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Sri Lanka had 38-months of low inflation: CB Governor
Apr 07, 2012 (LBO) – Sri Lanka has had single digit inflation for the past 38-months and no crisis in the banking system, despite a short-term weakening of the currency, Central Bank Governor Nivard Cabraal said. “During the past 38 months inflation had been in the single digit level,” Cabraal told the LBR-LBO Ceo forum, […]
Sri Lanka has maintained confidence of bond buyers: CB Governor
Apr 06, 2012 (LBO) – Sri Lanka has retained the confidence of foreign holders of government debt by taking firm corrective steps to fix a balance of payments crisis, Central Bank Governor Nivard Cabraal said. The rupee has now strengthened to around 125 to the US dollar from a low of 131 rupees, though there […]
Business Tool
April 06, BANGKOK (LBO) – Use of mobile phones has grown rapidly among the poor in Sri Lanka, becoming almost an indispensable business tool among small entrepreneurs and farmers, according to a new study. Computer use at the ‘BOP’ level was low overall as was internet use but mobile phones emerged as almost ubiquitous. “Probably […]
Sri Lanka state airline flights not axed
Apr 06, 2012 (LBO) – Sri Lanka’s state-run SriLankan Airlines said it will continue to operate European routes, two of which were earlier to be axed during off-peak periods. SriLankan Airlines officials had earlier said that it wanted to prune European long haul flights and re-deploy equipment on more lucrative Asian routes to improve the […]
Sri Lanka rates up amid tight liquidity
Apr 05, 2012 (LBO) – Liquidity tightened in Sri Lanka’s money markets Thursday a day after bond yields spiked amid some foreign selling a day earlier ahead with a monetary policy announcement due later in the day. Call money was quoted as 9.25/50 percent at opening percent and gilt-backed repos were quoted 8. 25/45 dealers […]
Sri Lanka stocks close up 0.4-pct
Apr 05, 2012 (LBO) – Sri Lanka stocks close up 0.41 percent Thursday ahead of the Easter weekend with both indices up and net foreign buying, brokers said. Actively traded counters include Swarnamahal Financial Services closing at 8. 50 rupees, down 20 cents, HVA Foods closing at 12. 90 rupees, down 40 cents, and Environmental […]
Sri Lanka to make Dutch Fort admin office a tourist attraction
Apr 05, 2012 (LBO) – An government administration building inside a 17th century Dutch Fort in Sri Lanka’s south will be turned into a museum and part of its will be commercially developed as a tourist attraction, a minister said. The Galle Dutch Fort is a UNESCO world heritage site. The cabinet of ministers had […]
Cairn India find more oil
Apr 05, 2012 (LBO) – Cairn India Limited (CIL) said it has made a second oil discovery in a through its fully owned unit Cairn Energy India Pty Limited (CEIL) in an exploration block in Krishna-Godavari Basin on the east coast of India. CEIL is the operator of the block owning 24 percent of the […]
Sri Lanka airport lounge opened by Emirates
Apr 05, 2012 (LBO) – Dubai-based Emirates had built 200 million rupee lounge for its first and business class passengers, at Sri Lanka’s Bandaranaike International Airport, near the capital Colombo, the airline said. “Emirates is one of the most active carriers serving Colombo, with 28 flights a week,” Chandana de Silva, area manager for Sri […]
Sri Lanka hikes policy rate by 75bp to curb credit
Apr 05, 2012 (LBO) – Sri Lanka raised its key policy rate by 75 basis points to 9. 75 percent to curb credit which was still growing at an “undesired rate”, and state borrowings were also high, the Central Bank said. Sri Lanka rupee came under pressure from high credit growth from the middle of […]
Sri Lanka grows 8.3-pct in 2011
Apr 05, 2012 (LBO) – Sri Lanka’s economy grew 8. 3 percent in the 2011 after growing at 8. 0 percent in 2010, with fourth quarter growth also clocked at 8.3 percent, the statistics office said. Per capita gross domestic product was estimated at 2,836 US dollars (313,511 rupees implying an exchange rate of 110.54) […]
Sri Lanka stock close marginally lower, rupee stronger
April 04, 2012 (LBO) – Sri Lankan shares closed slightly lower Wednesday with retail investors active and turnover boosted by several crossings and while the rupee gained ground against the dollar, brokers and dealers said. The rupee closed around 125.40/50 to the US dollar dealers said after opening 126. 00/10 levels. The main All Share […]