Category: Money

The US government unveiled its new US$ 50 note on Tuesday designed with enhanced security features to beat counterfeiting.rn rnrn rnThe New US$ 50 billrnrnrn rnThe New US$ 20 billrnUS government officials from the Department of the Treasury, the Federal Reserve and the United States Secret Service, unveiled the new US$ 50 note design, the […]

The Central Bank will raise nine billion rupees worth of shorter maturity bonds next month to ease the current interest rate pressures.The new issues which are re-issued under an existing bond series, mature next March and May, also caters to present market appetite for short-term paper.rn rnThe issue carries a coupon rate of 11.5 percent.rn […]

An election on top of the April festivities, created a bigger than expected demand for cash this year.Currency in circulation rose by a massive Rs. 18 bn through March as the public continued to withdraw cash from the banking system.rn rnldblquote In other years we see an extra demand of about Rs 10-12 bn during […]

Local financial markets took a beating on Tuesday, which saw the equity and currency markets come under pressure, while bond dealers opted not to trade.Markets reacted sharply to the new government led by President Chandrika Kumaratunga, largely due to uncertainties surrounding its economic and reform agenda.rn rnKumaratungas United Peoples Freedom Alliance (UPFA) secured 105 seats […]

The rupee ended a tad lower against the US dollar on election day, though there were concerns that the currency could face a volatile period, on the outcome of what is expected to be a hung parliament.Trading hours for currency and money markets were shortened for four-hours due to the election.rn rnThe dollar opened at […]

The announcement is subject to regulatory approvals. rn rnThe bank said the five-year debenture will help lquote expand its capital base to keep in line with the banks expansion plans and Central Banks revised guidelines for capital adequacy.rn rnThe issue is expected to come out late next month and is likely to carry a rating.rn […]

Peoples Leasing Company is coming out with a Rs. 500 mn debt paper, backed by an SL A rating from Fitch Ratings Lanka Ltd.rnrn ThernLease Backed Trust Certificates (LBTC), will be issued by a Special PurposernVehicle (SPV) called Peoples Leasing Trust Nine, under the firms assetrnbacked borrowing programme.rn SLrnArnrating denotes a low expectation of credit […]

Local money broking fraternity saw some activity this week with an established firm opting for a joint partner, while another opened shop to expand its financial reach.Bartleet Mecklai & Roy Ltd grabbed headlines this week, when the firm sold a minority interest to a few ex-staff led by Senaka Udugama and David Benedict.rn rnBartleets Chief […]

The Central Bank says it will issue Rs. 2 bn worth of treasury bills to the debt market as part of its borrowing programme for April.Of the Rs. 33,371 bn worth of bills that are maturing, the bank has opted to re-issue only Rs. 29,371 mn worth of paper.rn rnThe bank hopes to retire the […]

Singer (Sri Lanka) Ltd secured a SL A credit rating from Fitch Ratings Lanka for its upcoming four-year Rs. 400 mn unsecured redeemable debenture issue.The firm secured a similar rating for its previous debenture issues.rn rnSL A rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered […]

The Central Bank bought Rs. 4.4 bn worth treasury bills on Wednesday by driving rates down marginally.The bank said the money was needed to improve market liquidity, which fell below Rs. 2 bn in this week.rn rnThe money market had a Rs. 4 bn surplus last week, likely on money withdrawals ahead of the April […]

The Central Bank left its key short-term rates unchanged on Thursday, a sign that it was business as usual despite a snap poll and a hike in the domestic borrowing programme.The overnight repurchase rate (repo rate) was kept at 7.00 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in […]