Category: Economy and Markets
Sri Lanka treasury yields rocket as central bank continues tight stance
April 17, 2007 (LBO) – Sri Lanka’s 3-month treasury yield shot up at an auction by more than 43 basis points to 15.44 percent Tuesday with overnight rates already at 30 percent levels. Sri Lanka’s central bank has been staying away from printing money in primary auctions and allowing rates to adjust upwards to draw […]
Conflicts doubled global displacement in 2006, report says
GENEVA, April 16, 2007 (AFP) – The number of people displaced within their own countries by conflicts doubled last year, pushing the global total to 24.5 million, an international monitoring centre said Monday. Apart from hundreds of thousands of people in Lebanon, other large-scale returns were reported during 2006 in South Sudan (800,000), the Democratic […]
Sri Lanka state firm bank debt has doubled in a year: Central Bank
April 15, 2007 (LBO) – Sri Lanka’s state corporation debt to the banking system has doubled in 2006, with energy firms accounting for most of it, the Central Bank said in its annual report. The bank called on the government to consider promoting Public- Private Partnerships as a viable alternative financing mechanism for developing much-needed […]
Sri Lanka call rates hit 50% amidst festival drawdown
March 11, 2007 (LBO) – Sri Lanka’s inter-bank call rates hit 50 percent Wednesday even as the monetary authority pumped billion of rupees into the banking system to make-up for a seasonal cash draw down from the system.Sri Lanka’s money supply usually zooms in April during the island’s Sinhala and Tamil New Year as government […]
‘s February trade deficit narrows despite higher petroleum imports
April 11, 2007 (LBO) – Sri Lanka’s trade deficit narrowed to 144.5 million dollars in February despite oil import costs moving up, the central bank said Wednesday. The Central Bank said reserves had grown to 2,578 million dollars (2.9 months of imports) by end February with balance of payments surplus of 53 million dollars. The […]
‘s central bank says liquidity limits are working
April 10, 2007 (LBO) – Sri Lanka’s tight quantity targeting regime is paying off, and the central bank said Monday it would continue with the ‘current monetary policy stance’. The next monetary policy statement would be released on May 16. The February statement was brought forward by one day. Updated Perhaps fittingly, the entire April […]
‘s port reaches 3-year wage deal with unions
April 10, 2007 (LBO) – Sri Lanka’s main port has struck a 3-year agreement with trade unions to raise the minimum monthly salary by 3,000 rupees, a senior official said Tuesday.The dispute dragged on for over ten days as the government said port workers are some of the better paid employees in the public sector, […]
Sri Lanka rupee slides sharply against the dollar; one year t-bill yields plummet
April 10, 2007 (LBO) – The spot dollar shot up Tuesday to 109.30 from yesterday’s closing of 108.35, dealers said, while one year t-bill yields plummeted by 63 basis points. Earlier in the day overnight call rates went as high as 40 percent with the central bank keeping cash tight as it tried to keep […]
Sri Lanka money supply, rates up on festive cash demand
April 09, 2007 (LBO) – Heavy cash withdrawals from banks to fund spending in the new year festive season drove up call money rates Monday with reserve money also shooting up, dealers said. “Most of the big fish are gone on holiday, either out of Colombo or overseas,†said Reshan Kurukulasuriya, Vice President, DFCC Stockbrokers. […]
‘s top taxman tells tax payers
April 07, 2007 (LBO) – Tax payers need not fear the Inland Revenue Department, according to Sri Lanka’s chief tax officer who faces the daunting task of raising more revenue for a country that is already projecting a budget deficit as big as 9.2 percent of the economy. The department wants to be tax payer-friendly […]
Sri Lanka asked to get house in order ahead of opening up services
April 06 (LBO) – Sri Lanka is hoping to open its service sectors to neighboring India, but analysts say the country should first get local regulations in order. The two countries are in talks to allow exchange of services, including limited exchange of professionals, under an agreement to be signed by June this year. But […]
Fuel prices will not affect essential food prices during the season: Minister
April 06, 2007 (LBO) – The prices of essential food items that have been set a retail price during the New Year season will not be affected if fuel prices go up since all have already been imported, a government minister said. Food items such as chillies, onions, dhal, potatoes, sugar, types of grain, sprats […]