Category: Economy
Analysis: Sri Lanka foreign reserve dilemma hinges on Central Bank objectives
Oct 05, 2015 (LBO) – Acting quicker than it did in early 2012, the decision by Sri Lanka’s Central Bank to give up defending the rupee in September of this year bodes well for a quicker recovery of foreign exchange reserves. But enamored with an additional objective of economic development, that goes beyond financial and […]
Sri Lanka’s proposed finance bill discourages private sector investment: CCC
Oct 05, 2015 (LBO) – Sri Lanka’s Finance Bill of March 2015 sends negative signal to the private sector and discourages investment, the Ceylon Chamber of Commerce (CCC) said in a statement, Sunday. “ The CCC believes that the Finance Bill of March 2015, presented to Parliament recently sends a negative signal to the private […]
Central Bank to sell USD 75mn worth of development bonds
Oct 05, 2015 (LBO) – The Central Bank will issue 75 million US dollars of development bonds of one year, three years and three months, and four years and eight months to local and foreign investors.The Debt Department said the subscription will be at a rate of US dollar six month LIBOR plus a margin […]
Sri Lanka calls for expat funds in Swiss accounts: Ravi K
Oct 02, 2015 (LBO) – The government encourages Sri Lankan expats to bring back undeclared funds in Switzerland, with no questions asked, the Finance Minister said. “There are about 10 to 15 billion dollars held outside the country. We are inviting Sri Lankan expatriates to bring their money and we can offer a considerable interest […]
Sri Lanka slaps 100-pct margin on car LCs: Finance Minister
Oct 02, 2015 (LBO) – Sri Lanka will impose a 100 percent margin deposit on car import LCs with effect from today, Finance Minister Ravi Karunanayake told at a media briefing held in Colombo.According to data Sri Lanka’s expenses on vehicle imports has doubled to 744 million US dollars for year 2015 compared to 374 […]
“Megapolis” Sri Lanka’s road to better sustainable development: Minister
Oct 01, 2015 (LBO) – Mega cities are important to transform Sri Lanka into a smart country and Colombo will remain as the epicenter for economic activities, Minister Champika Ranawaka said.“The proposed Megapolis concept is now underway and will span from Negombo to Beruwela and the Colombo city will be functioning as the epicenter,” Megapolis […]
‘s deflation increases to 0.3 pct in Sept from 0.2 pct in Aug
Sept 30, 2015 (LBO) – Sri Lanka’s deflation was lower at 0.3 percent, year-on-year, in September, from 0.2 percent in August, the census and statistics department said. On a 12 month moving average basis, inflation fell to 0.7 percent in September from 1.0 percent in the previous month.There were slight price declines from August to […]
Sri Lanka may consider IMF option: Finance Minister
Sept 30, 2015 (LBO) – Sri Lanka may consider an International Monetary Fund program option after the budget but only under our terms and conditions, Finance Minister Ravi Karunanayake told Lanka Business Online. “It will only happen on our terms,” Karunanayake said. Sri Lanka will have the option of considering bilateral lenders or an IMF […]
Urbanization will play a key role in Sri Lanka’s way forward: Min Hakeem
Sep 30, 2015 (LBO) – Sri Lanka’s future will be defined by the success of its management of urbanization, Rauff Hakeem, minister of City Planning and Water Supply said. “Rapid urbanization creates challenges of ensuring that development is efficiently organized and its rewards equitably distributed,” Hakeem said at the launch of a World Bank report […]
World Bank says Sri Lanka urbanisation higher than estimated
Sep 29, 2015 (LBO) – Urbanisation in Sri Lanka is higher than officially estimated with almost half the population living in urban areas, a senior World Bank official said. “Urbanization in island is close to 50 percent like the rest of world,” Ede Jorge Ijjasz-Vasquez, senior director social, urban, rural and reliance global practice […]
Sri Lanka trade deficit narrows by 32-pct in July
Sept 29, 2015 (LBO) – Sri Lanka’s trade deficit narrowed in July from the same month last year, the central bank said. This was partly due to the base effect as July 2014 recorded the highest monthly import value after November 2012. “The deficit in the trade account in July 2015 contracted substantially by 32.3 […]
Sri Lanka wants holding company structure for public enterprises: Governor
Sept 29, 2015 (LBO) – Sri Lanka’s government is looking at setting up a holding company which will own equity stakes in public enterprises, the central bank governor said. The aim here is to improve good governance and restructure under-performing ones, he said. “The government wants to evolve a holding company which will own equity […]