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Sri Lanka expects rupee to stabilise below 125 to the dollar
Mar 22, 2012 (LBO) – Sri Lanka’s rupee should stabilise below 125 to the US dollar once the initial adjustment to the currency’s float and seasonal demand work their way out of the system, Treasury secretary P B Jayasundera said. The rupee has fallen sharply against the dollar and other key international reserve currencies in […]
Sri Lanka credit growth, import demand slowing: central bank
Mar 22, 2012 (LBO) – Private sector credit growth and import demand in Sri Lanka is slowing down in response to recent policy tightening, with downward pressure on the rupee expected to ease, the central bank said. Foreign currency inflows to the country increased “substantially” in recent weeks and more was expected, as projected in […]
Sri Lanka Treasuries yields rise
Mar 21, 2012 (LBO) – Yields on most Sri Lankan Treasury Bills rose at Wednesday’s auction for the roll-over of 10 billion rupees of debt, the state debt office which is part of the central bank said. Sri Lanka’s market rates have to move up according to state credit demand to help stabilize the exchange […]
Sri Lanka rupee weakens
Mar 21, 2012 (LBO) – Sri Lanka’s rupee was quoted at 130. 50/ 131.00 against the US dollar in mid-morning trade, weakening slightly from opening levels in the absence of state bank intervention, dealers said. “The rate dropped because there was no intervention,” said a dealer. “When there’s intervention the rate tends to pick. The […]
Sri Lanka shares end down 0.6-pct
Mar 21, 2012 (LBO) – Sri Lankan shares closed weaker Wednesday for the second straight day with trading falling sharply and interest seen mainly in low value or speculative stocks, brokers said. The main All Share Price Index fell 0. 55 percent (29.92 points) to 5,384.10, while the more liquid Milanka index fell 1. 11 […]
Indian service tax exemption to leave advertisers with surplus funds
NEW DELHI, March 21 (Asia Pulse) – Service tax exemption on advertising on media platforms, excluding TV and radio, could result in availability of up to Rs 1,500 crore (US7 million) more to advertisers for spending on campaigns, according to industry experts. “Given that marketing budgets of companies always take into account the service tax […]
Sri Lanka to get rail link to international airport
Mar 21, 2012 (LBO) – Malaysia’s Airport Express Air and Rail Company is to build a rapid transit rail link between Sri Lanka’s capital Colombo and the international airport at Katunayake, a northern suburb. The planned new railway terminal can be accessed directly from the arrivals and departures lounges of the Bandaranaiyake International Airport building […]
Sri Lanka set to lose Kingfisher connections
Mar 21, 2012 (LBO) – India’s debt-laden Kingfisher Airlines is to cancel all international flights, a move that would affect its connections to Sri Lanka, news reports said. Flights to Dubai, Colombo, Kathmandu, Bangkok will stop operating by Sunday, March 25, 2012. “We have decided to suspend our international operations as we are not on […]
FlyDubai Sri Lanka flights increased
Mar 21, 2012 (LBO) – Emirates-based Flydubai, a budget carrier has upped frequencies to daily to Colombo from five a week and the carrier is seeing a surge in tourists to Sri Lanka from former Soviet republics, an official said. Flydubai chief executive Ghaith Al Ghaith said tourists from former Soviet republics to Colombo had […]
Sri Lanka economic sanctions ruled out by US
Mar 21, 2012 (LBO) – The United States will not push for economic sanctions on Sri Lanka despite calls for a probe into alleged war crimes, Robert Blake, a top US State Department official said in an exclusive interview. But the government needs to move faster on reconciliation between the island’s main communities after the […]
Sri Lanka rupee steadies on state bank selling
Mar 20, 2012 (LBO) – Sri Lanka’s rupee was quoted wide at 130. 00/131.00 against the US dollar and strengthened with some state bank selling, following a steep fall a day earlier, dealers said. The rupee was quoted at 130.00/20 in mid-morning trad.
Sri Lanka shares end down 0.7-pct
Mar 20, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday with turnover also falling sharply after some big deals the previous two days where foreign investors bought into two conglomerates, brokers said. The main All Share Price Index fell 0.65 percent (35.44 points) to 5,414.02, while the more liquid Milanka index fell 0.27 percent […]