Category: Economy and Markets
War fears batter investor confidence in Sri Lanka
COLOMBO, May 16, 2006 (AFP) – Fears Sri Lanka could return to civil war have punched a hole in investor confidence and wiped millions of dollars off the value of local shares, analysts said Tuesday The tiny Colombo Stock Exchange has shed nearly 53 billion rupees (5.3 million dollars) of its value since the crisis […]
Foreign loans, overseas remittances, keep Sri Lanka floating
May 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a 150 million dollar surplus for the three months to March, the Central Bank said Monday as it maintained key interest rates for the fifth straight month. The balance of payments is a record of the island’s total payments to foreign countries, including […]
Sri Lanka leaves interest rates at current levels for fifth straight month
May 15, 2006 (LBO) – Sri Lanka’s Central Bank opt to maintain its policy rates for the fifth straight month Monday amidst a possible bottoming out of inflation, though private sector credit demand has shown little signs of abating.The repurchase rate, which drains the money from the banking system, stays at 8.75 percent, while the […]
Sri Lanka likely to maintain key interest rates, despite deteriorating security situation
May 14, 2006 (LBO) – Sri Lanka’s Central Bank is likely to maintain its policy rates for the fifth straight month amidst a possible bottoming out of inflation, analysts said Sunday. “The present uncertainty (in the security situation) would keep the authorities away from any downward revisions…It’s too early to look at any upward revisions […]
Violence, oil cast shadow on Sri Lanka
May 11 (Dow Jones)–The course of Sri Lanka’s peace process has become crucial to the country’s economy, as high oil prices threaten double-digit inflation. High oil prices may also force the central bank to hold back an anticipated cut in interest rates, which could have spurred the economy and offset some of the pressure caused […]
Sri Lanka launches coin series to commemorate Buddhist anniversary
May 11, 2006 (LBO) – Sri Lanka Thursday launched a series of commemorative coins to celebrate the 2550 anniversary of the Buddha, the Central Bank said.The coin series comprising 2,000 rupees, 1,500 rupees and 5-rupees, were issued at the request of the Religious Affairs ministry, the bank said. The 2,000 rupee gold plated silver coin […]
World Bank unlikely to cut cheap aid to Sri Lanka despite rising incomes
May 03 (LBO) – The World Bank has not taken a decision to end concessionary lending to Sri Lanka despite the tsunami-hit island reporting more than 1,000 dollar per capita income for the third-straight year, a top official said Wednesday. Sri Lanka’s 24 billion dollar economy boasted a 1,250 dollar per capita income for 19.5 […]
Government agencies claim two rates of growth for Sri Lanka
May 01 (LBO) – The claims of two different growth rates for Sri Lanka by two agencies have highlighted inherent shortcomings in the preparation of national income accounting and also added fuel to sceptics who do not believe economic growth numbers. A tale of two economies
‘s April inflation swings up
Apr. 28 (LBO) – Sri Lanka’s inflation rate for April rose over consumer demands for bananas, fresh fish, milk foods and vegetables during the traditional New Year season, the Census & Statistics Dept. said Friday. On a point-to-point basis inflation for April rose to 9.2 percent over 6.4 percent reported in March, as the government […]
Sri Lanka’s April inflation swings up
Apr. 28 (LBO) – Sri Lanka’s inflation rate for April rose over consumer demands for bananas, fresh fish, milk foods and vegetables during the traditional New Year season, the Census & Statistics Dept. said Friday. On a point-to-point basis inflation for April rose to 9.2 percent over 6.4 percent reported in March, as the government […]
‘s Central Bank calls for better fiscal policies to maintain stability
Apr.27 (LBO) – Sri Lanka’s Central Bank has called for better fiscal policies and continued reforms to maintain growth and economic stability, in its annual report on the country’s economic performance.The Bank said Thursday the country grew by 6 percent in 2005, a day after the Finance Ministry said it grew by 6.2 percent last […]
Standard & Poor’s cuts Sri Lanka’s credit outlook
Apr. 27 (LBO) – International rating agency Standard & Poor’s Thursday lowered Sri Lanka’s credit outlook to negative from stable, amid escalating violence and fears that the island may slip back to war. However, S&P warned: “The country’s external liquidity could come under pressure if war causes reduced foreign exchange inflows from tourism and tourism-related […]