Tag: economy

Jan 21, 2008 (LBO) — Sri Lanka’s country-wide inflation hit an all time record 26.2 percent in November 2007, following one of the worst bouts of money printing ever seen in the country, the latest official data showed.The Sri Lanka Consumer Price Index’s (SLCPI) previous high was 24.1 percent recorded in October as the government […]

Jan 17, 2007 (LBO) — Sri Lanka’s central bank kept its main discount rate to banks unchanged at 12.00 percent but promised tight monetary policy ahead based on a quantity targeting framework unveiled earlier in January. “The targeted growth in reserve money, which will be maintained on a daily average basis, will ensure strict maintenance […]

Jan 17, 2007 (LBO) – A controversy over a new price index in Sri Lanka may have erupted partly because it came at time of high inflation, but the index shows the same trend as earlier ones, an organization focusing on poverty has said.“However, it is vital to remember that inflation hurts the poor first […]

Jan 16, 2007 (LBO) — Sri Lanka’s trade gap widened 66 percent in November 2007 to 418 million dollars as exports dipped, but the deficit for the first 11 months was flat, the Central Bank said. Exports in November fell 5.1 percent with industrial exports dipping 13.8 percent. “This decline in export earnings could be […]

Jan 15, 2008 (LBO) – Sri Lanka’s largest donor Japan said it was awaiting a political solution to the island’s internal conflict and was reviewing its aid policy after the island’s government pulled out of a truce with the Tamil Tigers. . Japan’s special envoy to the war-ravaged island said his government was gravely concerned […]

Jan 10, 2007 (LBO) – After more than 50 years of failing to achieve price stability according to its own mandate, Sri Lanka’s central bank is facing unprecedented fire from critics as awareness of the dangers of unbridled, pure fiat central banking spreads in the country. Last year the Central Bank inflated the island’s economy […]

Jan 28, 2008 (LBO) – A powerful blast ripped through the Sri Lanka’s capital central business district in the Fort area, a reporter at the scene said. Ambulances rushed to the scene and a military bomb disposal squad is examining the area the reporter said. The defence ministry said a bomb has been placed inside […]

Jan 03, 2008 (LBO) – Sri Lanka’s central bank governor Nivard Cabraal said better budgets were needed to lower inflation, as heavy government borrowings made it difficult to conduct effective monetary policy. “The conduct of a successful monetary policy, while facing a high budget deficit is a challenging task,” he said in a speech outlining […]

Jan 02, 2007 (LBO) – Sri Lanka’s central bank has given up achieving low inflation in 2008 with Governor Nivard Cabraal saying that the bank may allow consumer inflation to go as high as 14 percent this year.. However, Cabraal said his institution would try to keep consumer inflation at around 10 to 11 percent […]

Jan 01, 2008 (LBO) – Sri Lanka’s central bank says the rupee closed at 107.71 against the dollar in 2007 indicating that the domestic currency only depreciated by one percent against the greenback last year. . “This depreciation was substantially below some of the adverse expectations that prevailed in the market, based on certain claims […]

Jan 01, 2008 (LBO) – Sri Lanka’s central bank says it met the milestones of an ill-fated reserve money targeting exercise in 2007, though inflation went out of control during the year, showing up the pitfalls of quantity targeting. The bank said it achieved the year end target of 267.6 billion rupees with room to […]

Dec 31, 2007 (LBO) – Sri Lanka’s consumer prices in the capital Colombo eased in December with the most widely watched index falling 0.4 percent in the month, lowering 12-month inflation to 16.4 percent from a peak of 19.6 percent a month before. The Colombo Consumer Price Index fell 21.3 points in the month to […]