Tag: Sri Lanka

Apr 18, 2012 (LBO) – Sri Lanka will grow 7.0 percent in 2012 with tighter monetary policy brought in to strengthen the exchange rate and cut inflation and will rebound to 8. 0 percent in 2013 the Asian Development Bank said. ADB’s, Sri Lanka chief Rita O’ Sullivan said the administration’s emphasis on boosting infrastructure […]

Apr 17, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation lost 94 billion rupees in 2011 up from 27 billion rupees a year earlier, largely due to below cost sales to a power utility, official data showed. Sri Lanka’s Central Bank in its annual report said a key reason for the loss was sales […]

April 16, 2012 (LBO) – Private investment in post-war Sri Lanka has not risen as anticipated because it still lacks a “predictable policy environment” which creates uncertainties for businesses, the Asian Development bank has said. The outlook is for moderate but still strong growth in Sri Lanka in 2012, the bank forecast in its Asian […]

Apr 16, 2012 (LBO) – The resumption of a loan program with the International Monetary Fund is positive for Sri Lanka’s ‘B1’ credit rating, as it will help boost investor confidence, Moody’s Investors Service said. “The disbursement is credit positive because it will help restore investor confidence and shore up foreign exchange reserves, which had […]

Apr 16, 2012 (LBO) – Sri Lanka expected a global slowdown to moderate credit in the second half of 2012 and did not tighten monetary policy but spent foreign reserves to maintain growth, a top official said. Reserve Risk Sri Lanka sterilized the balance of payments amid warnings from both the International Monetary Fund and […]

Apr 13, 2012 (LBO) – The world has to restore sound public finances, while some are forced to cut deficits fast others have to do it slowly, Christine Lagarde the managing director of the International Monetary Fund has said. Lagarde said loose monetary policy (money printing) could support where inflation remains in check but emerging […]

Apr 11, 2012 (LBO) – An online resource centre with the participation of prominent business leaders, chief executives, academics and economists has been launched in Sri Lanka allowing readers to interact with them and share ideas. portal (www.ceoonline.lk) allows readers to reach more than 50 senior corporate executives, academics and researchers who serve as honorary […]

April 11, 2012 (LBO) – Sri Lanka’s central bank has called on loss-making state enterprises to ensure financial viability by better management and market pricing to reduce reliance on the budget and borrowings that cause macro-economic problems. It said that in 2011, policy measures were initiated by the government to improve the performance of SOEs […]

Apr 10, 2012 (LBO) – Sri Lanka would aim to maintain foreign reserves equal to 4. 5 months of imports with balance of payments surplus of 1.2 billion US dollars projected for 2012, Central Bank Governor Nivard Cabraal said. “A level of 4.5 months (of imports) is comfortable,” Cabraal told reporters. “If it goes down […]

Apr 10, 2012 (LBO) – Sri Lanka’s unemployment fell to 4.2 percent in 2011 from 4.9 percent a year earlier with more people being employed in agriculture and industry, official data showed. The Central Bank quoting a survey by the statistics office said total unemployed fell to 342,000 from 401,000 a year earlier. People working […]

Apr 09, 2012 (LBO) – High state spending is continuing to put pressure on the economy with billions of rupees being printed in April to meet expenses on top of earlier bank borrowings, official data shows. In countries with more stable currency pegs, such as Hong Kong or Singapore, seasonal cash demands are met, not […]