Tag: Sri Lanka

Apr 09, 2012 (LBO) – Sri Lanka is planning to spend 89 billion rupees to re-build former war zones in the north and the east in 2012 to bring the areas to normalcy, President Mahinda Rajapaksa said. He said de-mining has been accomplished fast and ahead of predictions, and most displaced families were already resettled. […]

Apr 07, 2012 (LBO) – Sri Lanka has had single digit inflation for the past 38-months and no crisis in the banking system, despite a short-term weakening of the currency, Central Bank Governor Nivard Cabraal said. “During the past 38 months inflation had been in the single digit level,” Cabraal told the LBR-LBO Ceo forum, […]

Apr 05, 2012 (LBO) – Sri Lanka’s economy grew 8. 3 percent in the 2011 after growing at 8. 0 percent in 2010, with fourth quarter growth also clocked at 8.3 percent, the statistics office said. Per capita gross domestic product was estimated at 2,836 US dollars (313,511 rupees implying an exchange rate of 110.54) […]

Apr 05, 2012 (LBO) – Sri Lanka raised its key policy rate by 75 basis points to 9. 75 percent to curb credit which was still growing at an “undesired rate”, and state borrowings were also high, the Central Bank said. Sri Lanka rupee came under pressure from high credit growth from the middle of […]

Apr 04, 2012 (LBO) – Sri Lanka has suppressed information, ignored warnings from independent analysts, manipulated data and markets until the economy ran into ‘brick wall’ a legislator who is an economist has said. An annual report about the Employees Provident Fund, a retirement fund of non-state workers, whose state management has become increasingly controversial, […]

Apr 04, 2012 (LBO) – Sri Lanka’s sudden hike in car taxes has taken the International Monetary Fund by surprise, and the lender would like to see tighter monetary policy than selective taxes, its resident representative said. “The issue of recent taxes on vehicles and other goods, that actually is something we did not discuss […]

Apr 03, 2012 (LBO) – Sri Lanka expects to end all interventions in forex markets by end May with forex sales for oil payments already less than planned, Central Bank Governor Nivard Cabraal said. “We haven’t committed to exactly when interventions will end,” Governor Cabraal said. “The need for intervention is already less than we […]

Apr 03, 2012 (LBO) – The International Monetary Fund said it will give 426 million US dollars to Sri Lanka, resuming its suspended bailout loan, after authorities took corrective steps to stem credit and foreign reserve losses. Settling external loans with foreign reserves does not add new demand but can prevent a contraction of demand […]

Mar 31, 2012 (LBO)- Sri Lanka has slapped new taxes of as much as 100 percent of import value on some imported cars, but raised taxes on hybrid cars at a lower rate, in a move which can reduce state revenues from automobiles this year. Sri Lanka’s ordinary citizens pay very high taxes on cars, […]

Mar 31, 2012 (LBO) – Sri Lanka’s finance ministry said it had raised taxes on tobacco, alcohol and beer, including higher import duties on imported beer, which can potentially raise 3. 0 billion rupees in new taxes a year. Excise tax on wine will go up by 50 rupees to 838 rupees a liter, on […]

Mar 30, 2012 (LBO) – Sri Lanka is on track to resume a loan program with the International Monetary Fund next week, with preliminary data showing that action taken to break credit and domestic demand are showing results. The IMF held back the final two tranches of around 800 million dollars from its 2. 5 […]