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Sri Lanka relaxes forward forex curbs, bank open positions
Jan 02, 2013 (LBO) – Sri Lanka has relaxed curbs on foreign exchange forward deals introduced last year and widened the net open positions for banks with effect from today, Central Bank Governor Nivard Cabraal said.Cabraal said Sri Lanka was estimated to have posted a 100 million dollar surplus in the balance of payments in […]
Borrowing Practices
Jan 02, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon has loaned nearly 140 billion rupees to customers in former war zones in the North and East and default rates are very low, a top official said.“We are happy to say NPAs (non-performing assets) since the war, in the North and the East taken […]
Sri Lanka should cut losses, bank credit to state energy utilities: CB Governor
Jan 02, 2013 (LBO) – Sri Lanka should cut losses and bank credit taken by Ceylon Petroleum Corporation and Ceylon Electricity Board with better pricing in 2012, Central Bank Governor Nivard Cabraal said.Currency depreciation not only increases the price of energy itself, but also destroys the real value of current salaries and lifetime financial savings. […]
”’ rating confirmed: RAM
Jan 01, 2012 (LBO) – RAM Ratings said it had confirmed an ‘AA-‘ rating of Sri Lanka’s Hayleys group, a diversified group with interests in export manufacturing, agriculture and power, with a stable outlook. “The ratings are upheld by the Group’s diversified business portfolio, strong market positions in several key businesses coupled with the Group’s […]
More Connections
Jan 01, 2012 (LBO) – A road circling Sri Lanka’s capital Colombo which connects to a new expressway network will get an additional interchange to accommodate projected traffic from a fast developing area, a top official said.The outer circular highway will get an extra interchange near Athurugiriya town, Road Development Authority chairman R W Pemasiri […]
Stepping Down
Jan 01, 2013 (LBO) – Gamini Wickramasinghe, who is stepping down as chairman of Sri Lanka’s Bank of Ceylon said dealing with loan applicants who expected patronage was among the biggest challenges in managing a state entity. “A lot of people expect to get loans from a state bank and think it is easy if […]
Sri Lanka economy in fast adjustment for renewed growth: CB Governor
Jan 01, 2013 (LBO) – Sri Lanka’s economy has responded quickly to corrective measures and is looking for stronger growth this year with the budget gap for 2012 on track and the exchange rate strengthening again, Central Bank Governor Nivard Cabraal said. “This is the fastest adjustment period in our history,” Central Bank governor Nivard […]
Sri Lanka targets 1.2mn tourists in 2013
Dec 31, 2012 (LBO) – Sri Lanka is targeting 1. 2 million tourist arrivals for 2013 after welcoming a million tourists in 2012, more than it target of 950,000, the state tourism promotion office said. Update II/Corrected billion dollars On December 30, officials led by deputy economic development minister Lakshman Yapa had welcomed Jiang Ying […]
Sri Lanka travel agency moves into hotels
Dec 31, 2012 (LBO) – Sri Lanka’s Worldlink Travels is building a chain of small luxury hotels with the first 12-roomed property opening in Kandy in the central hills, a media report said. “We see a huge opportunity in the hotel segment hence we are planning to open a chain of small hotels under the […]
Fourth Generation
Dec 31, 2012 (LBO) – Mobitel, a unit of Sri Lanka Telecom, the country’s largest fixed access provider, said it had launched fourth generation services (4G) using LTE (long term evolution) technology, Mobitel said it was the first company in South Asia to trial the services in May 2011 with downlink speeds exceeding 96Mbps. “Mobitel […]
Sri Lanka ICC, Nivasie in Rs3.6bn property venture
Dec 31, 2012 (LBO) – Sri Lanka’s International Construction Consortium (Pvt) Ltd, is promoting a 3. 6 billion rupee property development in Malabe in the outskirts of the capital Colombo, the state investment promotion agency said. The project will be financed with equity, debt financing facilities from banks and pre-sales. ICC will build 100 two-storied […]
Sri Lanka inflation rises 9.2-pct in 2012
Dec 31, 2012 (LBO) – Sri Lanka’s inflation rose 9. 2 percent to in the 12-months to December 2012 from a year earlier, with the Colombo Consumer Price Index rising 0. 9 percent during the month, the state statistics office said. The statistics office said the food sub group in the index from which heavily […]