Category: Money

Feb 09, 2012 (LBO) – Sri Lanka’s rupee recovered to close around 115.20/30 against the US dollar in the spot market after weakening as much as 115.70 in intra-day trade immediately after the central bank stopped interventions, dealers said. The rupee was pegged to the US dollar at 114.30 on Tuesday and after announcing a […]

Feb 06, 2012 (LBO) – Sri Lanka’s currency opened 20 cents weaker at 114.30 cents against greenback Monday as the monetary authority lowered its intervention rate in forex markets for the second consecutive day, dealers said. In bond markets a 2 two year instrument maturing on March 01, 2014 was quoted around 10.20/35 percent, up […]

Jan 25, 2012 (LBO) – Sri Lanka’s foreign exchange reserves fell 23.4 percent to 6,201 million US dollars in November 2011 or 1,897.8 million US dollars from an end July peak, official data showed. The Central Bank said the trade deficit expanded 111 percent to 8.8 billion US dollars in the eleven months to November. […]

Jan 23, 2012 (LBO) – NDB Aviva Wealth Management’s Eagle Gilt Edged Fund has been rated (SL) AAAmf, by ICRA Lanka Limited, a rating agency which is an associate of Moody’s Investors Service. Launched in December 1997, the Eagle Gilt Edged Fund invests in government and government guaranteed securities. “The fund has been very popular […]

Jan 03, 2012 (LBO) – Sri Lanka is planning to negotiate up to 500 million dollars in swaps with other central banks to bolster the island’s external position, Central Bank Governor Nivard Cabraal said. From August the Central Bank started to sterilize forex sales as interbank markets ran out of liquidity. “All the swaps will […]

Dec 30, 2011 (LBO) – Sri Lanka’s top Treasury official has called for higher interest rates and a rupee ‘flexible’ exchange rate to ward off balance of payments pressure, a media report said. “Definitely we need a correction on interest rates,” Treasury secretary P B Jayasundera was quoted as saying by Reuters, a news agency. […]

Dec 27, 2011 (LBO) – Newly listed primary dealer Entrust Securities said net profit for the six months ended September 30, 2011 fell 80 percent to 26. 8 million rupees from a year ago. Earnings per share of the firm, the first non-bank primary dealer to be listed, slipped to 81 cents from 4.10 rupees […]

Dec 22, 2011 (LBO) – Sri Lanka’s overnight money markets came off highs reached a day earlier to stay around 9. 25/30 levels after authorities announced a 20 billion rupee cash auction, dealers said. Gilt backed repurchase deals were quoted around 8. 25/35 percent. On Wednesday money reached 9.75 percent and repos rose 8.45 percent. […]

Dec 21, 2011 (LBO) – Sri Lanka’s overnight money rates spiked over 9. 75 percent and gilt backed repurchase deals touched 8.45 percent Wednesday amid defence of a dollar peg and festival demand for cash, dealers said. But in December there is also a seasonal demand of cash during the Christmas and New Year holiday […]

Dec 19, 2011 (LBO) – Sri Lanka’s money markets were tight with overnight gilt backed cash trading around 7.75/8.00 percent and call money at 8. 75/9.00 percent and stocks opened weaker in thin liquidity, brokers and dealers said. But a 2015 July bond was quoted lower at 9.90/95 percent, in a slight anomaly, dealers said. […]

Dec 16, 2011 (LBO) – Sri Lanka’s overnight money rates spiked Friday amid liquidity shortages from peg defence and seasonal demand, prompting a 10 billion rupee cash auction by monetary authorities, dealers said. Overnight gilt backed repos rose as much as 8.35 percent and eased to 7.75/8.00 percent levels after a cash injection through a […]

Dec 13, 2011 (LBO) – Sri Lanka’s central bank said it had lifted a foreign borrowing limit by companies to 50 million US dollars from 20 million, lifted a rate cap on debentures and also slashed the tenor to two years from five. Before 1950 a currency board arrangement (hard peg) placed a hard budget […]