Tag: economy

Apr 26, 2012 (LBO) – There were no deals in Sri Lanka’s forex markets Thursday and quotes have also dried up pending a meeting of bank Treasurers with the Central Bank, market participants said. Monetary policy also loosened in April due to seasonal deficit financing, which has tended to put pressure on the dollar peg […]

April 24, 2012 (LBO) – State-run National Water Supply and Drainage Board has made a 1.9 billion rupees operational profit with higher revenues and a slight decline in non-revenue distribution. The Central Bank’s annual report said Water Board has given 95,728 new connections in 2011 growing total connections 7. 1 percent to 1.4 million. Revenues […]

Apr 23, 2012 (LBO) – Sri Lanka’s commercial banks loaned 55.3 billion rupees to private business in February 2012 higher than in January and state credit also remained strong but eased from records volumes a month earlier, official data showed. The data also contains the effects of currency depreciation after authorities allowed the rupee to […]

April 21, 2012 (LBO) – Policymakers across the world should to develop a more robust labour market and expand workers social insurance cover, to tide over future economic shocks, a new report said. With a sample of 77 countries significantly affected by the crisis, representing 89 percent of global GDP and 86 percent of world […]

Apr 20, 2012 (LBO) – In perhaps a new shift to transparency Sri Lanka has released an International Monetary Fund staff report prepared to support the 7th review under its program, after suppressing them for years. Sri Lanka ended up in a balance of payments crisis by trying to defend an exchange rate without tightening […]

Apr 20, 2012 (LBO) – The International Monetary Fund has prematurely commended Sri Lanka for not imposing trade sanctions on itself, in a bid to end a balance of payment crisis brought by loose monetary policy, newly released documents show. Trade sanctions can reduce economic activity and deprive tax revenues for rulers to keep spending. […]

Apr 18, 2012 (LBO) – Sri Lanka will grow 7.0 percent in 2012 with tighter monetary policy brought in to strengthen the exchange rate and cut inflation and will rebound to 8. 0 percent in 2013 the Asian Development Bank said. ADB’s, Sri Lanka chief Rita O’ Sullivan said the administration’s emphasis on boosting infrastructure […]

Apr 17, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation lost 94 billion rupees in 2011 up from 27 billion rupees a year earlier, largely due to below cost sales to a power utility, official data showed. Sri Lanka’s Central Bank in its annual report said a key reason for the loss was sales […]

Apr 16, 2012 (LBO) – Sri Lanka expected a global slowdown to moderate credit in the second half of 2012 and did not tighten monetary policy but spent foreign reserves to maintain growth, a top official said. Reserve Risk Sri Lanka sterilized the balance of payments amid warnings from both the International Monetary Fund and […]

April 16, 2012 (LBO) – Private investment in post-war Sri Lanka has not risen as anticipated because it still lacks a “predictable policy environment” which creates uncertainties for businesses, the Asian Development bank has said. The outlook is for moderate but still strong growth in Sri Lanka in 2012, the bank forecast in its Asian […]

Apr 16, 2012 (LBO) – The resumption of a loan program with the International Monetary Fund is positive for Sri Lanka’s ‘B1’ credit rating, as it will help boost investor confidence, Moody’s Investors Service said. “The disbursement is credit positive because it will help restore investor confidence and shore up foreign exchange reserves, which had […]

Apr 13, 2012 (LBO) – The world has to restore sound public finances, while some are forced to cut deficits fast others have to do it slowly, Christine Lagarde the managing director of the International Monetary Fund has said. Lagarde said loose monetary policy (money printing) could support where inflation remains in check but emerging […]