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A number of articles which appeared in print media in the recent past signify the volatility in the economy. High volatility leads to vulnerability. Volatility and vulnerability are reflections of the haphazard nature of the economic policies and poor economic governance in a country. What is volatility? Volatility is the severity and the frequency with ...
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, ...
24th August 2012 Dr. P. B. Jayasundera, Secretary to the Treasury, Ministry of Finance & Planning The Secretariat, Colombo 1. Dear Dr. Jayasundera, Establishment of a Financial Services Authority and a Banking and Finance Commission I suggest for your consideration that you duly evaluate the long-term national economic benefits of enhancing effective fiscal management capability ...
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...
The Central Bank is expected to keep interest rates steady for a fourth straight month on Tuesday as a spike in inflation to a 42-month high complicates its efforts to bolster cooling growth. All 11 analysts polled by Reuters expected repurchase and reverse repurchase rates to be left unchanged at 7.75% and 9.75% respectively. Both ...
By Shamil Samsul Mueen 1. Introduction The global financial crisis has raised imperative issues concerning the stability and reliability of existing financial systems. This has driven an extensive global re-examination on the competence of the existing financial architecture and the search for a more enduring solution. As a result an increasing interest in Islamic finance ...
Top economist and public servant R.A. Jayatissa has recently assumed duties as the Chairman of Sri Lanka Insurance Corporation. Previously the SLIC Chairmanship was held by President’s Chief of Staff Gamini Senerath. Jayatissa, an economist, was the Deputy Secretary to the Treasury and Senior Economic Policy Advisor to the Ministry of Finance and Planning. He ...
Reuters: Sri Lankan shares rose on Friday as investors snapped up blue-chip companies, helping the main index recover. The Colombo Stock Exchange’s main index closed 1.4 per cent or 68.19 points firmer to end at 4,991.21, its highest since 25 May. “The market has fallen too much and now it is trying to correct itself,” ...
Reuters: Sri Lanka may need to consider easing monetary policy if trade data for May and June point to significant weakness in global demand for the island’s goods, the Treasury Secretary told Reuters on Thursday. A further export slowdown would put additional pressure on the economy as domestic demand has already shown signs of cooling ...
Reuters: Sri Lankan stocks jumped 1.6 per cent on Thursday to a more than three-week high on institutional buying of blue-chips stocks like John Keells Holdings PLC in an oversold market after the central bank kept policy rates steady. The Central Bank held the key policy rates unchanged on Wednesday. The main index rose 1.61 ...
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
Reuters: Sri Lanka’s central bank expects the steps it has taken to reverse a currency decline to drive the rupee past 125 to the US dollar, but it is not targeting a particular level, Central Bank Governor Ajith Nivard Cabraal said on Tuesday. The rupee is hovering around 129-130 despite a warning from the authorities ...
The IMF’s recently released Asia and Pacific Regional Economic Outlook (REO) shows the region continuing to lead global growth and expected to gain momentum over the course of 2012. This forecast, however, remains subject to downside risks related to the global economy, including the possibilities of a sharp fall in exports to advanced economies and ...
Monetary Fund (IMF) to target a budget deficit of 6.2 ...
Sri Lanka will continue Iran crude, but will have to reduce Sri Lanka indirectly penalised by US sanction – Basil Reuters: Sri Lanka could trim Iran crude imports up to 20 per cent in the face of US sanctions, the island nation’s economic development minister said on Tuesday as it had taken strong measures to ...
COLOMBO (Reuters): Sri Lanka’s central bank will have room to raise interest rates by at least another 50 basis points if April trade and inflation data show signs of stabilizing, the treasury secretary said on Wednesday. “Since we have already raised policy rates by half a percent (in February), maybe another 50 basis points upward ...
The rupee gained 1.7 per cent on Tuesday as exporters sold dollars after the International Monetary Fund approved thedisbursement of a long-delayed loan tranche of $ 426.8 million to the Government. The rupee strengthened to 126.00/126.30 a dollar from Monday’s close of 128.25/128.30. Dealers
Sri Lanka is to get a $ 400 million lifeline following what is anticipated as a favourable decision on the part of the International Monetary Fund (IMF). The IMF Board was scheduled to meet Monday evening Washington Time, and its Resident Representative Koshy Mathai is scheduled to hold a briefing
The Janatha Vimukthi Peramuna (JVP) spokesman and parliamentarian Anura Kumara Dissanayaka in an interview with the Daily FT critiques the on-going sessions of the UN Human Rights Council (UNHRC), the state of bad governance, deteriorating law and order and the economic crisis in the country. Following are excerpts from the interview. Q; What are your ...
SRI LANKA’S fabled post-war window of opportunity seems to be closing, with the Central Bank following the International Monetary Fund (IMF) in reducing growth rates for 2012. But does that mean only gloom awaits Sri Lanka or can we ride out the tide and reach the golden shores? The Central
OIL seems to have returned to the headlines as reports indicate that India may be pressurising Sri Lanka to allocate it blocks in the Mannar Basin. An article in The Hindu remarks that India is persuading Sri Lanka to allocate oil exploration blocks in the waters that separate them, as it considers the location too ...
Tyranny of the international capital markets Dr. Indrajit Coomaraswamy, ex-Central Banker and International Civil Servant, did not mince words when he addressed the country’s exporters last week. The veteran economist, having made an assessment of the risks associated with Sri Lanka’s external sector crisis, warned that the country will have to grapple with “the tyranny ...
Reuters: The International Monetary Fund (IMF) on Friday welcomed Sri Lanka’s policy shift towards a flexible exchange rate, saying it will help contain the trade deficit and protect the nation’s dwindling foreign exchange reserves. In a marked policy shift, Sri Lanka’s Central
Reuters: Sri Lanka and the International Monetary Fund (IMF) meet this week amid a standoff over the Central Bank’s defence of the rupee currency, which has cost $ 2.6 billion in foreign exchange reserves since July – the same amount the global lender has pledged to loan. Bucking
Reuters: Sri Lanka needs flexible exchange rates and tighter monetary policy to curb cheap imports that are putting pressure on the country’s balance of payments, Treasury Secretary P.B. Jayasundera said on Wednesday. Jayasundera, the most influential economic policy official serving President Mahinda Rajapaksa’s Government, said the country can sustain its growth target if the weak .....
Portugal, which is re-emerging due to its economic reforms, will send high level business and industry delegations to Sri Lanka Expo 2012 and is keen on apparel synergies with Sri Lanka. Portugal is also keen on the energy, water and edible oil processing sectors here, announced Minister of Industry and Commerce Rishad Bathiudeen. Minister Bathiudeen ...
Reuters: Sri Lanka’s Central Bank can continue to maintain the rupee exchange by selling dollars from the foreign reserves as it expects large dollar inflows in the coming months, the Central Bank Governor said on Tuesday. The rupee was devalued three per cent on 22 November, a day after President Mahinda Rajapaksa in his capacity ...
International Consultants Chairman Ranjiv Goonawardena had kindly invited the Sri Lanka Tourism Promotion Bureau to participate by showcasing the great opportunity that Sri Lanka has to offer, at the Islamic Real Estate Finance (IREF) Summit and Gala Dinner Awards Ceremony of which it was a sponsor. International Consultants sponsored for the second year the ninth ...
Following is the address delivered by Senior Minister for International Monetary Cooperation Dr. Sarath Amunugama at the fourth South Asia Economic Summit (SAES IV) Plenary Session: In the aftermath of the global economic crisis, there has been a noticeable shift in economic clout, moving from the USA and the debt-plagued countries of the Eurozone, to ...
Sri Lanka Economic Association Conference – Key takes at the inauguration By Dinali Goonewardene The Government in addition to domestic constraints faces a series of external and global constraints and the Sri Lanka Economic Association at its annual sessions from 13-14 October 2011 discussed this under the theme ‘Achieving National Economic Goals Amidst Global Challenges’. ...