Tag: business
Sri Lanka cuts policy rates, amid lower deficit
Jan 11, 2010 (LBO) – Sri Lanka’s central bank cut its policy rate at which excess cash is drained from the market 25 basis points to 7.0 percent, while inflation hovered at 6. 9 percent in December. The government has also cut taxes on some foods, the central bank said. Earlier this month the military […]
Sri Lanka seeks to change inflation index as price pressure grows
Jan 06, 2011 (LBO) – Sri Lanka wants to change a price index again to reflect recent changes in consumption patterns although previous tinkering with the indicator at a time inflation hit record highs drew criticism. It would also cover changes in credit growth, money market liquidity and its control measures, impact of capital inflows […]
Sri Lanka BOP surplus in 2010 US$900mn
Jan 04, 2011 (LBO) – Sri Lanka expect to have had a balance of payments surplus of 900 million US dollars in 2010, Central Bank governor Nivard Cabraal said. Gross official foreign exchange reserves reached 6.6 billion US dollars by the end of 2010, he said in a speech outlining the central bank’s monetary policy […]
Sri Lanka aims for 8.5% growth in 2011
Jan 04, 2011 (LBO) – Sri Lanka is aiming for economic growth of 8.5 percent in 2011 after growing eight percent in 2010 and expects growth to accelerate to nine percent in 2012 and 9. 5 percent in 2013, central bank governor Nivard Cabraal said. Government recurrent expenditure is estimated to decrease to 16.1 percent […]
Sri Lanka rupee strength helps rein in inflation: CB
Jan 03, 2011 (LBO) – The strengthening of the Sri Lanka rupee helped rein in inflation which was kept at a mid-single digit level in 2010, the central bank said in a statement. The average domestic prices of wheat flour and milk powder decreased while the price of sugar increased compared to 2009. The Sri […]
Sri Lanka inflation 6.9-pct in December
Dec 31 2010 (LBO) – Sri Lanka’s inflation in December 2010 rose 6. 9 percent from a year earlier after rising 7. 0 percent in November, the central bank said. Prices rose 1.1 percent during the month with the index rising to 228.3 in December from 225.8 in November, it said in a statement. The […]
UN View
GENEVA, December 4, 2009 (AFP) – The UN refugee agency said on Friday that it was encouraged by “increased freedom of movement” for war-displaced civilians in Sri Lanka who have been in internment camps in the north of the island. “We are encouraged by the Sri Lankan government’s long-awaited decision this week to allow increased […]
Volatile Labour
Oct 25, 2009 (LBO) – Workers at Sri Lanka’s state-owned oil refiner said they plan to resume normal work Monday, ending a four-day work-to-rule action that created fuel shortages.Ceylon Petroleum Corporation (CPC) labour unions launched the action Thursday to back demands for a pay hike. Their action disrupted fuel supplies, resulting in long queues outside […]
Volatile Prices
April 30, 2009 (LBO) – Sri Lanka’s two liquid petroleum gas suppliers, a unit of multinational Shell Gas, and the locally owned Laugfs Gas, said they will raise prices from midnight Thursday.It said prices were cut in November 2008 and January 2009 because of lower import costs. “Import costs for February and March 2009 have […]
Volatile Pricing
Jan 01, 2009 (LBO) – Shell Gas Lanka, the Sri Lankan unit of the Shell multinational, said a new government tax and its inability to buy locally made liquid petroleum gas is preventing it from further reducing prices.It said in a statement that the government has imposed a special tax of eight rupees per kilogramme […]
Volatile Price
Dec 24, 2008 (LBO) – The Sri Lanka unit of the Indian Oil Corporation, which slashed petrol prices in response to a Supreme Court order, raised the retail prices back to the earlier level of 122 rupees Wednesday. The entire capital budget of the government is also financed out of debt, and the government has […]
Tricky Position
Nov 28, 2008 (LBO) – Sri Lanka’s supreme court said petroleum minister A H M Fowzie should be removed, in a case where controversial oil hedges by a state-run petro firm were challenged in a public interest petition. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]