Category: Money
‘s foreign debt servicing rises steadily
May 01, 2016 (LBO) – The amount Sri Lanka has spent on external debt repayment and interest has more than doubled over the last five years, Central Bank data shows. Earnings from exports, however, have not grown as much. Debt service payments increased to 4.7 billion dollars in 2015 from 1.8 billion dollars in 2011, […]
Ceylon Dollar Bond Fund records 8.82 percent dollar return
Apr 11, 2016 (LBO) – The Ceylon Dollar Bond Fund (CDBF) that invests in Sri Lanka Dollar Sovereign Bonds and Bank Bonds has recorded an 8.82 percent per annum annualized return (10.60 percent in Rupee terms) during the first quarter of 2016, its managers said. The dollar denominated fund in Sri Lanka is managed by […]
Final decision on VAT next week, says State Finance Minister Lakshman Yapa
Apr 01, 2016 (LBO) – The final decision on Value Added Tax will be taken by next Friday, State Finance Minister Lakshman Yapa Abeywardena told LankaBusinessOnline a short while ago. “No decision has been taken yet. It will be decided next Friday,” Abeywardena said. Inland Revenue Department has issued a notice to the VAT registered […]
Sri Lanka rates held unchanged after monetary policy meeting
Mar 29, 2016 (LBO) – Sri Lanka’s monetary board held interest rates unchanged after a monthly monetary policy meeting, surprising some market participants who expected a rate increase. Seven out of 13 economists expected the Central Bank to raise rates to tackle high credit growth and pressure on the Rupee, according to a poll done […]
Sri Lanka foreign reserves at USD6.6bn; IMF support by mid 2016
Mar 16, 2016 (LBO) – Sri Lanka’s gross official reserves were estimated at 6.6 billion US dollars by today, Special Assignments Minister Sarath Amunugama said. Speaking at a media briefing Amunugama said it is sufficient for 4 months of imports. “It is recommended to keep at least 3 months of imports. So we are at […]
Investrust says its money market fund outperformed in 2015
Feb 29, 2016 (LBO) – Investrust Wealth Management Ltd, a member of Investrust Holdings Ltd, said its money market fund was the best performing for the year ended 2015. The Investrust Money Fund delivered a net after fee return of 8.60 percent p.a. while outperforming the Money Market Funds available in the market, according to […]
Central Bank relaxed restrictions on remitting foreign currencies
Feb 05, 2016 (LBO) – The Central Bank has relaxed restrictions on remitting and transacting foreign currencies with immediate effect. With this new decision, foreign currencies can be remitted out of NRFC, RFC and RNNFC (Resident Non National Foreign Currency) accounts and FEEA (Foreign Exchange Earners’ Account) for any purpose and prior approval need not […]
Paypal to discuss Sri Lanka inward payments
Feb 01, 2016 (LBO) – The regional head of PayPal is to have discussions with Sri Lanka’s officials over freeing Paypal inward payments for citizens in the country, Telecommunications and Digital Infrastructure Minister Harin Fernando said. “Regional head of PayPal will visit Sri Lanka this Wednesday. He is scheduled to have talks with Central Bank […]
Sri Lanka govt in informal consultation with IMF: CB Governor
Dec 31, 2015 (LBO) – Sri Lanka’s Central Bank Governor Arjuna Mahendran said that they are examining the possibilities of an International Monetary Fund (IMF) loan facility next year. “Yes we are examining the possibilities and the government are in informal consultation with the IMF,” Mahendran said. “A team is due here for regular discussions […]
Rs50 bln in bonds likely privately placed by Sri Lanka Central Bank
Dec 29, 2015 (LBO) – Sri Lanka’s Central Bank may have privately placed 50 billion rupees in bonds with state funds this month making an exception to its policy to rely solely on primary auctions, sources said. The central bank issued 744 billion rupees in treasury bonds through auctions this year compared with just 31.7 […]
Sri Lanka requests India to extend USD 1.5bn swap facility by one year
Dec 17, 2015 (LBO) – Sri Lanka’s Finance Ministry has requested India to extend the existing 1.5 billion US dollars swap facility by one year, the finance minister told Parliament Thursday.“I spoke to Indian Finance Minister Arun Jaitley and requested to extend the USD 1.5 bn facility by another year,” Finance Minister Ravi Karunanayake said.“Because […]
We are not dictated by IMF policy: Finance Minister
Dec 17, 2015 (LBO) – Sri Lanka’s Finance Minister told Parliament Wednesday that the country has a strong balance of payments environment and rejected reports of a gloomy outlook for 2016. “There is no issue with the balance of payments. Our problem is with the trade balance. Our exports have decreased and imports increased,” Finance […]