Category: Money

July 17, 2013 (LBO) – Sri Lanka expects to keep rates on hold till September, and policy rates will be kept unchanged this month, a media report said. “We had to ensure that the policy measures that we have put in place now are not reversed too quickly and there’s no need to reverse it […]

July 08, 2013 (LBO) – Sri Lanka rupee weakened Monday and quotes in the spot market dried up following moral suasion dealers said, as high levels of liquidity remained in money markets from a reserve ratio cut. In the spot market where trades are settled two days later, which is usually the most active segment, […]

July 02, 2013 (LBO) – Sri Lanka’s Asset Trust Management (Pvt) Ltd, a fund management company said it has launched a money market mutual fund, which will invest in government and private fixed income securities.Among the people behind the firm is Wickrema Weerasooria, Mangala Boyagoda and Eastman Narangoda. Asset Trust Management is already managing a […]

July 02, 2013 (LBO) – A debenture offer by Sri Lanka’s Hayleys Plc, a diversified group has been oversubscribed with more than 2.0 billion rupees in applications, the registrars said.Hayleys offered 1.5 billion rupees of debentures and a further 500 million rupees if the first tranche was oversubscribed. The sale is managed by NDB Investment […]

July 01, 2013 (LBO) – Sri Lanka’s central bank has killed billions of rupees in excess liquidity ahead of a flood of new cash into the interbank money markets from a reserve ratio cut on July 01. Dollar sales by a central bank fails to strengthen an exchange rate and further weakens a currency peg […]

June 27, 2013 (LBO) – Sri Lanka’s rupee was quoted as weak as 130.75/90 to the US dollar in the spot market Thursday, dealers said.In December the rupee traded at 130.55 levels, according to Bloomberg data. One week forwards were traded around 130.40/45 dealers said. The rupee steadily weakened amid excess liquidity in money markets […]

June 11, 2013 (LBO) – Sri Lanka’s rupee weakened below 127 to the US dollar in the spot market in mid morning trade Tuesday, amid excess liquidity, dealers said.Sri Lanka has a loose peg with the US dollar and has tended to intervene when the exchange rate weakens below 127.00. Many Asian currencies which operate […]

June 03, 2013 (LBO) – Fitch Ratings has given a ‘BBB+(lka)’ expected rating to a proposed 1.25 billion rupees senior debenture issue by Singer Finance (Lanka) Plc. Rating Sensitivities Any changes in Singer’s ability or willingness to extend extraordinary support, as reflected in a change to Singer’s rating, a material reduction in Singer’s ownership in […]

WASHINGTON, May 23, 2013 (AFP) – The New York legal case over Argentina’s debt poses a deep challenge to all future sovereign debt restructurings, the International Monetary Fund said in a report Thursday. A US judge’s decision ordering Argentina to completely repay bondholders who refused to take part in a restructuring of its debt could […]

May 21, 2013 (LBO) – Fitch ratings has given an ‘AAA(lka)’ national fund credit rating form Ceylon Gilt Edged Fund, managed by Ceylon Asset Management (CAM). Fitch said the rating was driven by the fund’s investments in government securities which was considered ‘AAA(lka)’. The fund was also given a ‘V1(lka)’ national fund volatility rating. “The […]

May 16, 2013 (LBO) – Sri Lanka’s rupee strengthened to 125.70/80 to the US dollars in the spot in mid morning trade Thursday, amid tight liquidity but a two week liquidity auction has been announced, dealers said. The Central Bank cut its policy interest corridor by 50 basis points to 7.00 and 9.00 percent last […]

May 14, 2013 (LBO) – Sri Lanka’s market interest rates has eased down with the effective policy rate settling at around 7.8 percent though cash auctions down from around 8.3 percent before a 50 basis point rate cut last week, dealers said. On Tuesday gilt backed overnight repurchase transactions were quoted 8.30/40 percent levels in […]