Tag: economy

Jan 11, 2012 (LBO) – Sri Lanka’s main policy interest rate at which cash is injected to the market will remain at 8.50 percent but an increase in market rates could help reduce money supply growth, the Central Bank said as it battles pressure on a dollar peg. Sri Lanka’s peg with the US dollar […]

Jan 06, 2012 (LBO) – Sri Lanka’s main opposition has called for the immediate publication an annual report of the island’s largest pension fund also questioned state plans for a 30-storey building using private citizens’ pension money. A pension (which involves a monthly annuity) will allow the state and rulers to control the private sector […]

Jan 05, 2012 (LBO) – Sri Lankans have spent a record 600 million dollars of gold in 2011 up more than seven times from the 82 million US dollars a year, the central bank said, as demand and prices for the precious metal rose. Before the creation of the Federal Reserve Bank gold was just […]

Jan 05, 2012 (LBO) – A team of Japanese volunteers had helped village level producers to develop new products and upgrade designs to get higher prices, the Japan International Co-operation agency said. Three volunteers had worked with the island’s Samurdhi Authority, a poverty alleviation agency, to help families in several areas. These volunteers had helped […]

Jan 04, 2012 (LBO) – Sri Lanka is still vulnerable to external shocks given, lower than expected year-end foreign exchange reserves and needs lasting reforms to better its credit rating, Moody’s, a rating agency has said. The island must further reduce government debt and budget deficits while a rapid and lasting improvement in credit strength […]

Jan 04, 2012 (LBO) – Sri Lanka is moving to a more explicit inflation targeting environment setting a level of 5 to 6 percent for 2012 and priority has been shifted to maintaining prices over growth, Central Bank Governor Nivard Cabraal said. “Over the last five years we actively worked on those measures,” Cabraal said. […]

Jan 04, 2012 (LBO) – Sri Lanka will collect information about areas like internet access in the first nation-wide household and population census to be conducted in over 30 years, an official said. A 30-year war ended in 2009 allowing the statistics office to conduct a nation-wide census. The census which is to conducted from […]

Jan 03, 2012 (LBO) – Sri Lanka’s debt to GDP ratio had fallen to 78 percent by end-2011 from 82 percent in 2010, Central Bank governor Nivard Cabraal said. The island’s foreign exchange reserves had fallen to 6.0 billion US dollars by the end of 2011 enough to cover 4. 0 months of imports and […]

Jan 03, 2012 (LBO) – Sri Lanka’s economy is projected to grow at 8.0 percent in 2012 with a new deal in the offing with the International Monetary Fund, Central Bank governor Nivard Cabraal said. The island economy had grown at about 8. 3 percent in 2011, he said. In 2012 Sri Lanka is targeting […]

Jan 03, 2012 (LBO) – Sri Lanka will negotiate a “follow up or surveillance” program with the International Monetary Fund with a standby facility ending in December 2011, Central Bank Governor Nivard Cabraal said. Sri Lanka had a 2.6 billion US dollar stand by deal with the International Monetary Fund from May 2009 after the […]

Jan 02, 2012 (LBO) – Sri Lanka is looking for stronger economic ties with countries in the Association of South East Asian Nations, foreign minister Gamini Lakshman Peiris said in Colombo. Sri Lanka has also started participating in the ASEAN Region Forum (ARF) to promote security in the region. ASEAN bloc has broken trade barriers […]