Category: Money
Ailing rupee and price controls may lead to a shortage of milk powder: Advocata
Jan 17, 2019 (LBO) – A cup of tea is every Sri Lankan’s morning mantra. This might not be the case much longer as Sri Lanka may face a shortage of milk powder as several leading milk powder importers are reported to have taken a collective decision to suspend imports. The recent depreciation of the rupee […]
Sri Lanka Govt., IMF talks to start
Jan 14, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera led delegation arrived in Washington, Sunday for talks with the International Monetary Fund (IMF). In a twitter message the Finance Minister said that he plans to put the US 1.5 billion dollar Extended Fund Facility (EFF) program back on track. “Arrived in DC with @MangalaLK […]
FM to meet IMF Managing Director in Washington on IMF Fund Facility
Jan 09, 2019 (LBO) – Minister Mangala Samaraweera will leave for Washington on Friday, to get the IMF External Fund Facility (EFF) back on track, the Finance Ministry said. The ministry said in a statement that the minister will be meeting Christine Lagarde, Managing Director, Mitsuhiro Furusawa, Deputy Managing Director, Chanyong Rhee, Director, Asia Pacific Department, Manuel Goretti, […]
Reserve Bank of India agrees to provide USD400mn SWAP to Central Bank
Jan 09, 2019 (LBO) – Reserve Bank of India (RBI) has agreed to provide 400 million US dollars to the Central Bank of Sri Lanka under its SAARC SWAP facility which will boost the reserves in the country. Sri Lanka’s Central Bank said in a statement that they have also requested a further bilateral SWAP […]
Recent rupee depreciation aligned with capital outflows not current account
Jan 08, 2019 (LBO) – Sri Lanka’s Central Bank Governor says that the rupee depreciation is no longer aligned with fundamentals in terms of current account flows and it is now being driven by capital outflows from the government securities market.Governor Indrajit Coomaraswamy recently revealed that foreigners who held about two billion US dollars worth […]
First Capital increases equity exposure as global funds reversing towards Asia
Dec 28, 2018 (LBO) – First Capital Research has upgraded its equity exposure to 60 percent with the belief that the events that have unfolded globally may benefit Sri Lanka and the equity market over the next few months positively impacting earnings and possibly leading to net foreign inflows. Over the last 3 months, they […]
Sri Lanka Central Bank maintains policy interest rates at current levels
Dec 28, 2018 (LBO) – Monetary Board of the Central Bank has decided to maintain policy interest rates at their current levels with the broad aim of stabilizing inflation at mid-single-digit levels in the medium term to enable the economy to achieve its potential growth. Accordingly, the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate […]
Net outflows from securities market & CSE surpasses USD200mn in October
Dec 21, 2018 (LBO) – Sri Lanka’s Central Bank says the trend of foreign investment outflows from the financial account continued during October, with notable outflows from the Colombo Stock Exchange and the government securities market.Government securities market recorded a net outflow of 172 million dollars in the month of October while foreign investments in […]
‘s macro economic conditions stable, Fiscal discipline required: CB Gov
Dec 06, 2018 (LBO) – Central Bank Governor Dr. Indrajit Coomaraswamy says that the islands debt situation is manageable and that no major destruction to the on- going economy development activities are foreseen, even though international rating agencies have downgraded Sri Lanka. “We are not going to crash, it can be managed through maintaining financial discipline,” […]
Sri Lanka Cabinet approves funds for 2019 first quarter
Nov 28, 2018 (LBO) – The Cabinet of Ministers has approved a proposal to present a Vote on Account in order to secure provisions for 2019 first quarter. Accordingly the cabinet of Ministers approved the proposal presented Prime Minister Mahinda Rajapaksa, in his capacity as the Minister of Finance and Economic Affairs to present a proposal […]
New coin series to be issued into circulation from next week
Nov 28, 2018 (LBO) – Central Bank of Sri Lanka issued a new series of circulation coins with face values of Rs.10, Rs.5, Rs.2 and Rs.1 with objectives of reducing the cost of coins minting, increasing the durability of coins, giving more portability and identifying easily by visually impaired people. The first coins pack was […]
Fin Min rebuts social media reports on alleged illegal instruction to Customs
Nov 27, 2018 (LBO) – The Finance Ministry issuing a statement denied any illegal instruction given by the Minister of Finance to the Sri Lanka Customs to release the currency of foreign nationals who work at the Uma Oya project to be taken out of the island.“Attention of the Ministry of Finance and Economic Affairs is […]