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by Jehan Perera President Ranil Wickremesinghe notched up another achievement when Parliament ratified the Domestic Debt Restructuring (DDR) programme with a majority of 60 votes, with 122 members voting for and 62 against, with 40 abstentions. Parliamentarians who would need to think about their re-election prospects would have been reluctant to vote for a programme […]
Sri Lankan state can’t allow even a small bank to collapse because that will trigger a bank run with a devastating impact on the economy. Governor of the Central Bank of Sri Lanka CBSL) Dr. Nandalal Weerasinghe said, on Thursday night, taking part in a televised discussion. Dr. Weerasinghe said that Domestic Debt Restructuring (DDR) […]
Banks, which pay taxes over 50%, least affected By Sanath Nanayakkare If the Employees’ Provident Fund (EPF) and other pension funds did not wish to participate in the proposed domestic debt restructuring process, there will be an application of higher annual income tax of 30%, Central Bank
[…]The post Ranil’s Economic Strategy: Will His Prioritisation Of Targets Misfire? appeared first on Colombo Telegraph.
Steps are being taken to prepare the new integrated labour law to avoid the complexities of the existing employment statutes, Minister of Labour and Foreign Employment, Manusha Nanayakkara, recently told the Ministerial Consultative Committee on Labour and Foreign Employment affairs. The Minister said they will start taking opinions and suggestions of all relevant parties from […]
The Government is to consider restructuring Sri Lanka’s domestic debt, but a final decision is yet to be taken, President Ranil Wickremesinghe told Parliament today. He said that all aspects will be looked into when restructuring Sri Lanka’s domestic debt. “Some banks are saying they will not be able to face this. Then they must […]
[…]The post Can Sri Lanka Drive Itself From Bankruptcy To Prosperity In 2023? appeared first on Colombo Telegraph.
Fear of a DDR/IFR event drive rates even higher
[…]The post JR & Expert Advice: Failing To Implement Goh Keng Swee Report Of 1980 appeared first on Colombo Telegraph.
Currency depreciation inflates an economy and imposes a 'hair cut' on domestic debt by reducing purchasing power
[…]The post Some Suggestions To Assist In Sri Lanka Striving To Achieve A Primary Balance appeared first on Colombo Telegraph.
Photo courtesy of Longitude 80 The estate sector, a high foreign exchange earner for the country, is undergoing a severe crisis. On one hand, estate workers are underpaid and forced to live...
Photo courtesy of Longitude 80 The estate sector, a high foreign exchange earner for the country, is undergoing a severe crisis. On one hand, estate workers are underpaid and forced to live...
Photo courtesy of Longitude 80 The estate sector, a high foreign exchange earner for the country, is undergoing a severe crisis. On one hand, estate workers are underpaid and forced to live...
Photo courtesy of Longitude 80 The estate sector, a high foreign exchange earner for the country, is undergoing a severe crisis. On one hand, estate workers are underpaid and forced to live...
[…] The post The Right Way To Do The Eastern Container Project appeared first on Colombo Telegraph.
2014 T Bond Yield Goes Below One Year T Bill Rate In Secondary Market The rupee further strengthened at Friday’s (September 21) trading due to a mix of sluggish import demand and possible foreign investment in the Government Bond market, a source told this newspaper. As a result, the exchange rate (ER) strengthened by 25 ...
By Saman Gunadasa World Socialist Web Site: A scandal over the manipulation of shares on the Colombo Stock Exchange has erupted in recent weeks, after former Sri Lankan Securities Exchange Commission (SEC) Chairman Thilak Karunaratne accused Government ministers of acting in league with speculators. Karunaratne was pressured by President Mahinda Rajapaksa to quit his position, ...
By Cassandra Mascarenhas The Government eServices project spearheaded by the ICT Agency of Sri Lanka celebrated a landmark achievement last evening, launching 22 important eGovernment services, further strengthening the country’s Government sector by making public services easily accessible to the citizens of Sri Lanka via the internet and mobile communication systems. Presidential Secretary...
UNP MP Dr. Harsha de Silva yesterday issued the following statement on the new appointments to the Securities and Exchange Commission (SEC): Is the Government’s message to go ahead and engage in fraud at the CSE without worrying about getting caught? If the Minister of Finance was genuinely concerned in re-establishing a fair and equitable ...
Commissioners given freedom to decide future course with regard to DG post Dr. Jayasundera says top professionals picked to give leadership to a sound capital market growth Priyantha and Sujeewa served as Commissioners under Indrani Sugathadasa as well Opposition and certain market segments decry choice of men given their conflicting roles By Nisthar Cassim Likely ...
Last week’s weekly Treasury (T) Bill auction saw yields continuing with their upward ascent, with the weighted average yields (WAYs) for 182 and 364 day T Bills rising by seven and four basis points (bps) to 13.02% and 13.27% respectively. However the WAY for the 91 day T Bill stagnated at the 11.36% level, which ...
Point of view By a market participant The investors were compelled to wait nearly 17 years to reap the benefit of a real bull run in 2009 after the elimination of the LTTE terrorism and how the SEC destroyed it within a one-and-a-half year period due to ill conceived, irresponsible decisions is well known and ...
By Cassandra Mascarenhas The technical sessions of the Association of Professional Bankers’ 24th anniversary convention were held yesterday, bringing the APB’s flagship event to a close. Aptly themed ‘Sustainability in volatility: The bankers’ challenge,’ each technical session explored an area that could throw obstacles in the path of bankers and the line-up of speak...
By Ashwin Hemmathagama Our Lobby Correspondent The Government has been repeatedly mentioning that the economy is in sound condition and reserves are very securely and lucratively invested. However, UNP MP Ravi Karunanayake moving yesterday’s adjournment motion accused the Government of robbery." “On examination of the state of the economy we find that the Government, especially ...
D.E.W. Gunasekara says it is routine with 2010 Annual Report as subject; Ravi K says will take up reversed NSB-TFC deal and other stock market illsThe Chairman and Commissioners of the Securities and Exchange Commission (SEC) will appear before the Committee on Public Enterprises (COPE) today when Opposition is likely to query on ill doings ...
UNP MP Dr. Harsha De Silva yesterday warned that a clear trend of the fallout from the gambling of public money had emerged with the latest ruling from a London Court hot on the heels of losses suffered from equity market and European junk bond deals. “The London Court ruling is a further confirmation of ...
Renews call for Select Committee to probe shady deals; wants EPF investments in stocks halted Blasts President-Bourse forum Says CSE Board must be dissolved Akin to firing all cylinders, Opposition Leader Ranil Wickremesinghe has blasted President Mahinda Rajapaksa’s forum with capital
By a Special Correspondent A year or back from today, Sri Lankan economy had been sailing strongly amidst global economic typhoons. Most of the macro variables were reflecting peace dividends and rejuvenated hope. However, by mid 2011, the country’s trade deficit, fuelled by credit expansion was signalling early signs of an economic turmoil. Perhaps being ...
The bearish stock market’s struggle persisted yesterday despite expectations of a rebound in sentiments following the dialogue between capital market stakeholders and President Mahinda Rajapaksa on Friday. The benchmark ASI closed six points down (0.13%) and MPI by over 23 points (0.5%) whilst S&P Sri Lanka 20 dipped by six points. Turnover was a modest ...