Category: Economy
’s order to halt work
Mar 08, 2015 (LBO) – A Chinese firm who build the port city in Sri Lanka said it has received official communication from the Sri Lankan government to postpone ongoing work of the 1.4 billion US dollar project, with immediate effect and will comply accordingly. However the firm also said that it will all necessary […]
Sri Lanka Policy Planning ministry issued a statement on bond auction : Alleged malpractices to be probe
Mar 07, 2015 (LBO) – Sri Lanka’s Ministry of Policy Planning and Economic affairs has issued a statement on the controversial bond auction and said that the government would investigate on alleged malpractices which are taking place at the Public Debt Department during bond auctions and private placements. It will also investigate the alleged malpractices […]
Sri Lanka postpones setting a foreign direct investment target
March 05, 2015 (LBO) – Sri Lanka’s 100 day administration has taken a back seat in setting a foreign direct investment goal for this year after authorities failed to meet their targets in the recent past. Board of investment which comes under the purview of the investment promotion ministry dejected after it sets a target […]
’’– off tax measures do not establish a step towards an effective tax system: IMF
Mar 04, 2015 (LBO) – Sri Lanka new government’s one –off tax, which proposed in interim budget 2015 to finance the budget has not established a step towards an effective tax system, an International Monetary Fund official said. The mission and the authorities agreed on the need for more comprehensive reforms to streamline the tax […]
IMF urges Sri Lanka to consider contingency measures if revenue measures fail
Mar 04, 2015 (LBO) -The International Monetary Fund (IMF) urged Sri Lanka to have contingency measures in achieving the revised budget deficit target of 4.4 percent of gross domestic product if planned revenues fails, International Monetary Fund official said. “In the missions assessment, achieving a deficit of 4.4 percent of GDP will be challenging and […]
Sri Lankan loans based on consensus, says china: Report
Mar 03, 2015 (LBO) – Sri Lanka’s loans obtained from China were based on consensus through consultations between the two countries, quoting Chinese foreign ministry, Xinhua news agency said. The news published by Xinhua, the official press agency of China is reproduced below. BEIJING, March 2 (Xinhua) — China’s loans to Sri Lanka were based […]
’s Central Bank removes 5 pct- policy rate as credit picked up
Mar 03, 2015 (LBO) – Sri Lanka Central Bank removed 5.0 percent Standing Deposit Facility rate, given the signs of sustained increase in credit flows to the private sector, the regulator said in a statement. Private sector credit growth picked up towards the latter part of 2014 recording an increase of 223.9 billion rupees in […]
’s President cancels 16 foreign firms mining licenses
Mar 02, 2015 (LBO) – Sri Lanka’s new president has cancelled mining licenses which has been issued by the former regime to 16 foreign companies to engage in gem-mining a statement said.The Indian Ocean Island has 70 out of the 200 known gem minerals and has long been known as a rich source of stones, […]
‘s inflation drops to 2.9-pct in Feb 2015: Central Bank
Feb 27, 2015 (LBO) –Sri Lanka inflation declined to 2.9 percent in February 2015 from 3.2 percent in January 2015, on a year-on year basis, as a result of the downward revision of fuel prices in the interim budget of the new administration, the Central Bank said in a media release. The data measured by […]
Sri Lanka Central Bank asked all banks to pay 15-pct interest to 60+ depositors
Feb 26, 2015 (LBO) – Sri Lanka’s Central Bank has asked all the banks to pay 15 percent interest for term deposits of up to a million rupees, held by depositors over 60 years of age, the bank said in a statement. Senior citizens who opened fixed deposits up to 2.5 million rupees before the […]
Sri Lanka port city project would create infrastructural and sewage disposal issues: Deputy Minister
Feb 26, 2015 (LBO) – Sri Lanka’s Chinese funded port city project would have infrastructural and sewage disposal issues once implemented, Deputy Minister of Highways, Higher Education and Investment Promotion said at an event held in Colombo. Much has been said in the recent weeks about the port city development in Colombo and I am […]
’s forex reserves down to US$7.26bn in Jan 2015: Central bank
Feb 26, 2015 (LBO) – Sri Lanka’s forex reserves fell to 7.261 million US dollars in January 2015, from 8.208 million US dollars in December 2015,official data showed. The Island’s foreign reserves were up in August 2014 at 9.2 billion US dollars amid weak credit growth and since then it was falling steadily as domestic […]