Category: Economy and Markets
Sri Lanka economy expands 7.0 pct in third quarter
Dec 19, 2007 (LBO) – Sri Lanka’s economy has expanded 7.0 percent in the third quarter up from 6.4 percent in the second quarter, putting the country on track to clock up 6.7 percent growth in 2007, officials said. However, growth slackened from the 7.7 percent for the same quarter in 2006 with a downturn […]
Sri Lanka climate change may ravage agriculture, coast areas
Dec 18, 2007 (LBO) – Rising temperatures over the next couple of decades will ravage Sri Lanka’s dry zone agriculture and a possible sea level rise will affect the coastal economy a top climate change expert has warned. A temperature rise in the next few years is feared even if big polluters decide to cap […]
Sri Lanka says more than 30,000 homeless after floods
Dec 18, 2007 (AFP) – Heavy monsoon showers have driven more than 30,000 people from their homes in eastern Sri Lanka, authorities said Tuesday, and delayed the start of a key cricket match with the visiting England team.Incessant weekend rains made some roads impassable, while rice fields were flooded, the national disaster management centre said. […]
Sri Lanka 3-month treasury yields up sharply amidst cash crunch
Dec 18, 2007 (LBO) – Sri Lanka’s 3-month Treasury bill yields soared by 115 basis points to 20.14 percent in one of the biggest one day gains ever, at Wednesday’s auction, though 6 and 12 month yields were steady, dealers said. The six month average yield was 19.99 percent and the 12-month yield was 19.96 […]
Sri Lanka stocks weaker, rupee steady
Dec 17, 2007 (LBO) – Sri Lanka stocks closed 0.55 percent lower amidst lackluster trading Monday, while the rupee was steady against the greenback at 108.95/109.00 dealers said. The All Share Index fell 13.75 percent to close at 2,493.27 while the Milanka Index of liquid stocks ended the day at 3,253.5, 0.6 percent lower (down […]
Sri Lanka has no alternative but to print money: minister
Dec 17, 2007 (LBO) – Sri Lanka has no alternative but to print money because the government cannot move into a framework of limiting expenditure, a senior minister has said. Speaking to the British Broadcasting Service’s Sinhala language Sandeshaya program, consumer affairs minister Bandula Gunewardene said it had become necessary to print money because the […]
‘s inflation rockets to 24.1-pct amidst record money printing
Dec 15, 2007 (LBO) – Sri Lanka’s country-wide inflation hit a record 24.1 percent in October 2007, following one of the worst bouts of money printing seen since the island’s central bank was created five decades ago. The Sri Lanka Consumer Price Index (SLCPI) devised a decade ago to reflect the modern spending patterns of […]
Sri Lanka stocks close lower, rupee steady
Dec 14, 2007 (LBO) – Sri Lanka stocks slid 0.2 percent lower Friday in wafer-thin trading ahead of a crucial budget vote and the rupee was steady against the greenback at 109.98/109.00, dealers said. The All Share Index lost 5.96 points while the Milanka index of liquid stocks fell back 0.34 percent amidst thin trading […]
Sri Lanka reserves up on government borrowings
Dec 14, 2007 (LBO) – Sri Lanka’s official foreign reserves had shot up to 3,226 million dollars in October from following a 500 million dollar sovereign bond issue, allowing the country to record a 475 million dollar surplus for the year, the Central Bank said. In January foreign reserves were 2,526 million US dollars. Total […]
Sri Lanka October trade gap widens, 10-month deficit still down
Dec 14, 2007 (LBO) – Sri Lanka’s trade deficit for the first ten months of 2007 narrowed 3.7 percent to 2,846 million US dollars period, though the gap in October widened, the Central Bank said Friday. Total export earnings during January-October 2007 totalled 6,286 million dollars, following a growth of 13.1 per cent from the […]
Sri Lanka govt wins crucial budget vote
Dec 14, 2007 (LBO) – Sri Lanka’s government Friday won a crucial vote in parliament on its 2008 budget, despite a last minute crossover of a cabinet minister, removing uncertainty that had plagued the country for weeks. The turning point was the abstention of the 38 member Marxist-nationalist Janatha Vimukthi Peramuna (JVP) who voted against […]
Sri Lanka inflation index controversy takes new turn
Dec 12, 2007 (LBO) – A controversial new inflation index that claims to show lower inflation in Sri Lanka has completely dropped alcohol and tobacco from its market basket, an official statement has revealed. An official statement from the Central Bank’s statistics department said the existing Colombo Consumer Price Index (CCPI) does not accurately represent […]