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Sri Lanka to mop up liquidity surge to temper forex effects
June 26, 2013 (LBO) – Sri Lanka will mop up a surge of liquidity from a 200 basis point reserve ratio cut to temper any pressure on the exchange rate, Central Bank Governor Nivard Cabraal said.The speed at which liquidity hits the forex markets depends on the degree of openness of the economy and the […]
Sri Lanka stocks close down 1-pct
June 25, 2013 (LBO) – Sri Lanka’s stocks closed down 1.03 percent Tuesday with the heavy index stocks continuing to slide while an equities research house forecasted the stock market to gain from mid 2012. In the banking sector, Sampath Bank closed at 202.70 rupees up 20 cents and Commercial Bank of Ceylon lost 2.00 […]
‘s large homes charged highest electricity tariff in the region
June 25, 2013 (LBO) – Larger households in Sri Lanka are charged the highest tariff in the region for electricity, but industrial and commercial charges are lower than some key countries in South and East Asia, analysis of published rates has shown. In Sri Lanka, very large households using 600 kiloWatt hours charged about 50.23 […]
Sri Lanka, India in talks on boosting trade, investments
June 25, 2013 (LBO) – Sri Lanka and India has held talk on doubling trade to 10 billion US dollars over the next three years, removing non-tariff barriers and reviewing negative lists, the island’s finance ministry said. India has allowed eight million pieces of garments under a quantity restriction.Sri Lanka has sought removing quantity restrictions […]
Sri Lanka rupee recent weakness will not hurt inflation: CB Governor
June 25, 2013 (LBO) – A recent weakness in Sri Lanka’s rupee is unlikely to worsen inflation as the currencies of key trading partners, especially India have fallen further, Central Bank Governor Nivard Cabraal said.Analysts say rupee has tended depreciated in recent weeks partly because sometimes it stayed out of from forex markets, when the […]
Sri Lanka bond yields move higher, rupee steady
June 24, 2013 (LBO) – Sri Lanka’s bond yields spiked further Monday as some foreign investors sought to shorten the maturity of their positions, dealers said but there were no significant outflows, officials said.The yield on a popular 5-year bond maturing on 2018 spiked to as much as 11.70 percent, from Friday’s 11.48 levels, before […]
Sri Lanka Telecom bills to be collected from home
June 24, 2013 (LBO) – Sri Lanka Telecom said it had added doorstep bill collection service to their existing network of 3,000 payment points, made up of bank branches and supermarkets, making it easier to settle bills. Under a deal inked with HDFC Bank, a mortgage lender, SLT will use its 300-strong mobile collections team […]
Sri Lanka sells US$254mn in 3, 5-year bonds
June 24, 2013 (LBO) – Sri Lanka had sold 90 million US dollars of 3-year bonds at premium of 400 basis points above the London Interbank offered Rate and 164 million US dollars of 5-year bonds at 415 basis points above Libor, the state debt office said.In March 2013 Sri Lanka also sold 3-year bonds […]
Sri Lanka foreign reserves up in April
June 24, 2013 (LBO) – Sri Lanka’s foreign reserves rose 168 million US dollars to 6,858 million US dollars in April 2013 from 6,689.50 million US dollars in March, Central Bank data showed. The central bank said gross official reserves were equal to 4.4 months of imports. In April a state-run bank raised money abroad […]
Sri Lanka stocks close down 0.10-pct
June 24, 2013 (LBO) – Sri Lanka’s stocks closed down at 0.10 percent on Monday continuing its downward trend from the previous week with investors taking profit and losses in the heavy index stocks, brokers said. Distilleries Company crossed closed at 192.80 rupees down 1.50 rupees and The Lions Brewery closed at 392.30 rupees up […]
Credit Level
June 24, 2013 (LBO) – Fitch Ratings said it had downgraded Sri Lanka’s National Development Bank by one level to ‘AA-(lka)’ amid greater retail lending. The agency also downgraded the bank’s outstanding subordinated redeemable debentures to ‘A+(lka)’. Both A+(lka) and AA-(lka) are in the investment grade. Project loans have reduced as a share of total […]
Bond Deterrent
June 24, 2013 (LBO) – A pilot scheme to charge a 3,000 sterling immigration bond from visitors in five countries including Sri Lanka will only apply to the “highest risk applicants”, the British High Commission in Colombo said. The pilot will be evaluated to make it permanent, the statement said. Children under 18-year will be […]