Category: Economy and Markets
Sri Lanka money rates ease after hitting a 7-year high; volatility may worsen ahead
January 26, (LBO) – Overnight call rates eased to 14.5 percent Friday after a hitting a 7-year high of 23.5 percent two days ago, but dealers expect greater volatility in overnight rates, as liquidity curbs begin to bite.“The Central Bank has restricted the use of reverse repo facility to six times a month, this force […]
IMF closing office a sign that Sri Lanka can manage on its own: treasury chief
January 24, 2007 (LBO) – Sri Lanka’s treasury chief said Wednesday that the International Monetary Fund’s decision to close offices in the island was a good sign that the country is moving away from being overly reliant on foreign donors. The Washington based lender will wind up operations later this month, as they have no […]
Sri Lanka hits road to raise US$ 200 mn from overseas investors this year: Central Bank
January 22, 2007 (LBO) – Top Central Bank officials will hit the road next month to drum up overseas investor support to raise 200 million dollars in government bonds this year, officials said Monday. The bank’s Assistant Governor, Y M W B Weerasekera is due to fly off to Singapore and Hong Kong early next […]
Sri Lanka rubber prices up; considerable profits despite recent wage hike
Jan 22, 2007 (LBO) – Plantation companies are likely to post sizeable profits this year, though a recent wage hike will eat into earnings, analysts say. The price of a kilo of rubber, which was at 175 rupees in November, has crept up steadily to 190 rupees this January. Rubber prices moved up on top […]
Sri Lanka amends law to attract foreingn investors to buy sovereign bonds
January 19, 2007 (LBO) – Sri Lanka plans to amend laws allowing foreigners to invest in government bonds, as they are too restrictive to overseas investors, the island’s treasury secretary said. The government opened five percent of the treasury bond market last November allowing overseas investors to buy rupee-denominated sovereign debt carrying tenures of two-years […]
Sri Lanka stays pat on key interest rates
January 18, 2007 (LBO) – Sri Lanka’s central bank Thursday left its key policy rates at current levels, amidst soaring inflation, which is giving savers negative returns. The repurchase rate stays at 10.0 percent while the reverse repurchase rate, which it pumps cash into the system remains at 11.5 percent, the bank said following its […]
Sri Lanka bids to recover swindled millions
Jan 18, 2007 (AFP) – Sri Lanka plans to sue heads of state agencies where crooked deals and kick-backs are believed to have cost the government over a billion dollars, the government’s chief whistle blower said Thursday. The head of the parliamentary Committee on Public Enterprises, or COPE, Wijeyadasa Rajapakshe, said the state will try […]
Graft costs Sri Lanka a billion dollars a year: whistle-blower
Jan 16, 2007 (AFP) – Kick-backs and crooked deals cost Sri Lanka over a billion dollars last year amounting to about a fifth of tax revenue, the country’s top official whistle-blower said. The head of the parliamentary Committee on Public Enterprises, or COPE, told AFP corruption and fraud runs deep in the main foreign investment […]
‘s monetary policy
January 16, 2007 (LBO) – Sri Lanka’s Central Bank has handpicked few private sector professionals to lend a hand to shape the island’s monetary policy, governor Nivard Cabraal said Tuesday. Economist A D V de S Indraratne will head the Monetary Policy Advisory Committee which also includes Sohli Captain, Cubby Wijetunga, Mahen Dayananda, Prithi Jayawardene, […]
Sri Lanka counts on US$1.5 bn aid from foreign donors this year
January 12, 2007 (LBO) – Sri Lanka hopes to secure over a billion dollars in aid pledges when foreign donors meet later this month to discuss the island’s economic health, and attempts to resolve the ethnic conflict, a senior official said Friday. The Indian Ocean Island secured 1.1 billion dollars in foreign aid last year, […]
Sri Lanka to use local messaging system for government debt deals
January 11, 2007 (LBO) – Primary dealers have welcomed a Central Bank decision to use a locally developed messaging system to transact small deals in the government debt market which will cut costs and make it cheaper to service small clients.Primary dealers would be allowed to use local messaging through the wide area network connecting […]
Sri Lanka exports recover in November
January 10, 2006 (LBO) – Sri Lanka earned more from exports in November pushing cumulative export growth for the year to 8 percent from 6.5 percent in October, the Central Bank said. Exports rocketed up by 24.3 percent to 623 million dollar in November 2006 compared with the same month of the previous year. In […]