Category: Economy and Markets
Sri Lanka rupee gains against greenback, forward premiums fall
Jan 23, 2008 (LBO) — The Sri Lanka rupee traded under 108.00 to the US dollar and overnight money fell from peaks above 20 percent in early trading Wednesday as the dollar weakened in international markets following a surprise rate cut, dealers said. The rupee traded around 107.88/108.92 in late trading as a state name […]
Sri Lanka central bank says no excessive money printing
Jan 23, 2008 (LBO) — Sri Lanka’s central bank says allegations of excessive money printing are “baseless” despite using central bank credit of 45.2 billion rupees to purchase treasury bills up to September 2007. “The attention of the Central Bank has been drawn to a few mischievous and /or erroneous reports where allegations have been […]
Sri Lanka stocks steady, cement firm draws interest
Jan 21, 2008 (LBO) — Trading in Lanka Cement picked up Monday on reports that an Indian firm may start a cement plant in Jaffna and the broader market was steady in a day when global markets plunged. Shipping cement to Tamil Nadu from Jaffna would be cheaper than trucking it from plants in India […]
Sri Lanka inflation rockets to new record of 26.2-pct amid money printing
Jan 21, 2008 (LBO) — Sri Lanka’s country-wide inflation hit an all time record 26.2 percent in November 2007, following one of the worst bouts of money printing ever seen in the country, the latest official data showed.The Sri Lanka Consumer Price Index’s (SLCPI) previous high was 24.1 percent recorded in October as the government […]
Sri Lankan stocks battered by war, high rates
Jan 18, 2008 (LBO) – Sri Lankan stocks edged slightly higher in thin trading Friday with brokers saying intensifying violence and high interest rates were keeping investors away. Margin traders were under pressure to reduce their exposure owing to sky high interest rates. Stocks were battered this week because of stepped up attacks by Tamil […]
Sri Lankan stocks edge lower as trading dries up
Jan 17, 2007 (LBO) – Sri Lankan stocks fell again Thursday but not as sharply as yesterday with trading drying up even further as investors remained cautious owing to continuing violence, brokers said.The All Share Price Index fell 3.28 points or 0.14 percent to close at 2,378.88, while the more liquid Milanka index shed 3.23 […]
Sri Lanka policy rates unchanged, but tight stance promised
Jan 17, 2007 (LBO) — Sri Lanka’s central bank kept its main discount rate to banks unchanged at 12.00 percent but promised tight monetary policy ahead based on a quantity targeting framework unveiled earlier in January. “The targeted growth in reserve money, which will be maintained on a daily average basis, will ensure strict maintenance […]
Sri Lanka should be mindful of impact on poor from new inflation index: CEPA
Jan 17, 2007 (LBO) – A controversy over a new price index in Sri Lanka may have erupted partly because it came at time of high inflation, but the index shows the same trend as earlier ones, an organization focusing on poverty has said.“However, it is vital to remember that inflation hurts the poor first […]
Sri Lanka treasuries yields ease, rupee gains on greenback
Jan 16, 2007 (LBO) — Sri Lanka’s treasuries yields settled lower at Wednesday’s auction as the government rolled over 9.7 billion rupees of maturing bills, the debt office said, while the rupee made further gains against the US dollar. Three month yields fell to 87 basis points to 19.25 percent, 6-month bills fell 50 basis […]
Sri Lanka trade gap up in November
Jan 16, 2007 (LBO) — Sri Lanka’s trade gap widened 66 percent in November 2007 to 418 million dollars as exports dipped, but the deficit for the first 11 months was flat, the Central Bank said. Exports in November fell 5.1 percent with industrial exports dipping 13.8 percent. “This decline in export earnings could be […]
Sri Lankan stocks tumble as Tigers attack civilians
Jan 16, 2008 (LBO) – Sri Lankan stocks fell sharply Wednesday as Tamil Tigers killed at least 28 civilians in separate attacks in the island’s south, the day a ceasefire formally ended. The All Share Price Index lost 50.55 points or 2.08 percent to close at 2,382.16, while the more liquid Milanka index went down […]
Japan aid to Sri Lanka under review after truce break
Jan 15, 2008 (LBO) – Sri Lanka’s largest donor Japan said it was awaiting a political solution to the island’s internal conflict and was reviewing its aid policy after the island’s government pulled out of a truce with the Tamil Tigers. . Japan’s special envoy to the war-ravaged island said his government was gravely concerned […]