Category: Economy and Markets
Central Bank of Sri Lanka steadfast on low inflation and economic stability: Governor
May 22, 2007 (LBO) – Sri Lanka’s Central Bank will diligently pursue its aim of economic and price stability and not finance the budget deficit with printed money, Governor Nivard Cabraal said. Quoting former Federal Reserve Bank Chairman Paul Volcker, he said the “truly unique power of a central bank is the power to create […]
Sri Lanka clearing VAT refunds backlog, govt revenue recovering: Treasury Secy
May 22, 2007 (LBO) – Government revenue is improving and the Inland Revenue Department hopes to clear most of the backlog in value added tax refunds in 3-4 months, Finance Ministry Secretary P.B. Jayasundera said Tuesday. “We’ve streamlined the VAT refunds process and closed some loopholes,” he told a seminar organized by the Sri Lanka […]
Sri Lanka inflation may spike a little, but continue to fall: Central Bank
May 21, 2007 (LBO) – Though Sri Lanka’s inflation will continue to fall with tight monetary policy, there may be spikes due to administered price rises and seasonal factors, the Central Bank has warned. Sri Lanka’s inflation has come down steadily since the Central Bank virtually halted money printing to finance the budget deficit, but […]
Sri Lanka – Jordan govts and trade chambers sign new deals ahead of G11 summit
SHUNEH, Jordan, May 19, 2007 (AFP) – Heads of state and representatives of 11 developing countries meet in Jordan on Saturday to draw up a platform of cooperation with the G8 industrialised nations and bolster multilateral trade.The G11 summit grouping Croatia, Ecuador, El Salvador, Georgia, Honduras, Indonesia, Jordan, Morocco, Pakistan, Paraguay and Sri Lanka meets […]
Money printing Zimbabwe central bank push inflation to 3,714% in April
HARARE,, May 17, 2007 (AFP) – Zimbabwe’s annual inflation surged to 3,714 percent in April, ahead of a new pricing and incomes law approved by President Robert Mugabe in a fresh bid to rein in the inflation spiral. “The… annual inflation rate at the end of April rose to 3,713.9 percent,” the state-run Herald newspaper […]
”’ guerilla air force will face losses within months: analyst
May 17, 2007 (LBO) – The Tamil Tiger guerilla air wing will bear losses before the year-end as the military gains technology and experience to counter the little intruders, a former Sri Lanka air force commander said. Related Third Dimension: Sri Lanka’s battle for air supremacy and the Tamil Tiger ‘Bedcheck Charlie’ strategy . The […]
Merchant Bank of Sri Lanka diversifies into property, personal loans
May 16, 2007 (LBO) – Merchant Bank of Sri Lanka, a subsidiary of Bank of Ceylon, is considering diversifying into property development to boost its profitability and revenue composition.MBSL also commenced granting personal loans apart from its leasing and hire purchase portfolio, the bank said in a statement on its debenture issue that opened last […]
‘s balance of payments
COLOMBO, May 16, 2007 (AFP) – Sri Lanka recorded a trade deficit of 659.5 million dollars in the first quarter, but foreign remittances pushed the overall balance of payments into positive territory, the central bank said Wednesday.Sri Lanka’s exports in the first three months of 2007 earned 1.71 billion dollars while imports cost 2.37 billion […]
Sri Lanka seeks to diversify investment into agro, metal industries
May 15, 2007 (LBO) –Sri Lanka is keen on attracting investments in sectors such as agro and metal industries, the island’s minister of investment promotion, Sarath Amunugama, said Tuesday. He was speaking at a function at the Board of Investment where some 600 million dollars worth of investment deals were signed with local and foreign […]
Sri Lankan construction firms eye overseas contracts
May 11, 2007 (LBO) – Sri Lanka’s construction industry is seeking to export professional services and eyeing opportunities in the building boom in the Middle East and south Asia, a senior official said. “We want to support the bigger players to go out of the country and do projects abroad – in the Middle East […]
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 […]