Category: Economy and Markets
Sri Lankan rupee sinks further; share prices dip over security worries
Oct 17, 2006 (LBO) – Sri Lankan rupee sank further breaching the 107.00 mark amidst profit taking by banks on Tuesday, while share prices fell 0.60 percent as the volatile security situation kept investors away, dealers said. The rupee touched an all time low to close at 107.10 to the greenback, from Monday’s close of […]
Sri Lanka to raise US$150 mn loan in Nov; Tbonds to overseas investors next week
October 17, 2006 (LBO) – Sri Lanka plans to raise 150 million dollars via a syndicated loan from foreign investors, the central bank said Tuesday a day after announcing that the country was opening its government bond market for overseas players. The bank said it hopes to raise the loan in November, but stopped short […]
Sri Lanka issues maiden 2000 rupee note, but is no stranger to big bills
Oct 17, 2006 (LBO) – Sri Lanka issued its first 2000 rupee note on Tuesday, but is no stranger to large denominations, with a ten thousand rupee note put into circulation in 1946. At the time, with Sri Lanka still under British rule and two years short of independence, notes were issued by a currency […]
’s central bank governor recruits more assistants
October 16, 2006 (LBO) – Sri Lanka’s Central Bank has promoted four senior staff officers to the post of Assistant Governor from Oct. 11, the bank said Monday. Those promoted are: • H N Thenuwara • Uthum Herath • Anila Dias Bandaranaike • D S Wijesinghe The bank is in the process of selecting candidates […]
Sri Lanka opens government bond market to foreign investors
October 16, 2006 (LBO) – Sri Lanka has decided to liberalise its capital account by throwing open the government bond market to foreign investors, the Central Bank said Monday.Foreign investors are currently allowed to invest in equities, corporate debt and Sri Lanka development bonds or dollar bonds issued by the government. Central Bank’s superintendent of […]
Sri Lanka central bank talks up rupee, as the currency comes under renewed pressure
October 15, 2006 (LBO) – Sri Lanka’s central bank is talking up the rupee ahead of market opening on Monday, as the currency came under heavy pressure, despite falling oil prices. Analysts estimate that the central bank has spent close to 150 million dollars in the past few weeks defending the rupee. The rupee floated […]
‘s Budget 2007 to focus on infrastructure, generate more savings; Treasury
October 14, 2006 (LBO) – Sri Lanka’s President Mahinda Rajapakse is due to present the 2007 budget on Nov. 14, which will focus on infrastructure and measures to generate more savings, the finance ministry said Saturday. “The importance of tax payer contributions towards country’s development efforts, suggestions to improve the tax system and taxpayer concerns […]
Sri Lankan rupee ends all time low; share prices edge up
October 13, 2006 (LBO) – Sri Lankan rupee closed to a lifetime low Friday, on heavy demand by imports to settle trade bills, while share prices rose as investors were upbeat over a possible resumption of talks between the government and the Tamil Tiger rebels.The rupee fell to 105.95 to the dollar from Thursday’s close […]
Sri Lankan rupee hits a record low; exports still competitive: Central Bank
October 12, 2006 (LBO) – The Sri Lankan rupee fell to a lifetime low Friday, depreciating just over 3-percent in value against the U.S. dollar, but the Central Bank says the currency has gained slightly against other key countries. The rupee softened to 105.95 to the dollar from Thursday’s close of 105.50 as importer bought […]
‘s Central Bank freezes key interest rates
October 12, 2006 (LBO) – Sri Lanka’s central bank held rates steady at its October monthly monetary meeting, two weeks after an ad hoc rate rise of 50 basis points. The bank said its benchmark reverse repurchase rate, used to manage liquidity and contain inflation, will remain at 11.125 percent. The short-term repurchase rate at […]
Fitch retains SLTs BB- rating; estimates court ruling to cost Rs 3.0 bn
October 11, 2006 (LBO) – Fitch Ratings affirmed Sri Lanka Telecom’s foreign currency debt as ‘BB-‘ negative outlook, while the telco’s local currency debt remains at AAA (lka), with a stable outlook. The ratings also acknowledge the uncertainties that persist in the regulatory environment, which is still developing. The risk evaluator also retained the BB- […]
‘s trade deficit expands 52.4%; worker remittances top US$1.5bn
October 11, 2006 (LBO) – Sri Lanka’s trade deficit expanded 52.4 percent to 2,400 million dollars for the eight months to August, compared with the same period 2005, the central bank said Wednesday, as the island spent more to import fuel. Sri Lanka’s 24 billion dollar economy is forecasted to expand by 7.0 percent by […]