Category: Policy
Sri Lanka to strengthen economy despite global scenario: Ravi K
Sep 29, 2015 (LBO) – Sri Lanka’s finance minister Ravi Karunanayake said that the government would continue to strengthen the economy despite the current global situation.“I am ready to make a special statement on the fiscal situation of the country within the next couple of days,” Karunanayake said. “We will also explain how the emerging […]
Free flow of information vital for financial markets: CB Governor
Sept 28, 2015 (LBO) – A free flow of information is vital for financial markets to grow, Sri Lanka’s Central Bank Governor Arjuna Mahendran told media on Monday. He was responding to a question posed by Lanka Business Online about concerns of market participants that they should censor information when dealing with the media. Some […]
Report of a spat with officials an exaggeration, says Governor
Sept 28, 2015 (LBO) – Sri Lanka’s Central Bank Governor said on Monday that a media report of a spat with senior officials over transfers that had proved controversial was a gross exaggeration. The report alleged that senior officials were holding a meeting when the heated discussion ensued. The transfers were part of a regular […]
Sri Lanka currency now competitive after float: CB Governor
Sept 28, 2015 (LBO) – Sri Lanka’s currency is now competitive after being floated last month and will support export growth, the central bank governor told media on Monday. “Like other currencies in emerging markets, the Sri Lankan currency has also adjusted to become slightly weaker against the U.S. currency,” Arjuna Mahendran, the central bank […]
Sri Lanka RDA engineers write to PM over DG demotion
Sept 28, 2015 (LBO) – Sri Lanka’s Road Development Authority Engineers’ Association (RDAEA) has written to the Prime Minister regarding the demotion of the Director General of the RDA as they have not yet received a response from the President’s office, a union official said. “We have written to the President, and we had a […]
Central bank holds rates unchanged; private sector credit up 21 pct
Sept 25, 2015 (LBO) – Sri Lanka’s central bank held key interest rates unchanged on Monday despite credit to the private sector rising 21 percent due to low interest rates amid a further drop in foreign reserves. The Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank were […]
Sri Lanka to construct houses for families affected by the conflict
Sep 24, 2015 (LBO) – Sri Lanka plans to call for proposals from interested local and foreign parties to build houses for families affected by conflict, the government’s media spokesman, Rajitha Senaratne, said.He said the Ministry of Rehabilitation, Resettlement and Hindu Affairs is mandated with the responsibility of resettlement of families and construction of houses […]
Monetary Policy should focus on Price Stability: IMF Study
Sep 21, 2015 (LBO) – Monetary policy should stick to its core mandate of price stability, and should deviate from its traditional role only if the benefits to the economy outweigh the costs, a new IMF study showed. Based on current knowledge, the case for using monetary policy to contain risks to financial stability—commonly referred to […]
Debt report: Sri Lanka market watchful after IMF comments
Sept 21, 2015 (LBO) – Sri Lanka’s debt market was watchful on Monday after International Monetary Fund remarks that the central bank could adopt a tightening bias. The bond market cramped up with thin trading, dealers said, as secondary yields of five year bonds ticked up slightly by 5 basis points. On Friday, the IMF […]
IMF says Sri Lanka monetary policy appropriate, aim for tightening bias
Sept 20, 2015 (LBO) – The International Monetary Fund believes Sri Lanka’s current monetary policy stance to be appropriate and the central bank should look to tighten monetary policy in the future, it said in a statement.“The mission found the overall financial system stable and current monetary stance appropriate – but recommended vigilance given rising […]
Expert view: Sri Lanka needs a global economic strategy, says Razeen Sally
A NEW GLOBAL ECONOMIC STRATEGY FOR SRI LANKA Razeen Sally Sri Lanka desperately needs a new global economic strategy, and that is what the government has promised. But this is not just about dry economics: it must be part of a broader strategy for national renewal. Sri Lanka needs a decisive shift to markets and […]
Sri Lanka’s cabinet decides policy on advisors
Sep 18, 2015 (LBO) – Sri Lanka’s Cabinet of Ministers has decided on policy with regard to appointment of advisors to the Cabinet and payment of their allowances, media spokesman, Minister Rajitha Senaratne had said.The government consideration would only be given to appoint eminent persons with wide knowledge on the subject matters, advice which cannot […]