Category: Economy and Markets
‘s Sri Lanka lending hit by shifting policies and conflict
Oct 05, 2007 (LBO) – Asian Development Bank (ADB), the second largest lender to Sri Lanka, says two decades of aid has mixed results and the relevance of its current 5-year lending program has ‘diminished’ due to conflict and shifting government policy. Asian Development Bank’s (ADB) policy supporting loans, conflict assistance and agriculture sector lending […]
Sri Lanka treasuries yields edge up with high spending
Oct 04, 2007 (LBO) – Sri Lanka treasuries edged up again this week as a high budget deficit drained funds from the domestic markets and the central bank fought to limit money printing in a bid to avoid further inflation. . The average yield of the benchmark 3-month treasuries went up 20 basis points to […]
Sri Lanka flirts with flour price controls as inflation rages
Oct 03, 2007 (LBO) – Sri Lanka consumer affairs ministry said it was amending laws to bring a Singapore-owned flour mill under its control as rising global wheat prices drove bread prices in the island to record levels. Consumer Affairs Minister Bandula Gunewardene said the law governing the country’s consumer protection authority has a specific […]
Zimbabwe hikes rates by 15,000bp as Sri Lanka holds rates steady
Oct 02, 2007 (LBO) – Zimbabwe has hiked overnight discount rate by 15,000 basis points to 800 percent while the rate at the unsecured last resort window has been upped to 850 percent, a market day after Sri Lanka froze policy rates. “These levels will be reviewed regularly without prior warning,” Zimbabwe’s central bank governor […]
” over sovereign bond
Sept 29, 2007 (LBO) – The controversy over a sovereign bond took a new turn with Sri Lanka’s finance ministry saying the country’s president could approve any foreign borrowing, in a statement sent to selected local media. Questions had also been raised about the timing of the issue, in the light of turmoil in global […]
Sri Lankan stocks tumble after opening higher, markets await rate decision
Sept 28, 2007 (LBO) – Sri Lankan stocks tumbled soon after opening with brokers saying investors were largely inactive, as markets awaited a money policy announcement later in the day.There was only 43 million rupees turnover on the Colombo bourse around mid-morning with the All Share Price Index down 4.91 points or 0.19 percent and […]
Sri Lanka inflation jumps in September
Sept 28, 2007 (LBO) – Consumer prices in Sri Lanka’s capital jumped 1.1 percent in September keeping the 12-month increase in consumer prices at 17.3 percent, the government’s statistics office said. The 12-month moving average of the Colombo Consumer Price Index (CCPI), which is an average over 24-months to flatten seasonal fluctuations, rose to 17.5 […]
‘s average inflation hits 17 year high, policy rates frozen
Sept 28, 2007 (LBO) – Sri Lanka held policy rates steady in September and pointed fingers at commodity prices as average inflation hit a 17-year high in the island and central bank credit to government zoomed to new highs. The 12-month moving average of the Colombo Consumer Price Index (CCPI) hit 17.5 percent, the highest […]
Sri Lanka to issue non-tradeable loans again
Sept 27, 2007 (LBO) – Sri Lanka’s government has announced the resumption of a loan program that was previously scrapped as the country developed its debt markets and tried to limit abuse of a non-state workers’ pension fund. The government’s debt office said it was issuing six billion rupees of rupee loans ranging in 4 […]
Sri Lanka rejects bond auction again, stocks down
Sept 27, 2007 (LBO) – Sri Lanka rejected all bids for an auction of 2, 3 and 5 year Treasury bonds Thursday following a pattern established in recent months while stocks closed weaker and the rupee held firm against the greenback. Touchwood ended up one rupee at 83 with almost 100,000 shares being traded. In […]
Sri Lanka says human rights criticism is neo colonialism
Sept 26, 2007 (LBO) – Sri Lanka has rejected criticism of its human rights record by Western countries saying it was being unfairly targeted in a campaign reminiscent of colonial era exploitation and domination. “Human rights must not be regarded as a new version of the White Man’s Burden,” Dayan Jayatilleka, Ambassador and Permanent Representative […]
Sri Lanka claims killing 13 Tamil Tigers
COLOMBO, Sept 26, 2007 (AFP) – Sri Lankan troops shot dead 13 suspected Tamil Tiger rebels in clashes across northern defensive lines, the defence ministry said Wednesday.Ten members of the Liberation Tigers of Tamil Eelam (LTTE) died Tuesday trying to inflitrate army defences in Vavuniya district, the ministry said in a statement. Four government troops […]