Category: Money
Asia Securities reiterates view of no sovereign default; swap conclusion a confidence booster
In a report issued today, the research arm of leading independent Investment Banking firm Asia Securities, reiterated that it does not see a risk of sovereign default at this point. The eagerly anticipated announcement of the USD 1.5bn currency swap agreement with China this week is expected to provide a significant boost to local and […]
Central Bank & IFC launch Sri Lanka’s first National Financial Inclusion Strategy
Sri Lanka’s first National Financial Inclusion Strategy (NFIS), launched today, aims to make financial services more accessible, efficient, and affordable for all households and businesses in the country. The NFIS is a joint effort led by the Central Bank of Sri Lanka—with technical and financial assistance from IFC, a member of the World Bank Group—under […]
Recent volatility on yields of government securities is unwarranted: CBSL
Certain market interest rates, such as yields on government securities, have shown unwarranted volatility recently, which is not in line with monetary policy expectations, the Monetary Board of the Central Bank said announcing its commitment to continue the current accommodative monetary policy stance. The Central Bank reiterates that the high level of excess liquidity in […]
Veemansa Initiatives’ discussion on ‘external debt situation in Sri Lanka
Delivering the keynote address on the topic, External Debt Situation in Sri Lanka: Our Route to Resolution, the Governor of the Central Bank, Deshamanya Professor W D Lakshman said that despite the COVID-19 pandemic and its impact Sri Lanka will maintain its unblemished records of debt service. The Governor made these comments at the […]
Sri Lanka January inflation at 3.7-pct
The overall rate of inflation as measured by NCPI on Year-on-Year basis is 3.7 percent in January 2021 and inflation calculated for December 2020 was 4.6 percent. Year-on-Year inflation of both food group and non food group have decreased from 7.5 percent in December 2020 to 5.9 percent in January 2021 and from 2.2 percent […]
Economy at a glance for 2020:Double whammy blow
Highlights ICRA Lanka estimates Sri Lanka’s GDP growth rate in 2020 to be -4%. In addition, our estimates indicate industry, services, and agricultural sectors to have contracted by 7.3%, 1.7% and 1.3% respectively. By mid-March the COVID crisis took center stage and the CBSL implemented a series of policy rate cuts further bringing the short-term […]
I ask you to be confident; ongoing negotiations will produce results soon: CBSL Governor
Governor of Sri Lanka’s Central Bank, Professor W D Lakshman requests people to be confident as ongoing negotiations with overseas agencies will produce results within one and a half months time. Speaking to journalists in Colombo yesterday (12), the Governor emphasized that in spite of the doomsday predictions, they will continue to maintain the country’s […]
Sri Lanka official reserves down to USD4.8bn by end January; YTD rupee depreciation 4.2-pct
Sri Lanka’s official reserves were 4.8 billion US dollars (USD 4,814.6mn) by the end of January 2021, down from 5.7 billion US dollars in December last year, the latest Central Bank data showed. By the end of January, the foreign currency reserves were 4,343.9 million dollars while the reserve position in the IMF was 69.0 […]
Sri Lanka on positive and steady path for economic recovery, says Cabraal
Feb 08, 2021 (LBO) – State Minister of Finance, Capital Markets, and State Enterprise Reforms Ajith Nivard Cabral says Sri Lanka is on track now to enacting an effective economic recovery to swiftly close the gap between pre and post-COVID-19 output losses. He says the island’s growth prospects are now positive, underscored by a stabilizing currency and sound debt […]
Global equity interest in emerging markets expected to trickle down to CSE: Ceylon Asset Management
Jan 26, 2021 (LBO) – Local investors should exploit attractive valuations of the CSE before a Sri Lanka country rating revision and foreign investor confidence returns to the CSE, a new report says. “Invest in the Colombo Stock Exchange. Investors should include equity in portfolios during 2021, before PE ratio exceed 15X, ” the Ceylon […]
Gross official reserves estimated at USD 5.7bn at end 2020
Sri Lanka’s gross official reserves were estimated at US dollars 5.7 billion at the end of 2020, with an import cover of 4.3 months, the Central Bank said continuing its accommodative monetary policy stance. The trade deficit is expected to have narrowed by over US dollars 2.0 billion in 2020 in comparison to the previous […]
Asia Securities forecasts strong growth trajectory for equities in 2021
Following a year of volatility, leading stockbroking firm Asia Securities (Pvt) Ltd, notes that the road ahead for Sri Lanka’s capital markets is optimistic, with the ASPI expected to reach 7,400-7,600 in 2021. The Sri Lankan stock market marked a V-shaped recovery in 2020, seeing one of its strongest rallies to recover all losses suffered […]