Category: Money

Dec 12, 2008 (LBO) – The Sri Lanka rupee traded freely for possibly the first time in 2008, on last trading day of the week dealers said, while inter bank money market liquidity turned positive. Analysts say dealers would be treading warily when the market opens next week to see whether the central bank allow […]

Dec 11, 2008 (LBO) – The Sri Lanka rupee traded at 111.00 rupees to the dollar Thursday with the market two way quote now at 111.00/30, with no official intervention in early trade, dealers said. “We have allowed a gradual depreciation of the rupee,” Central Bank chief economist Nandalal Weerasinghe said.“Other currencies have also depreciated […]

Dec 11, 2008 (LBO) – Sri Lanka’s central bank says it is allowing a “gradual depreciation” of the rupee, after staying out of the market in early trading on Thursday, as the rupee dipped against the US dollar and recovered. “The central bank is not quoting so far, and the market is quoting on its […]

Dec 11, 2008 (LBO) – Sri Lanka’s foreign reserves had fallen to 2,374 million US dollars by the end of October from 3,185.4 million dollars in September the Central Bank said amid heavy intervention in forex markets. In October the central bank spent 587.70 million dollars intervening in the market, but November intervention volumes which […]

Dec 10, 2008 (LBO) – The Sri Lanka rupee slipped to 110.65/75 against the greenback on Wednesday from 110.30 two days earlier, but the central bank is continuing to intervene at the new rate, dealers said. The Sri Lanka rupee had come under severe pressure from central bank liquidity injections to maintain reserve money, following […]

Nov 24, 2008 (LBO) – Sri Lanka’s central bank has printed and injected money up to nine months at rates lower than its penal discount window to sterilize interventions in the forex market, the latest data showed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The rupee […]

Nov 17, 2008 (LBO) – Sri Lanka stocks opened up 0.89 percent amid thin turnover following a slew of poor earnings over the past week, and the rupee was flat against the greenback at 110.0 amid intervention, dealers said. The Colombo All Share Index was up 16.0 points and the Milanka index of liquid stocks […]

Nov 13, 2008 (LBO) – Sri Lanka’s central bank is issuing two coins to commemorate the 50 year anniversary of a state managed pension fund of private sector workers, the monetary authority said. The reverse has the value of the coin 1000 in large numerals while the word “RUPEES “in Sinhala, Tamil and English appear […]

Nov 08, 2008 (LBO) – Sri Lanka has spent 587 million dollars to prop up the rupee in October, pushing the total to 790 million dollars over past two months, the latest official data showed. On Thursday and Friday the rupee strengthened against the 110 rupee peg maintained by the island’s central bank with credit […]

Nov 04, 2008 (LBO) – Sri Lanka’s grey market rate for US dollars has spiked sharply as the central bank continued to intervene in forex markets and print money to prevent a contraction in the monetary base, putting pressure on the rupee. In the grey market in Sri Lanka’s capital Colombo, US dollars are trading […]

Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India’s IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and hedging costs, while six months profits were flat at 1.1 billion rupees, an official said. Lanka IOC managing director R Ramakrishnan said his firm was losing […]

Oct 30, 2008 (LBO) – Sri Lanka’s central bank said it was allowing ‘greater flexibility’ in foreign exchange markets signaling a depreciation in the rupee that can break a dangerous sterilized intervention cycle in forex markets and bring stability back to the monetary system. In the meantime, in order to ensure the financial market stability, […]