Tag: economy

Oct 04, 2012 (LBO) – Iran is heading for hyperinflation with a collapsing Riyal driving up prices above a 50 percent a month threshold, as US led economic sanctions hurt state revenues, a top monetary economist has said. Hanke says the black market and official exchange rates began to diverge after July 2010 when President […]

Oct 04, 2012 (LBO) – Sri Lanka’s urban agency will be given state land in 15 locations to build high rise apartments for people living in underserved settlements in the capital Colombo, cabinet spokesman minister Keheliya Rambukwelle said. The agency has already awarded contracts to build 9,781 housing unit in 11 locations in Colombo which […]

Oct 03, 2012 (LBO) – India has started the second phase of building and repairing 43,000 houses in Sri Lanka’s war ravaged Northern and Eastern provinces under a 270 million US dollar grant aid project targeting 50,000 homes. Each beneficiary would be given 550,000 rupees (230,000 Indian rupees) for a new house in installments and […]

Oct 02, 2012 (LBO) – An interim report on state finances presented to parliament is not responsive to Sri Lanka’s fiscal management responsibility law and lacks key information, a legislator has said. Harsha de Silva, an opposition legislator who is an economist, has told parliament that in Sri Lanka’s mid-year fiscal report covering fiscal operations […]

Oct 02, 2012 (LBO) – Sri Lanka’s state debt has expanded by more than a trillion rupees to 6,161 billion rupees up to July 2012 from 5,133.3 billion rupees in December 2012, as the currency depreciated and foreign borrowings increased. Domestic borrowing had fallen to 53.02 percent from 59.6 percent over the same period. In […]

Oct 01, 2012 (LBO) – Sri Lanka has seen a sharp fiscal slippage in July 2012 after two months of improving state finances, as the state ratcheted up current expenditure ahead of the ability of citizens to pay up taxes, official data show. State revenues rose 12.6 percent to 556 billion rupees in the seven […]

Sept 28, 2012 (LBO) – Japan will provide 120 million yen (180 million rupees) through the World Food program to provide meal at school to children in the former war zones in the north of Sri Lanka. “There is much concern about the nutritional needs of the resettled Internally Displaced Persons (IDPs) especially children in […]

September 27, 2012 (LBO) – Sri Lanka’s economic growth forecast for 2012 has been lowered to 6. 8 percent from an earlier7.2 percent, Central Bank governor Ajith Nivard Cabral said He said expected growth in some sectors has been revised up and some down. Sri Lanka is facing an external slowdown which has slowed exports […]

Sept 24, 2012 (LBO) – Loans from Sri Lanka’s commercial banks to state and private borrowers fell to 10.1 billion rupees in July 2012, down from 13.5 billion rupees a month earlier, the lowest since January 2011, partly helped by a sovereign bond sale. Loans to private borrowers rose 35. 7 billion rupees to 2,270.6 […]

Sept 21, 2012 (LBO) – Sri Lanka has to keep inflation in mid single digits allowing interest rates to be in single digits helping keep annual economic growth around 8. 0 percent, Central Bank Governor Nivard Cabraal said. The index has briefly moved above mid single digits in the past few months peaking at 9. […]

Sept 19, 2012 (LBO) – Sri Lanka has pushed up food prices of the people to provide greater profits to the farming lobby, while another tax on canned fish has also been raised, a notice published by the finance ministry said. The finance ministry said a tax on potatoes has been raised by 30 rupees […]

Sept 18, 2012 (LBO) – Sri Lanka’s Central Bank kept its key policy rate at which money is injected to the economy at 9. 75 percent saying credit was slowing and balance of payments pressure and inflation was easing. The central bank said average monthly bank credit volumes had fallen to about 27 billion rupees […]