Tag: economy

Apr 03, 2012 (LBO) – Sri Lanka expects to end all interventions in forex markets by end May with forex sales for oil payments already less than planned, Central Bank Governor Nivard Cabraal said. “We haven’t committed to exactly when interventions will end,” Governor Cabraal said. “The need for intervention is already less than we […]

Mar 31, 2012 (LBO)- Sri Lanka has slapped new taxes of as much as 100 percent of import value on some imported cars, but raised taxes on hybrid cars at a lower rate, in a move which can reduce state revenues from automobiles this year. Sri Lanka’s ordinary citizens pay very high taxes on cars, […]

Mar 31, 2012 (LBO) – Sri Lanka’s finance ministry said it had raised taxes on tobacco, alcohol and beer, including higher import duties on imported beer, which can potentially raise 3. 0 billion rupees in new taxes a year. Excise tax on wine will go up by 50 rupees to 838 rupees a liter, on […]

Mar 30, 2012 (LBO) – Sri Lanka is on track to resume a loan program with the International Monetary Fund next week, with preliminary data showing that action taken to break credit and domestic demand are showing results. The IMF held back the final two tranches of around 800 million dollars from its 2. 5 […]

Mar 30, 2012 (LBO) – Inflation in Sri Lanka’s capital Colombo accelerated to 5.5 percent in the 12 months to March 2012 up from 2.7 percent in February with the index growing 2. 2 percent in the month, statistics office data showed. Food prices remained stable with the foods index growing just 0. 1 percent […]

Mar 30, 2012 (LBO) – Indian companies are keen to invest in Sri Lanka with the island’s Expo 2012 international trade drawing a large group of Indian businessmen, the High Commission of India said. The commitments were made during talks between a visiting team from the Confederation of Indian Industry and Sri Lankan commerce and […]

Mar 28, 2012 (LBO) – Greater co-operation between Sri Lanka and Vietnam will be examined in an economic forum on March 30, with the participation of economists and government officials Friday. After people’s property rights were improved and market prices were freed Vietnam became the world’s second largest rice exporter from being a net rice […]

Mar 28, 2012 (LBO) – Japan has given Sri Lanka a loan of 42 billion Yen (about 66 billion rupees) with the bulk of it meant for expanding the island’s sole international airport, a Japanese embassy statement said. “The loans under this scheme are offered on highly concessionary terms and conditions and are administered by […]

Mar 27, 2012 (LBO) – A top Japanese economist has warned Sri Lanka of continuing a ‘subsidy culture’ that could retard growth and also of letting slip opportunities for closer trade ties with neighbouring India. Shinji Asanuma, a professor in the school of international and public policy, Hitotsubashi University said Sri Lanka’s economic growth provided […]

Mar 26, 2012 (LBO) – Sri Lanka’s exports to Europe are growing despite recession there but its markets could be threatened by easier access given to competing export nations, an official said. Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka, said in 2011, Sri Lanka exported 3. 6 billion US dollars worth of […]

Mar 26, 2012 (LBO) – Sri Lanka’s exports fell 0. 6 percent to 917.7 million US dollars in January 2012 from a year earlier with a sharp drop in tea, while industrial exports grew at a sluggish 3. 3 percent, while imports powered ahead, official data showed. Exports Last year, Sri Lanka’s exports grew 22.4 […]

Mar 25, 2012 (LBO) – Proper economic management is the key to prosperity, not whether a country is resource-rich or poor, a top Japanese economist has told Sri Lanka. Price stability is also necessary for development and should be considered a priority by policymakers, said Hirohisa Kohama, professor in the faculty of international relations, the […]