Category: Money
Appropriation Bill to parliament second week of October
Sept 25, 2018 (LBO) – Sri Lanka’s cabinet has approved the Appropriation Bill proposed by Finance Minister Mangala Samaraweera, to be presented in Parliament during the second week of October, a statement said. The Appropriation Bill estimates, the total expenditure for 2019 without budget proposals is 4,376 billion rupees, the latest statement on cabinet decisions said. […]
‘s rupee hits record lows as Central Bank hold rates
Sept 21, 2018 (LBO) – Sri Lanka’s rupee hit an all time low of 168.65/169.00 to the US dollar at the close of day Thursday down from 167.10 the day before as the Central Bank of Sri Lanka held rates. Sri Lanka’s Minister of Finance Mangala Samaraweera releasing a statement said that Sri Lanka has been […]
‘s CAL facilitates first cross-border share transaction by local investment bank
Sept 19, 2018 (LBO) – Capital Alliance (CAL), recently performed Sri Lanka’s first ever transaction of overseas stocks, a statement said. CAL partnered with Lanka Bangla Securities, a licensed stockbroker on the Dhaka Stock Exchange in Bangladesh to conclude this investment. “CAL has supported investors on the CSE for many years, but the liberalization of […]
Special Salaries Commission to remove public sector salary anomalies
Aug 14, 2018 (LBO) – Cabinet approval has been granted to appoint a special salaries commission to remove salary anomalies in the public sector including the Railway Department.The salaries commission will pay its attention and make an in-depth study on the provisions of the existing circulars dealing with payment of salaries and other allowances paid […]
CB Governor says bank deposit and lending rates need to come down
Aug 08, 2018 (LBO) – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy expressed concern on the current deposit and lending rates of the banks. Speaking at a press briefing, Coomaraswamy said it is a matter of some concern because the deposit and lending rates are as rigid as they were in the past. “In fact […]
”s ratings at B1; maintains negative outlook
July 26, 2018 (LBO) – Moody’s Investors Service has today affirmed the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings at B1 and maintained the negative outlook. Moody’s Investors Service said the decision to affirm the rating at B1 reflects Sri Lanka’s progress in implementing the planned reform program, which entails fiscal consolidation and […]
First Capital downgrades exchange rate target to 161 rupees for end 2018
July 11, 2018 (LBO) – First Capital Research said they downgraded their exchange rate target from 159 rupees to 161 rupees per dollar for end 2018 since a stronger dollar is more likely in the coming months. With four fed rate hikes on the cards over next 12 months, First Capital Research said they are […]
‘s women entrepreneurs finance initiative
Jul 09, 2018 (LBO) – The Asian Development Bank has signed an grant agreement of US 9.5 million dollars for the Women Entrepreneurs Finance Initiative (We – Fi) to support the ongoing Small and Medium Enterprises (SMEs). Financial inclusion for SMEs is important to realize the development objectives of the Government such as promoting exports, […]
Sri Lanka gross official reserves improve to USD 9.2 bn by end June
July 06, 2018 (LBO) – Sri Lanka’s gross official reserve position is estimated to have improved to around 9.2 billion US dollars by end June 2018, compared to 8.0 billion dollars at end 2017. The reserves include international sovereign bond issued in April, the receipt of the fifth tranche from the IMF, receipts from the […]
Central Bank maintains policy interest rates at current levels
July 06, 2018 (LBO) – Monetary Board of the Central Bank, at its meeting held on 05 July 2018, has decided to maintain policy interest rates at their current levels.Accordingly, the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) remain at 7.25 per cent and 8.50 per cent, respectively. The Board’s decision is […]
Perpetual Treasuries suspension of business extended by 6 months
July 05, 2018 (LBO) – Monetary Board of the Central Bank acting in terms of the regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of Perpetual Treasuries Limited (PTL). Accordingly, PTL will be further suspended from carrying on the business and activities of […]
No backward calculation to obtain GDP with pre-decided deflators: Stats Office
July 03, 2018 (LBO) – Sri Lanka’s statistics office rejecting the recent claims on the GDP estimates said it is almost impossible to carry out backward calculations to obtain GDP with pre-decided GDP deflators. Releasing a statement, Department of Census and Statistics (DCS) said it is also not an internationally accepted practice of estimating national […]