Tag: economy

March 30, 2007 (LBO) – Consumer price inflation in Sri Lanka’s capital Colombo fell by 1.7 percent in the month of March though the 12-month difference in price levels was still high at 19.5 percent, data from the statistics office showed Friday. Analysts says unions are likely to oppose any attempts to short change them […]

March 29, 2007 (LBO) – Sri Lanka grew by a blistering 7.7 percent in 2006, which is the highest on record, the country’s statistics office said Thursday. The Department of Census and Statistics said agriculture grew by 6.1 percent, industry by 8.4 percent and services by 7.8 percent. “We are encouraged to see that all […]

March 27, 2007 (AFP) – Sri Lankan authorities are struggling to restore investor confidence a day after Tamil Tiger rebels launched an audacious air attack that stunned the defence establishment, officials said. The two sides agreed to a Norwegian-arranged truce in 2002, but successive talks broke down. Tamil Tiger rebels carried out their first air […]

March 27, 2007 (LBO) – Sri Lanka’s state investment promotion body which runs industrial parks said they were not affected by a Tamil Tiger air raid, including one near the targeted air base. The Board of Investment (BOI) runs two large industrial parks in Katunayake near the airport and in Biyagama as well as a […]

March 27, 2007 (LBO) – Sri Lanka needs more monetary tightening and a smaller budget deficit to improve its economic fundamentals and bring inflation down, the Asian Development Bank (ADB) said Tuesday. We do think monetary policy would have to be tightened further, ADB Country Economist Johanna Boestel said. The Central Bank can succeed in […]

March 27, 2007 (LBO) – Sri Lanka would offer an immediate 20 percent bonus in stationary for kids who break their piggy banks and deposit the coins in the banking system, officials said. “If children break their piggy banks and bring the coins back to circulation we will give exercise books, pens and rulers to […]

March 26, 2007 (AFP) – The first ever air attack by Tamil Tiger rebels is a psychological setback to Sri Lanka’s military but could cause an even bigger blow to the island’s economy, analysts said Monday.In the daring strike, the Liberation Tigers of Tamil Eelam (LTTE) used two light fixed-wing aircraft against the Katunayake airbase, […]

March 23, 2007 (AFP) – Japan gave Sri Lanka a 320-million-dollar loan Friday to build roads and improve drinking water supply in key cities, the Japanese embassy here said.More than 4,000 people have died since December 2005 in fighting between Tamil rebels and government forces despite a Norwegian-brokered truce that has been in place since […]

March 22 (LBO) – Sri Lanka and India will hold another round of trade talks in Colombo next week on liberalizing professional services, investments and trade in goods. The talks on a Comprehensive Economic Partnership Agreement or CEPA, has been ongoing for three years, to widen trade to include areas like professional services. The two […]

March 16 (LBO) – Sri Lanka’s central bank kept its now largely irrelevant discount rate unchanged Friday, while its monetary policy actions in recent weeks showed a firm reliance on quantity targeting. The release of the next regular statement on monetary policy is scheduled for 11 April 2007. Update 2 (graphics/reserve money targets) Though the […]

March 15 (LBO) – Sri Lanka’s exports grew by 11.2 percent in January led by industrial exports which surged 15.6 percent, the Central Bank said Friday. Tea exports were hit by production shortfalls following the strikes in December, but apparel exports surged 28.1 percent to 221 million dollars. “However, within the agricultural sector, the increase […]

March 14, 2007 (LBO) – Sri Lanka is looking for ways for local government bodies to collect more taxes to as part of the strategy to take economic development to rural areas, the office of the president said Wednesday. President Mahinda Rajapakse had met chairmen of local government bodies yesterday to discuss ways to push […]