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Sri Lanka flexible exchange rate can cut carry trade risk: IMF
Feb 04, 2011 (LBO) – A flexible exchange rate that moves in both directions can ward off speculative capital flows by signaling the risk of capital losses, while also improving competitiveness, an International Monetary Fund official said. Policy rates in Sri Lanka are now on a 7.0 to 8.5 percent band compared to almost zero […]
Sri Lanka shares end up 1.16-pct
Feb 03, 2011 (LBO) – Sri Lankan stocks closed higher Thursday with heavy trading seen in Richard Pieris & Company and interest in plantations and poultry shares, brokers said. The All Share Price Index closed at 7,346.81, up 1.16 percent (84.55 points) while the more liquid Milanka index rose 0.41 percent (29.55 points) to close […]
Red Ink
Feb 03, 2011 (LBO) – Sri Lanka’s The Finance Company, being restructured under regulatory supervision, has managed to reduce losses in the December 2010 quarter but interest costs are still higher than income, a stock exchange filing showed. Net interest income fell 42 percent to 159.3 million rupees, with interest income down 29.6 percent to […]
Rating Upgrade
Feb 03, 2011 (LBO) – Fitch Ratings Lanka has upgraded Vallibel Finance’s (VFL) rating to ‘BB-(lka)’ from ‘B+(lka)’ with a stable outlook, a statement said. “The upgrade of VFL’s rating reflects sustained improvements in its credit metrics – in particular its asset quality, profitability and capitalisation,” Fitch said. It also reflects VFL’s increased scale of […]
Transport Lease
Feb 03, 2011 (LBO) – Sri Lanka’s SMB Leasing (SMBL) and Lanka Ashok Leyland (LAL) have begun importing luxury tourist coaches amid a boom in tourist arrivals and a shortage of vehicles, a statement said. Leasing facilities have been provided by SMBL to the buyer of the first three imported luxury LAL tourist coaches. The […]
‘s
Feb 03, 2011 (LBO) – Sri Lanka earned a record 1. 37 billion US dollars in tea exports in 2010, exceeding that of Kenya, which exported more, owing to higher prices and more valued added shipments, brokers said. The island’s tea export earnings from exporting 314 million kilos were 16 percent more than in 2009. […]
Sri Lankan Airlines starts flights to fourth Chinese city
Feb 03, 2011 (LBO) – Sri Lankan Airlines has begun flights to the Chinese city of Guangzhou (Canton), the national carrier’s fourth destination in China, a statement said. The airline said that operations to more cities in China with good frequencies will assist in promoting business and tourism between the two countries. Besides Guangzhou, the […]
Sri Lanka apparel industry shrugs off loss of trade benefit
Feb 03, 2011 (LBO) – Sri Lankan apparel exporters are getting enough overseas orders and not been affected as badly as feared by the loss of duty free access to European Union markets, officials said. “Exports are growing moderately,” said A Sukumaran, chairman of the Joint Apparel Association Forum (JAAF), an industry body. “We have […]
” Sri Lanka
WASHINGTON, February 2, 2011 (AFP) – US Secretary of State Hillary Clinton voiced hope for a “just and democratic” Sri Lanka as she offered congratulations ahead of the war-torn island’s Independence Day on Friday. Clinton said in a statement Wednesday that the United States and Sri Lanka have historically enjoyed “a strong relationship based on […]
Sri Lanka forex reserve target missed due to Iran repayment
Feb 03, 2011 (LBO) – Sri Lanka missed a foreign reserve target set in a deal with the International Monetary Fund due to an early repayment of a loan to Iran, IMF resident representative Koshy Mathai said. The government itself has no capacity to generate foreign exchange, except by borrowing and indebting future generations. Exports […]
Sri Lanka gets more cash, path open for reforms: IMF
Feb 03, 2011 (LBO) – Sri Lanka has got 216. 6 million US dollars from the International Monetary Fund despite missing one key target and lack of data for another, with the lender banking on better budgeting and inflation control. The dollar reserves are more than enough to convert the entire rupee monetary base which […]
Sri Lanka Treasuries yields ease
Feb 02, 2011 (LBO) – Sri Lanka’s Treasury bills yields eased at Tuesday’s auction with the government raising 21. 5 billion rupees after offering 11 billion rupees in bills for roll-over. The 3-month yield fell one basis point to 7. 00 percent, the 6-month yield also fell one basis point to 7. 09 percent and […]