Category: Money

June 06, 2011 (LBO) – Sri Lanka’s central bank has been on the sell side of its dollar peg for two months in a row, selling more than 250 million US dollars to maintain the exchange rate, official data show. In May the Central Bank sold 130. 15 million US dollars to forex markets on […]

Apr 07, 2011 (LBO) – Sri Lanka’s central bank has begun allowing companies to borrow abroad, calling for applications from firms for loans up to 20 million US dollars. Sole proprietorships include those in consultancy services, handicrafts, advertising, publishing, sports services, fashion and film, and entertainment industry. Companies can borrow for working capital, investment, restructuring […]

Mar 30, 2011 (LBO) – India’s central bank chief has rubbished the use of the International Monetary Fund’s special drawing rights (SDR) as a global currency in a speech in Sri Lanka in sharp contrast to a position taken by China’s central bank earlier. Many Middle Eastern countries created their own currencies after the devaluation […]

Feb 07, 2011 (LBO) – Sri Lanka’s central bank has issued a new series of currency notes featuring economic infrastructure, traditional dancers and birds including a newly discovered endemic owl species. Based on a theme of ‘development, prosperity and Sri Lanka dancers, it is the 11th series of notes issued since the creation of the […]

Jan 24, 2011 (LBO) – Sri Lanka’s NDB Investment Bank said it had raised a billion rupees for Richard Pieris Distributors, retail chain, for five years backed by cash flows due from the settlement of sales made through credit cards. In typical securitization cashflow generating assets are placed in a special trust or company (special […]

Jan 08, 2010 (LBO) – Sri Lanka’s Central Bank has been a net buyer in foreign exchange in December following three months of net sales amid unprecedented excess reserves in the banking system. Sri Lanka’s reserve money (without excess reserves) has started rose to 355 billion rupees on January 06 2011 from 338. 5 billion […]

Jan 04, 2011 (LBO) – Sri Lanka’s rupee is likely to further strengthen against the dollar in 2011 after gaining 3. 1 percent against the greenback in 2010, Central Bank governor Nivard Cabraal said. Despite the rupee’s gains, export earnings increased last year, Cabraal said. “The exchange rate might have a gentle tendency to appreciate,” […]

Dec 16, 2010 (LBO) – Sri Lanka’s central bank plans to print and issue a 5,000-rupee note from next February, deputy governor K G G D Dheerasinghe said. The bank will stop printing a 2,000-rupee note when the new 5,000-rupee note enters money circulation to coincide with its 60th anniversary. The 2,000-rupee note was considered […]

Dec 08, 2010 (LBO) – The Sri Lankan rupee was allowed to appreciate against the dollar in the ‘national interest’ with the government having to balance conflicting interests, central bank governor Nivard Cabraal said. Steady State “We thought by depreciating the rupee we were doing a great job, that export income goes up, but where […]

Nov 30, 2010 (LBO) – Ceybank Asset Management (CAM), Sri Lanka’s largest unit trust fund manager, has launched an open ended gilt-edged fund aiming to attract small investors especially in rural areas, officials said. The ‘Ceybank Surakum’ fund will invest in government Treasury bills and bonds and other government-backed securities but not in equities and […]

Nov 23, 2010 (LBO) – Sri Lankan firms can sell corporate debt to foreign buyers provided the securities are rated and not priced over 200 basis points over the benchmark sovereign yields, Central Bank governor Nivard Cabraal said. Sri Lanka has a pegged exchange rate which could result in excess capital flows, if the country […]

Nov 20, 2010 (LBO) – Sri Lanka has hammered out a regulatory framework for exchange traded funds (ETFs), a pooled investment scheme, which will also allow precious metals to be traded on the Colombo Stock Exchange from next year, an official said. Director General of the Securities and Exchange Commission Malik Cader said that the […]