Tag: economy

Mar 22, 2012 (LBO) – Private sector credit growth and import demand in Sri Lanka is slowing down in response to recent policy tightening, with downward pressure on the rupee expected to ease, the central bank said. Foreign currency inflows to the country increased “substantially” in recent weeks and more was expected, as projected in […]

Mar 22, 2012 (LBO) – Sri Lanka’s rupee should stabilise below 125 to the US dollar once the initial adjustment to the currency’s float and seasonal demand work their way out of the system, Treasury secretary P B Jayasundera said. The rupee has fallen sharply against the dollar and other key international reserve currencies in […]

Mar 20, 2012 (LBO) – Sri Lankan consumer protection activism remains weak because of a lack of awareness and will, leaving consumers vulnerable to the lobbying power of big business and utilities, an official said. The Public Utilities Commission plans to step up its campaign to educate consumers this year. “After making people aware, we […]

Mar 17, 2012 (LBO) – Sri Lanka should watch global developments closely, in particular the unfolding scenario in Europe and learn lessons, Saliya Rajakaruna, chief executive of the Nations Trust Bank has said. Rajakaruna said the US economy was still struggling, the future of the Euro single currency was in doubt, the Middle East was […]

Mar 14, 2012 (LBO) – Sri Lanka’s economic growth for 2012 has been downgraded to 7.2 percent from an earlier projected 8.0 percent, but inflationary pressures may remain weak, the Central Bank said amid measures to counter a balance of payments crisis. The central bank raised policy rates in February, allowed a rupee peg to […]

Mar 11, 2012 (LBO) – Sri Lanka will soon bring a law to control prices of drugs, a media report said amid protests from the pharmaceuticals trade which had warned that price controls may create shortages of essential drugs from time to time. Sri Lanka’s post-independence rulers, who printed money to run deficit budgets, depreciated […]

Mar 09, 2012 (LBO) – Three soldiers assigned to provide security to a Hindu temple were found shot dead in Jaffna in Sri Lanka’s north Friday morning, military spokesman brigadier Nihal Hapuarachchi said. He said initial investigations had indicated that the incident was due to a personal dispute. “There were no third parties involved,” he […]

Mar 08, 2012 (LBO) Sri Lanka’s Urban Development Authority is in talks with India’s TATA Housing Development Company, to develop an underserved area in Colombo an official said. The Urban Development Authority says slum dwellers are living in appalling conditions without proper ventilation and basic infrastructure. “They can’t even open their windows because it touches […]

Mar 06, 2012 (LBO) – Dubai-based All Futtaim group which already owns a motor dealer and insurer is scouting fresh opportunities in leisure and real estate, group vice chairman Omer Al-Futtaim said. “We are exploring a number of new of new opportunities,” he said. “Real estate and leisure is one of the areas we are […]

Mar 01, 2012 (LBO) – Sri Lanka is planning to resume a deal with the International Monetary Fund which can boost the island’s forex reserves which had fallen to 5. 7 billion US dollars and there is no capital flight, the Central Bank said. Analysts say that in the absence of a clean float and […]

Mar 01, 2012 (LBO) – An online discussion based on a report by Sri Lanka’s Institute of Policy Studies (IPS) and the World Bank on creating better jobs has been started using ‘Google Moderator’, to invite more public discussion. “Sri Lanka is in a new phase of growth, but the development challenges are many. Unemployment […]

Feb 29, 2012 (LBO) – Sri Lanka has taken delayed corrective steps to counter a balance of payments crisis triggered by a credit bubble worsened by energy price manipulation and state enterprise losses, but more pain may be ahead, economists warned. In 2011 Sri Lanka saw a surge in private sector credit fired by extended […]