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Global giant Standard Chartered Bank tips Sri Lanka’s economic growth to rebound in 2013, after contracting this year from 2011. It is forecasting economy to grow by 7.5% in 2013 and by 7.7% in 2014 from 6.8% this year. However, forecasts for the next two years are lower in comparison to record 8.3% growth achieved ...
Reuters: Sri Lanka’s economic growth this year may range between 6.7% and 7.2% depending on the impact of a drought that has lasted since the beginning of the year, Treasury Secretary Dr. P.B. Jayasundera said on Thursday. The Central Bank has forecast 7.2% economic growth this year, after revising it down in March from the ...
Foreigners most bullish with net buying up 20% or Rs. 5 b; Market’s value up by Rs. 48 b between 20 July and 24 Aug. Despite original reservations by some that President Mahinda Rajapaksa shouldn’t have met with capital market stakeholders, the Colombo stock market has proved otherwise, with the most bullish being foreign investors. ...
People’s Leasing Company (PLC) saw its revenues rise nearly 27% in the June quarter, led by growth in its core leasing business, the group said. In results released to the Colombo Stock Exchange, the country’s biggest leasing company said group revenue rose to Rs. 4,367 million during the first quarter of June 2012, from Rs. ...
Lankan Rupee continued to have a significant adverse ...
Standard Chartered Bank has revised Sri Lanka’s credit outlook to stable from positive and is advising bond investors to await the conclusion of Sri Lanka’s $ 1 billion Sovereign issue prior to getting involved in the country’s debt market opportunities. This advise is contained in SCB’s latest Asian sovereign credit coverage. “While we believe that ...
By Cassandra Mascarenhas The third and final day of the Sri Lanka Economic Summit 2012 organised by the Ceylon Chamber of Commerce commenced with a plenary session titled ‘Skills and Productivity to Compete in the Global Market,’ which discussed the initiatives that are underway and aimed to identify additional steps required to improve the quality ...
Reuters: Sri Lanka’s current monetary policy rates are appropriate despite a spike in inflation last month due to supply constraints, the Central Bank said on Tuesday, a day ahead of its July monetary policy review announcement. The Central Bank has kept both repurchase and reverse repurchase rate at two-year highs of 7.75 percent and 9.75 ...
By Cheranka Mendis The tea industry’s export target of achieving revenue of US$ 5 billion from the present US$ 1.5 billion by 2020 is an overly ambitious one that is likely to be impossible to achieve, Colombo Tea Traders Association Chairman Jayantha Keragala said on Friday at the association’s 118th AGM. Keragala stated that the ...
Reuters: The Sri Lankan rupee edged higher on Friday a day after it hit a record low, as exporters and a state bank sold dollars to buy the local currency in thin trade, dealers said. The rupee closed at 133.50/70 to the dollar, a tad firmer from Thursday’s close of 133.80/90. It hit a fresh ...
Reuters: The Sri Lankan rupee market came to a standstill on Tuesday as banks stopped quoting spot prices against the US dollar, after what dealers said was a request from the central to stop trading the ailing currency beyond the 133 level. “The whole market is distorted as central bank does not like to see ...
Sri Lankan Rupee is expected to firm up later this year, while treasury yields could creep up on fiscal slippages, a report said, as the central bank looks for ways to tighten monetary policy.
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
Still recovering from decades of civil war, Sri Lanka has attracted some private equity interest but firms have found it hard to rally LP support for the country PE Asia: Sri Lanka’s golden sandy beaches lie not 50 kilometres from India’s closest point, but the distance between the two countries’ private equity markets is ...
By CT Smith Stockbrokers CBSL tightens its monetary policy for the second time in 2012 In its Monetary Policy Review for April, the Central Bank of Sri Lanka (CBSL) increased its repurchase rate and reverse repurchase rate by 25bps and 75bps to 7.75% and 9.75% respectively (w.e.f. end 5th April 2012) in order to further ...
The CBSL’s directive issued last year, which takes into account credit, market, operational and liquidity risk, is very much in line with the recommendations of the Bank of International Settlements (BIS), which recommends in particular capital adequacy for government banks, said internationally-renowned risk consultant and CEO/Principal of Independent Global Research Ltd. David Roden. Addre...
IPS: Most things in Sri Lanka are becoming expensive these days. In early February fuel prices were increased by margins ranging from eight to 49 per cent, with the all-important diesel, used widely in commercial transport and power generation, going up by 36 per cent. The Sri Lankan rupee
in the Sri Lankan Rupee (SLR), resulting in a sharp, and ...
The Saudi Kingdom has offered financial aid worth SR 225 million (approximately Rs. 7.6 billion) for the upgrading of road networks in Sri Lanka. The draft agreement for the financial assistance was finalized in Riyadh on Monday during a meeting between the Vice Chairman of the Saudi Fund For Development (SFD) Yusuf Al-Bassam and Dr. ...
(Bloomberg): Sri Lanka doesn’t need to further tighten monetary policy for now even though an increase in fuel and transportation costs and a weakening currency may stoke inflation, the head of the central bank said. The central bank’s rate increase earlier this month will have a “demand-driven impact” and help moderate inflation, its Governor Ajith ...
The Central Bank of Sri Lanka recently unveiled its pioneering Sixth Strategic Plan – communicating in all transparency its plans for the forthcoming financial period – based on the theme ‘Raising the Bar’. The Sixth Strategic Plan, like its predecessors, takes root from the policy measures underscored in the ‘Mahinda Chinthana,’ and is formulated to ...
The Standard Chartered Bank (SCB) has opined the Central Bank’s forecast of $ 25 billion foreign inflow as “optimistic” given external headwinds whilst cautioning that pressure was mounting on the rupee given the rising import demand. This view along with weaker GDP forecast is contained in SCB's latest country update titled 'A challenging year ahead' ...
In a major indictment on the country’s macro stability and a wakeup call to policy makers, Fitch Ratings yesterday warned that Sri Lanka has now become one of the four highest-risk financial systems in Asia Pacific and nine in the world. The warning on and labelling of Sri Lanka comes ahead of Christmas and could ...
Quick take on 2012 Budget by IIFL Securities Ceylon The 2012 Budget was relatively uneventful. It could be viewed as building on the significant tax reforms brought in by its predecessor whilst focusing on long-term infrastructure-led development and fiscal consolidation. The Government envisaging a fiscal deficit target of 6.2% of GDP for 2012 is a ...
The premier private sector lobby Ceylon Chamber of Commerce (CCC) yesterday welcomed the 2012 Budget and emphasised that it looked forward to working with the Government with regard to implementation. The chamber issued a statement yesterday after a careful study of the proposals in Budget 2012 presented by President and Finance Minister Mahinda Rajapaksa on ...
Research issue Sri Lanka’s growth cannot be examined in isolation. This is because its economy is intricately interwoven to its neighbours and other countries through commercial, political and cultural links. The sustainability of any growth strategy adopted by the country will depend on the stability of different partnerships and the ability of the country to ...
Arrenga Capital Research takes a deeper look at Budget 2012 and impact on select listed companies 1. A challenging deficit target – 6.2% of GDP in 2012 I. Government revenue targeted to grow by 20.2% YoY to Rs. 1,126.1 b (14.7% of GDP) II. Total Government expenditure to rise 14.1% YoY to Rs. 1,594.9 b ...
By Marianne David, Dinali Goonewardene, Cheranka Mendis, Cassandra Mascarenhas, Devin Jayasundera and Chamitha Kuruppu Brandix CEO Ashroff Omar Overall, we are glad that all that we had asked for, having worked with the Treasury before the Budget, has come in. There are slight tweaks from our proposals to what has been given, but overall we ...
MP charges that Government is focusing only on physical infrastructure and adopting a top-down development approach instead of a more inclusive and participatory humane political futureUnited National Party Parliamentarian Eran Wickramaratne asserts that the Government is depleting the resources of the municipality on an election extravaganza. In a candid interview with the Daily FT, the ...
By Dinali Goonewardena A COMMON currency between the Maldives and Sri Lanka has not been discussed by the Sri Lankan Authorities, a Central Bank official said yesterday. There were reports over the weekend that the Maldivian President was seeking a common currency between the two countries. “A lot of institutional infrastructure is required to enable ...
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