Category: Economy

Dec 12, 2012 (LBO) – Sri Lankan firms can benefit from being more inclusive, and while comprehensive diversity policies were still rare, many were making a start by promoting equal opportunity and combating sexual harassment, top executives said. Kasturi Chellaraja Wilson, managing director, Transportation Sector, Hemas Holdings recalled an instance where a new person who […]

Dec 12, 2012 (LBO) – Sri Lanka has cut its main policy rate at which money injected to banks by 25 basis points to 9. 50 percent to boost loans and the Central Bank said a credit ceiling would expire by the end of this month. “The Central Bank has been carefully monitoring the developments […]

Dec 11, 2012 (LBO) – Credit ceilings imposed on Sri Lanka’s commercial banks had served their purpose and were part of temporary measures to stabilize the economy, deputy Central Bank Governor Nandalal Weerasinghe said. In February 2012 Sri Lanka raised interest rates, imposed an 18 percent cap on commercial bank credit growth and partially floated […]

Dec 05, 2012 (LBO) – Sri Lanka is expecting a ‘balance of payments’ surplus of 380 million US dollars in 2012 the latest Central Bank projection said, down from a 1.25 billion US dollar projection in May. For 2013 the Central Bank is projecting a BOP surplus of 780 million US dollars, according to a […]

Dec 04, 2012 (LBO) – Prices of ‘permits’ issued to state workers to buy tax slashed cars have plunged in the secondary market, following the effective legalization of a re-sale process, sources familiar with the market said. The price of a tax slashed permit for an standard family sized car had fallen from about 1.5 […]

Dec 03, 2012 (LBO) – Import based taxes have slowed in the second half partly due to a sharp reduction in vehicles, though building material imports were still up, a top customs official said. Neville Goonewardene, who headed Sri Lanka’s customs department, told a forum of importers that the agency was given a target of […]

Nov 30, 2012 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 9.5 percent in November 2012 from a year earlier, accelerating from 8.9 percent a month earlier, data from the state statistics office showed. The Colombo Consumer Price Index rose 1. 3 percent to 167.1 points during the month, with the food component […]

Nov 26, 2012 (LBO) – Sri Lanka’s credit given to private business from banks commercial banks fell to 9. 8 billion rupees in September 2012, the lowest since 2009, with dollar denominated loans contracting, though the rupee book was still growing, official data showed. Sri Lanka’s credit contracted in nominal terms during 2009, following the […]

Nov 19, 2012 (LBO) – Sri Lanka has shown high debt-backed investment led growth when the rest of the world was slowing but to attract long term “good quality” investors, a better environment is needed, a top World Bank official said. Sri Lanka’s fiscal side was improving with debt levels while falling from high of […]

Nov 16, 2012 (LBO) – Sri Lanka needs effective economic management to retain a positive outlook on its ‘B1’ rating Moody’s Investors Services said in a credit analysis, also raising concerns over declining rule of law. Sri Lanka’s institutional strength score assesses governance strengths, a strong payments record and the government’s commitment to data transparency, […]

Nov 16, 2012 (LBO) – Sri Lanka’s central bank kept the rate at which money is injected into the market at unchanged at 9. 76 percent at its November monetary policy meeting, though money has been injected at below market rates on longer tenures in recent weeks. Another auction this week was cancelled, but the […]