Tag: lbo
Sri Lanka central bank presses for reforms to state entities
Apr 11, 2011 (LBO) – Reforming Sri Lanka’s loss-making public enterprises could help the country cope better with external shocks like high crude oil prices, the central bank has said. Adjusting domestic prices such as fuel to be more in line with international prices would reduce the burden on the budget of these enterprises, it […]
Maldives breaks peg, floats currency in 20-pct band
Apr 11, 2011 (LBO) – Maldives has broken its peg at 12. 85 to the US dollar effectively allowing the currency to depreciate over 15 rufiya to the US dollar under a 20 percent band within which the currency will be allowed to float. The International Monetary Fund said the move will help stabilize the […]
Sri Lanka vegetable traders hit by contradictory allegations
Apr 11, 2011 (LBO) – Sri Lanka’s vegetable traders who are often accused of keeping prices up through a purchasing ‘mafia’ have now been accused of lowering prices through imports, according to a media report. Sri Lanka’s The Sunday Times newspaper said local tomatoes were being sold for prices between 100 to 120 rupees and […]
Oil Mercantilism
Apr, 08, 2011 (LBO) – A top US monetary economist has poured cold water on fears about the world running out of oil, an idea which gains special prominence when the US Fed loosens monetary policy, debases the dollar and sends commodities bubbling up. Nixon at the time even halted exports of food commodities, instead […]
Sri Lanka court grants bail for detained editor
April 7, 2011 (AFP) – The editor of a pro-opposition Sri Lankan news website was released on bail Thursday, a week after his arrest sparked protests from international media rights groups. Bennet Rupasinghe had been taken into police custody on charges of allegedly threatening a suspect wanted for a January arson attack on the offices […]
Sri Lanka to get $300mn a year for infrastructure from ADB
Apr 07, 2011 (LBO) – The Asian Development Bank would finance Sri Lanka with about 300 million dollars annually over the next few years, with roads, water supply and sanitation getting attention, officials said. In the past three years Sri Lanka had got nearly a billion dollars of Asia Development Financing, with a peak of […]
Sri Lanka ties held back by rights concerns, US says
WASHINGTON, April 5, 2011 (AFP) – The United States said Tuesday that future cooperation with Sri Lanka depended on improvements in its human rights record and an accounting of the bloodshed at the end of the island’s civil war. With its strategic location and contributions to global peacekeeping, Sri Lanka “is poised to be a […]
Sri Lanka and IMF to discuss ways to rope in excess money
Apr 06, 2011 (LBO) – The International Monetary Fund will discuss ways to deal with the excess money in Sri Lanka’s banking system in a bid to contain further inflation from being generated through the pegged monetary system. Sri Lanka’s central bank allowed inflation hit 8. 6 percent in the 12-months to March 2011 prompting […]
Sri Lanka HSBC, British Council backs students in business
Apr 06, 2011 (LBO) – Sri Lankan students studying at universities, private higher education institutions, vocational and professional bodies can win seed capital to start a business in contest launched by the British Council and HSBC bank. Aspiring students will have to submit a business plan to start enterprises in fashion design, architecture, crafts, tourism, […]
Sri Lanka may need monetary tightening: ADB
Apr 06, 2011 (LBO) – Sri Lanka may need monetary tightening later in the year to contain rising inflation and maintain export competitiveness, though growth will be strong for the next two years, the Asian Development Bank said. A central bank inflates an economy mainly by a coercive legal tender law that forces people to […]
Half Share
Apr 05, 2011 (LBO) – Sri Lanka’s Laugfs Gas will get 50 percent of the liquefied petroleum gas (LPG) produced by state-run Ceylon Petroleum Corporation, up from an earlier 30 percent on a presidential directive, the company said. The directive followed an April 04 meeting with the President attended by Treasury Secretary P B Jayasundera, […]
Sri Lanka gets more IMF cash; warned on excess liquidity
Apr 05, 2011 (LBO) – The International Monetary Fund has given Sri Lanka 218. 3 million dollars under its 2.5 billion US dollar program but called on the Central Bank to tighten liquidity management to prevent further inflation. Authorities expect Sri Lanka to generate less inflation after April. Sri Lanka is also expected to change […]