Category: Money
Sri Lanka foreign reserves US$1.36bn in February; rupee opens weaker
April 21, 2009 (LBO) – Sri Lanka’s gross foreign reserves in February 2009 were 1,369 million US dollars down from 1,415 million US dollars in January, the central bank said as the rupee opened weaker.The rupee opened weaker at 117.60/90 against the US dollar in spot trade Tuesday, dealers said, and was later quoted at […]
Sri Lanka IMF loan finalized within days: Central Bank Governor
April 21, 2009 (LBO) – The final touches to an International Monetary Fund loan would be wrapped up within days and the first tranche is expected in less than three weeks, Central Bank governor Nivard Cabraal said. “Within two weeks or three weeks at the most, the first tranche of the IMF facility will come,” […]
Sri Lanka rupee weakens to new life low of 117.10 against greenback
April 20, 2009 (LBO) – Sri Lanka rupee fell steeply to 117.10 levels against the greenback Monday, after opening at 116.00/20 levels, with no intervention from the monetary authority, dealers said.Sri Lanka’s foreign exchange markets are coming to life after a lazy traditional New Year holiday week when demand for dollars was muted. The rupee […]
Sri Lanka looks to raise US$500mn abroad
April 17, 2009 (LBO) – Sri Lanka is looking to raise 500 million dollars from international markets when conditions turn more favourable, while rolling over about 300 million dollars more in maturing dollar debt in 2009, an official said. Global financial markets have turned risk averse compared to two years ago when Sri Lanka sold […]
Sri Lanka shares close up 1.9-pct; rupee weakens
Apr 17, 2009 (LBO) – Sri Lankan shares closed up 1.9 percent Friday, supported by retail interest on large cap stocks, while the rupee weakened to 116.00 levels of state bank buying, dealers said. The rupee closed 116.05/15 against the US dollar, after opening stronger at 115.75/80 levels. State banks were on the buying side […]
Sri Lanka rupee has greater space for market determination: CB Governor
April 06, 2009 (LBO) – Sri Lankan Central Bank governor Nivard Cabraal said there was greater space for markets to determine the exchange rate, as the country heads for an International Monetary Fund bailout. The Central Bank lost more than two thirds of its reserve trying to defend a peg with the US dollar from […]
Sri Lankan stocks close up on slim turnover
Apr 03, 2009 (LBO) – Sri Lankan shares closed marginally up Friday due to low volume price gains on Hatton National Bank (HNB) and renewed retail interest on Chevron Lubricants Lanka, brokers said. The All Share Price Index was up 0.05 percent (0.86 points) to end at 1,637.19 while the more liquid Milanka gained 0.19 […]
Sri Lanka rupee weakens to new life low
April 01, 2009 (LBO) – The Sri Lanka rupee traded at a new low of 116.10 rupees against the greenback Wednesday dealers said, heightening expectations of a successful deal with the International Monetary Fund (IMF).In a pegged country rate cuts are achieved by further monetizations of deficits (printing money) unless the government reduces spending.This will […]
Sri Lanka spends US$240mn in peg defence in Feb09
Mar 28, 2009 (LBO) – Sri Lanka has spent 240 million US dollars in February 2009 defending a dollar peg in an ill-fated exercise that has already drained two-thirds of the country’s foreign reserves, the latest official data shows.Sri Lanka’s gross official reserves, including fiscal balances, fell to 1,415 million US dollars in January from […]
Sri Lanka rupee weakens in volatile trade
Mar 27, 2009 (LBO) – Sri Lanka rupee fell to 115.35/50 levels against the greenback in intra-day trading Friday with heavy buying from foreign banks while the monetary authority briefly took the foot off peg defence, dealers said. The rupee hit a low of 115.75 against the greenback when peg defence was eased amidst heavy […]
‘s foreign reserves fall to US$1.4bn in Jan 09
Mar 18, 2009 (LBO) – Sri Lanka’s gross official reserves fell to 1,415 million US dollars from 1,753.4 million dollars in December 2008, which was enough to cover 1.3 months of imports, the Central Bank said. With Asian Clearing Union balances, reserves were 1,703 million US dollars. But imports were contracting sharply amid a global […]
Sri Lanka to give one month money to banking system
Mar 05, 2009 (LBO) – Sri Lanka’s central bank said it will extend the term of its liquidity facilities, which are now limited to only overnight money, to one month for commercial banks and primary dealers who have persistent liquidity shortfalls. In the United States Federal Reserves system, excess reserves, which were around 2.0 billion […]