Tag: Sri Lanka
‘s central bank holds rates, warns against SOE credit
Jan 17, 2013 (LBO) – Sri Lanka’s policy rate at which liquidity is injected to the market will remain at 9.5 percent following a 25 basis point rate cut last month, the Central Bank said, but warned against rising credit to state enterprises. The Central Bank said the exchange rate has appreciated 5.3 percent against […]
Sri Lanka growth to pick up to 6.8-pct in 2013: World Bank
Jan 16, 2013 (LBO) – Sri Lanka’s economic growth will pick up to 6.8 percent in 2013 helped renewed external demand, better agriculture output, the World Bank said in a report on global economic prospects. Energy subsidies were also high in India. India’s rupee weakened over the past year amid central bank intervention. Large volumes […]
Sri Lanka business chambers warn against CJ impeachment
Jan 10, 2013 (LBO) – A move by Sri Lanka’s ruling coalition to impeach chief justice Shirani Bandaranaike through a controversial process which was decided as illegal by courts will harm the country, key business chambers said. She has denied the charges and expressed willingness to face a tribunal where rules of natural justice prevailed […]
Sri Lanka parliament to vote on chief justice impeachment
Jan 07, 2013 (LBO) – Sri Lanka’s parliament will vote on the impeachment of chief justice Shirani Bandaranayake on January 11 after a two day debate, the state information office said, despite a court order nullifying the findings of a parliamentary committee.The parliamentary committee from which the opposition out had not accorded due process to […]
Gas Tariff
Jan 06, 2012 (LBO) – Sri Lanka’s consumer affairs office has raised the price of liquefied petroleum gas by 150 rupees per 13.5 kilogram cylinder to 2,396 rupees under a regulated pricing formula.Prices of both state-run Litro Gas and Laugfs will go up, reports said. Domestic LP Gas prices are regulated by the CAA with […]
Sri Lanka citizens group calls for changes to upcoming bill
Jan 06, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has called for changes to an upcoming bill on a new agency called Divineguma Development Department and has called upon parliament not to impose it on the Northern Province with a two thirds majority. The full statement is reproduced below Friday Forum on […]
Sri Lanka entering 2013 with better prospects: Treasury Secretary
Jan 05, 2013 (LBO) – Sri Lanka is entering 2013 with an improving external environment, a stable exchange rate and favourable weather for agriculture, compared to last year, Treasury Secretary P B Jayasundera said.“Though there have been severe floods, the damage has been minimal as far as production activities are concerned,” Jayasundera told reporters. “All […]
Sri Lanka to get US$290mn soft loan from Korea
Jan 05, 2013 (LBO) – Sri Lanka will get up to 290 million US dollars from Korea for renewable energy and infrastructure under a framework agreement signed last week, the Korean embassy in Colombo said.The Government of Korea had recently given 70 million US dollars to the Sri Lankan Government as grants from KOICA assistance […]
Sri Lanka to charge retrospective taxes on converted vehicles
Jan 04, 2012 (LBO) – Sri Lanka is set to charge millions of rupees of taxes on a retrospective basis from owners of pick-up trucks and jeeps who have converted them under existing rules, according to a new cabinet decision.In free countries with strong constitutional guarantees of liberty to citizens, so called ex post facto […]
Sri Lanka personal income tax now very low: Treasury Secretary
Jan 04, 2012 (LBO) – Sri Lanka’s personal income tax rates are now very low and eligible persons should start paying taxes voluntarily, Treasury Secretary P B Jayasundera said. He said with Sri Lanka is becoming a service economy made up of self-employed and professionals working in legal, healthcare, education or information technology and income […]
Sri Lanka seeks budget support loan from IMF: Treasury Secretary
Jan 04, 2013, (LBO) – Sri Lanka is planning to discuss a loan of up to a billion US dollars if the International Monetary Fund is willing to provide budget support, Treasury Secretary P B Jayasundera said.“We are asking IMF to extend budget support,” Jayasundera told reporters in Colombo. “That money cannot go the central […]
Sri Lanka aims at inflation of 7.0-pct in 2013
Jan 03, 2013 (LBO) – Sri Lanka’s Central Bank aims to inflate the economy by about 7.0 percent in 2012 based on a monetary targeting framework where money supply and credit growth is taken into account.Delivering a monetary policy roadmap for 2013 Governor Nivard Cabraal said the Central Bank was will continue to aim for […]