are no longer driven by multilateral institutions, Sri Lanka’s central bank governor Nivard Cabraal said.“We are now taking ownership of our own destinies,” Cabraal said at the opening of a regional symposium of senior central […]
Sri Lanka central bank sells own securities to destroy money
Aug 20, 2008 (LBO) – Sri Lanka’s central bank said it is selling its own securities to remove money from the banking system, after running out of its Treasury bill stock in a bid to keep money supply growth low.But access to the window has been restricted, allowing market rates further up the yield curve […]
Sri Lanka seeks fisheries aid from Iceland
Aug 20, 2008 (LBO) – Sri Lanka has sought help from Iceland to develop its fisheries and geo-thermal resources and both countries plan to improve air travel links, the foreign affairs ministry said in a statement. The request for aid was made by Sri Lankan foreign minister Rohitha Bogollagama during a visit to Reykjavik earlier […]
Sri Lanka stocks recover
Aug 19, 2008 (LBO) – Sri Lankan stocks recovered some lost ground Tuesday largely on gains in Sri Lanka Telecom but on thin volumes with more trading again seen in Chemical Industries (Colombo) (CIC), brokers said. The All Share Price Index closed up 0.40 percent (9.72 points) at 2,438.61 while the more liquid Milanka rose […]
Hub Race
Aug 15, 2008 (LBO) – Sri Lanka’s hub port of Colombo is facing growing competition from other harbours in the region which are being built up to grab a bigger share of India’s increasing trade, industry officials said. The latest threat comes from the south Indian port of Chennai which has just called for fresh […]
Sri Lanka says South Asia should cross-invest forex reserves
Aug 15, 2008 (LBO) – South Asian nations should look at re-investing foreign exchange reserves in each others’ countries instead of buying low yielding securities in developed nations, Sri Lanka’s central bank governor Nivard Cabraal said.“Our foreign reserves are bridging the fiscal deficit of developed countries at low rates,” Governor Cabraal told a gathering of […]
Sri Lanka industrial exports plunge in June
Aug 15, 2008 (LBO) – Sri Lanka’s industrial exports plunged 9.3 percent in June 2008, with the key apparel sector slumping 8.9 percent, though total exports for the first six months still showed positive growth. “In fact, I cannot recall a time where I have seen such a striking dichotomy between global commodity and credit […]
Sri Lanka stocks pulled down by fall in Dialog
Aug 14, 2008 (LBO) – Sri Lankan stocks lost more ground Thursday, dragged down mainly by the fall in the price of heavyweight Dialog Telekom after it reported sharply lower profit for the June quarter, brokers said. The All Share Price Index closed down 0.65 percent (15.98 points) at 2,435.25 while the more liquid Milanka […]
Sri Lanka 3-month treasury yield falls
Aug 14, 2008 (LBO) – Sri Lanka’s 3-month Treasury bill yield fell 36 basis points to 16.73 percent with some bids being rejected, the government’s debt office said.Other bids were rejected. The 6-month yield fell 7 basis points to 18.37 percent with the government raising 2.1 billion rupees and the 12-month yield was flat at […]
Sri Lanka stocks almost flat
Aug 13, 2008 (LBO) – Sri Lankan stocks remained virtually flat Wednesday while retail activity intensified on certain counters on speculative trading, brokers said. The All Share Price Index closed 0.17 percent (4.05 points) higher at 2,451.23 while the more liquid Milanka fell 0.33 percent (9.69 points) to 2,884.58. Turnover was 293.95 million rupees with […]
Sri Lanka shares sag again
Aug 12, 2008 (LBO) – Sri Lankan stocks lost more ground Tuesday on thin volumes as the market returned to its becalmed state with investors staying away. The All Share Price Index closed down 0.70 percent (17.29 points) at 2,447.18 while the more liquid Milanka fell 1.12 percent (32.73 points) to 2,894.27. Turnover was just […]
‘s Law comes alive in Sri Lanka amid high inflation
Aug 11, 2008 (LBO) – Sri Lanka is melting its coinage and minting less valuable coins amidst booming commodity prices and rising inflation at home, continuing a tradition of monetary debasement that dates back to ancient monarchies. By collecting the Nickel/brass and Cupro/Nickel coins in circulation and shipping them to the minter for melting and […]