Category: Economy
Sri Lanka to ban foreign investments in to steel, cement, retail trade
June 13, 2013 (LBO) – Sri Lanka plans to ban foreign investments into steel, cement, retail trade, small scale agriculture and beauty care products, to ‘protect’ domestic investors, according to decision by the cabinet of ministers.Cabinet spokesman Keheliya Rambukwelle said relevant regulations would be made known later. He said existing investors in the sectors will […]
Sri Lanka relaxes foreign exchange controls
June 12, 2013 (LBO) – Sri Lanka has relaxed controls on foreign exchange for travel, migration, sale of residential property by non-residents and maintaining foreign exchange accounts.“During the past few years, Sri Lanka’s macroeconomic fundamentals have improved and the domestic financial sector has become stronger and more resilient,” the Central Bank said in a statement. […]
Sri Lanka state workers take home 56-pct of tax revenues in 2012
June 11, 2013 (LBO) – Sri Lanka’s state workers and pensioners have taken 56 cents out of every tax rupee collected from the people in 2012, not counting tax slashed car permits, official data shows. An analysis by the finance ministry shows that in 1.79 public sector workers took home 348 billion rupees in salaries […]
Sri Lanka lending rates to ease with lower state borrowing: Central Bank
June 7, 2013 (LBO) – Sri Lanka’s bank lending rates are expected to ease in the second half of 2013 with reduced bank borrowings by the state, the Central Bank said holding policy rates in June, after a cut last month. In May the monetary authority cut its policy rate corridor by 50 basis points. […]
Europe looking to take control of Libor: FT
LONDON, June 6, 2013 (AFP) – European Commission officials have drafted plans to take the scandal-hit key interest rate Libor from its current London base, the Financial Times reported on Thursday.It is calculated daily, using estimates from banks of their own interbank rates, and affects the pricing of more than 0-trillion of contracts across the […]
Sri Lanka economic forum to focus on export growth
June 05, 2013 (LBO) – An annual economic policy forum with the participation of businesses, academics and state officials this year will focus on strategies needed to boost the island’s flagging exports, its organizer, Ceylon Chamber of Commerce said.Sri Lanka’s exports fell 18.2 percent to 726.7 million US dollars in January 2013 from a year […]
Sri Lanka needs quick, cost-based energy tariffs: Treasury
June 3, 2013 (LBO) – Sri Lanka needs quick cost-based energy pricing to avoid balance of payments pressure and stop bank credit being used for consumption, a finance ministry report has said.The overall national savings rate is further undermined by the deficit in the current account of the budget, where the state spends in current […]
Sri Lanka state bank dividends, levies boost revenues
June 03, 2013 (LBO) – Sri Lanka’s state banks and insurance funds have contributed 23 billion rupees or about 0.3 percent of gross domestic product to state revenues in 2012, official data showed. State enterprises such as Lak Sathosa also operate without paying value added tax. Corrected, revenues of 2013
Sri Lanka and Thailand ink deals on tourism, technology, business
May 31, 2013 (LBO) – Sri Lanka and Thailand inked agreements on tourism, technology, business during a visit by Thai Prime Minister Yinluck Shinawatra to the island, who had bilateral talks with President Mahinda Rajapaksa.Thai deputy Prime Minister Surapong Tovichakchaikul and Sri Lanka’s foreign minister G L Pieris, technology minister Patali Ranawaka inked the deals […]
Sri Lanka inflation accelerates to 7.3-pct on power tariff
May 31, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.3 percent in the 12 months to May 2013 accelerating from 6.4 percent in April mostly due a power tariff hike, data from the state statistics office showed. The Central Bank cut interest rates last month despite advice from the International Monetary […]
Korea business delegation visiting Sri Lanka in June
May 27, 2013 (LBO) – A business delegation from Korea will be visiting Sri Lanka in June to meet partners in Sri Lanka, the Ceylon Chamber of Commerce said.The delegation is interested in meeting businesses in liquor, ship maintenance and conversion, steel, tourism, vehicle components, housing and construction, the chamber said. The delegation which will […]
Sri Lanka President promised more funding by China Exim Bank
May 28, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had been promised more funding by head of the Export Import of Bank of China, Li Ruogu during talks in Beijing, his office in Colombo said. President Rajapaksa is on a four day visit to Beijing. The Exim Bank chief will extend support for road […]