Category: Money

MONTREAL, November 25, 2009 (AFP) – Gold production will continue to fall, despite a brief boost in 2009 and soaring prices, as deposits are exhausted and new discoveries remain elusive, say miners.“It’s not like a water tap you can turn on and it comes right away.” Barrick and Newmont expect nevertheless to continue increasing production […]

Nov 25, 2009 (LBO) – Sri Lanka’s foreign reserves had climbed to 5.2 billion US dollars by November 20, helped by strong capital inflows and International Monetary Fund loans, the Central Bank said. Sri Lanka went to the IMF when reserves dipped to around a billion US dollars in March following an extended period of […]

Nov 24, 2009 (LBO) – The corporate debt market in Sri Lanka is being held back by the complex way a tax is charged by the government which has killed secondary market trading in debt securities, market participants have said. “But the way it’s collected allows secondary market trading without any problem. They basically collect […]

HONG KONG, November 23, 2009 (AFP) – The price of gold soared to a record close of 1,166.00-1,167.00 US dollars an ounce in Hong Kong on Monday as dealers moved into the safe haven commodity due to the weak greenback, analysts said. It opened at 1,158.00-1,159.00 US dollars. The precious metal was up from Friday’s […]

Nov 23, 2009 (LBO) – Sri Lanka rupee closed weaker against the US dollar at 114.40/50 Monday after opening stronger under a more flexible exchange rate adopted by the Central Bank, dealers said. The spot dollar opened at 114.25/30 rupee levels against the greenback Monday and peaked to around 114.50/60 level in intra-day trading, dealers […]

Nov 17, 2009 (LBO) – Sri Lanka’s rupee opened stronger against the US dollar with a state bank that usually acts for the monetary authority buying at 114.25 Tuesday up from yesterdays 114.35 levels, dealers said. Sri Lanka’s rupee was pegged at 114.80 levels for most of the year following float in March that got […]

Nov 17, 2009 (LBO) – Sri Lanka has issued a commemorative note featuring President Mahinda Rajapaksa, key turning points in a military victory over Tamil Tiger separatists, and the country’s unitary status, the Central Bank said.The theme of the obverse of the note is “one country and one nation in harmony, progressing towards prosperity” led […]

Nov 10, 2009 (LBO) – Sri Lanka’s rupee traded stronger against the US dollar moving up to 114.45/50, with a state bank that usually acts for the monetary authority signaling the new rate, dealers said. The rupee moved up to 114.65 against the US dollar from its long-standing peg at 114.80 levels on Monday. Central […]

Nov 09, 2009 (LBO) – The Sri Lanka rupee strengthened Monday at a time when the US dollar is weakening against most other currencies, and an ‘exact peg’ with the greenback may no longer be maintained, the Central Bank said. The rupee broke its customary 114.80 peg to the US dollar Monday when state banks […]

Nov 03, 2009 (LBO) – Sri Lanka’s central bank has started auctions of dollar-rupee swaps to withdraw excess domestic currency liquidity in the market and develop a new instrument to intervene in the market, an official said.Foreign reserves which fell to around a billion US dollars in March are now close to five billion US […]

TOKYO, October 26, 2009 (AFP) – The euro hit a 14-month high against the dollar in Asian trade Monday on signs that China may increase its holdings of the European currency, dealers said. The euro rose to 1.5061 dollars in Tokyo midday trade, its highest level since August 11, 2008 and up from 1.5027 in […]

Oct 21, 2009 (LBO) – Sri Lanka’s gross official foreign reserves topped 4.5 billion US dollars by October 13, and end-August reserves were at 3,890.1 million US dollars, the Central Bank said. The Central Bank said it had bought 2,529.3 million US dollars from the forex markets this year. During the year 212.7 million US […]