Category: Economy and Markets
Sri Lanka to felicitate cricketers with commemorative coins
May 10, 2007 (LBO) – Sri Lanka plans to issue commemorative coins to felicitate cricketers, who emerged runners-up in the recently concluded World Cup held in the Caribbean, officials said. President Mahinda Rajapakse, who is also the island’s finance minister, has asked Sri Lanka’s Central Bank to begin work on issuing a new coin, his […]
New mobile operator enters booming Bangladesh market
DHAKA, May 10, 2007 (AFP) – Bangladesh’s sixth mobile phone operator, Warid Telecom, launched operations Thursday aiming to grab a slice of one of the world’s fastest growing markets, an official said. Owned by the Gulf-based Abu Dhabi Group, Warid Telecom, is counting on five million subscribers in the first year of its operation, company […]
Sri Lanka three month t-bill rates ease amidst excess liquidity
May 09, 2007 (LBO) – The Sri Lanka Treasury bill auction rates eased with the key three month weighed average slipping 4 basis points to 16.52 percent at Wednesday’s auction. The six month weighted average yield slipped 3 basis points to 16.33 percent while the one year fell 4 basis points to 16.15. Meanwhile the […]
Sri Lanka Central Bank says coins a plenty
May 8, 2007 (LBO) – Sri Lanka’s central bank says there is no ‘shortage’ of coins in the country, and a campaign to bring back coins into circulation has been mis-understood by the public. Authorities started a campaign to persuade children to break their piggy banks and exchange coins for notes and a 20 percent […]
Sri Lanka shrugs off British aid freeze
May 7, 2007 (AFP) – Sri Lanka Monday shrugged off Britain’s suspension of debt relief to the island, saying the amount of money was “too insignificant” to worry about. Foreign Minister Rohitha Bogollagama declined to discuss the move to stop nearly three million dollars in aid, but said it was “wrong” for London to hold […]
Sri Lanka anti-inflation fight mired in excess liquidity
May 8, 2007 (LBO) Sri Lanka’s fight against inflation has received a set-back with monetary authorities unable to sterilize excess liquidity in the banking system which is now reaching towards one percent of gross domestic product.Excess liquidity in the banking system reached 22 billion rupees, reminiscent of the ‘bad old days’ of 2004 and 2006 […]
Sri Lanka faces worsening fiscal policy and investment risks as conflict intensifies
May 05, 2007 (LBO) – The use of air power by Tamil Tiger guerrillas has raised the stakes in investing in Sri Lanka and prospects of higher defence spending is increasing fiscal risks, analysts said. Sri Lanka needs fiscal discipline and increases in turnover based value added tax (VAT) rates and its base to solve […]
Sri Lanka aims to raid piggy banks as coins rise in value
May 4, 2007 (AFP) – Sri Lankan children are being encouraged to raid their piggy banks in a bid to end a serious shortage of loose change in a country where inflation is making coins worth more than their face value.State-owned banks are offering colour pencils, felt pens, drawing paper and books to children who […]
Sri Lanka rupee closes at a record low, stocks edge down amidst war jitters
May 04, 2007 (LBO) – The Sri Lanka rupee closed at a record low against the dollar Friday while stocks edged lower with jittery investors remaining on the sidelines, dealers said. Spot dollar closed at 110.85 rupees, the lowest this year, showing a depreciation of 3.11 percent for the year with the rupee starting at […]
Sri Lanka money markets open quiet, stocks delayed in a rain-washed day
May 03, 2007 (LBO) – Sri Lanka’s inter-bank markets opened quiet after a two-day religious holiday with money at 13.25 percent, but stock trading was delayed in a rain washed morning, dealers said.The spot dollar was trading around 110.70 rupees in early trading. The Colombo stock market did not open at the scheduled time of […]
Sri Lanka inflation falls despite rising oil prices in April as money printing tapers off
April 30, 2007 (LBO) – Sri Lanka’s inflation fell for the third month in a row in April after the Central Bank stopped printing money to finance the budget deficit and tightened monetary policy from December 2006. Consumer price increases in the past twelve months measured by the Colombo Consumer Price index fell to 16.3 […]
Sri Lankans splurge on snacks and drinks for all night match viewing
April 28, 2007 (AFP) – Sri Lankans were stocking up on snacks, soft drinks, ice cream and liquor on Saturday to watch their home team battle Australia at the cricket World Cup finals in the Caribbean. Supermarkets, grocery and wine stores were reporting brisk sales as customers stood in lengthy queues. “It took us nearly […]