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Reuters: The Central Bank said on Thursday it still believed the battered rupee would stabilise at levels stronger than 125 to the dollar, despite comments from a senior bank official. Chief Economist Swarna Gunaratna told Reuters on Wednesday that the Central Bank expected the currency to stabilise at current levels, which are now around 132. ...
Reuters: Central Bank expects the rupee to stabilise at current levels of around 132 to the dollar without intervention, a senior official said on Wednesday, abandoning its earlier stance where it had expected the currency to settle at a higher level. The rupee was trading around 132 per dollar on Wednesday. Both the Central Bank ...
Showing a common mindset, the International Monetary Fund (IMF) yesterday commended the Central Bank for its commitment to flexible policies that resulted in a depreciating rupee and reducing the current account deficit. IMF Country Representative Dr. Koshy Mathai delivering a presentation titled
Calls for more transparency and says lack of progress main reason for reduced interest Inconsistent policies and lack of transparency is preventing foreign companies from investing in Sri Lanka, US Ambassador Patricia Butenis told a conference yesterday, calling for the Government to reduce red tape and improve good governance. US Ambassador Patricia Butenis addresses ...
What is corporate governance? According to the World Bank Corporate governance is “the system by which companies are directed and controlled”. It involves the balance of powers among three key corporate constituencies: the board of directors, which is charged with monitoring, overseeing, and guiding the company; the shareholders, who invest their funds in the company’s ...
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 ...
Reuters: The World Bank cut its economic growth forecast for China this year to 8.2 per cent on Wednesday and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity. In a biannual East Asia and Pacific economic update, the World Bank said a slowing China ...
Reuters: A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill. A Greek departure would take Europe into uncharted legal waters. The size of the burden other ...
TOKYO (Reuters): Global shares, precious metals and oil fell and the euro remained pressured on Wednesday as Greece struggled to form a government after an election that saw incumbent parties punished, heightening the risk that a hard-won bailout deal could be scrapped. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1.4 per cent to ...
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 ...
Sri Lanka hopes to continue its relationship with the International Monetary Fund (IMF) to boost foreign investment even after a US$ 2.6 billion Stand-By agreement ends in July, the Central Bank Governor said yesterday. Despite tenuous interaction in the past, Central Bank Governor Ajith Nivard
MANILA (Reuters): China, Japan and South Korea agreed on Thursday to boost cross-investment in government bond markets, worth nearly a combined $15 trillion, in a move that will better prepare the countries to protect their financial markets from external shocks. The three economic powers sought a formal agreement, a rare one on securities investment, to ...
Reuters: Fresh from a big victory in raising $430 billion for the International Monetary Fund, Christine Lagarde’s tougher test as head of the global lender will be finding a way to give emerging economies more influence. To do this, the former French finance minister will need to convince
Reuters: The Group of 20 nations on Friday pledged $430 billion in new funding to the International Monetary Fund, more than doubling its lending power in a bid to protect the global economy from the euro-zone debt crisis. The promised funds from advanced and emerging economies will provide
The International Monetary Fund (IMF)’s next review of the Sri Lankan economy and monetary policies will take place on June 4 ahead of final approval for the last US$400 million installment, a top official said. “We met Naoyuki Shinohara, Deputy Managing Director of the IMF
Reuters: The Central Bank said on Friday that despite heavy depreciation pressure on the rupee, there was no need to intervene in the market as the country would see $ 574 million of inflows within a month. On Friday, the currency was trading near its record low of 131.60 per dollar, hit on 19 March ...
Reuters: The International Monetary Fund’s bid to win a big boost in funding to handle the euro-zone debt crisis hit a speed bump on Thursday when Brazil demanded more power at the IMF for emerging economies as a condition for lending it extra cash. Brazilian Finance Minister Guido Mantega
Reuters: Asian shares and the euro traded in tight ranges on Thursday ahead of a Spanish bond sale seen as a key test of investors’ risk appetite amid renewed concerns over the euro zone’s debt crisis. European shares were also expecting a mixed start, with financial spreadbetters predicting that major European markets would open between ...
Reuter: The International Monetary Fund said on Wednesday it had raised $320 billion so far in a bid to boost its firepower to deal with the euro zone debt crisis, with Poland and Switzerland joining the effort. IMF Managing Director Christine Lagarde said she had received commitments of $34
REUTERS: Global growth is slowly improving as the US recovery gains traction and dangers from Europe recede, but risks remain high and the situation is very fragile, the International Monetary Fund said on Tuesday. Another flare-up of the eurozone sovereign debt crisis or sharp escalation in oil
Reuters: The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington’s grip on the job and leaving developing countries frustrated with the selection process. Kim, a physician and anthropologist who makes for a somewhat unorthodox choice to head the global anti-poverty lender, won the job over ...
Monetary Fund (IMF) to target a budget deficit of 6.2 ...
WASHINGTON: The World Bank’s directors meet on Monday to decide who will be the powerful institution’s next chief, with all expectations that the US will maintain its unbroken lock on the position. While the US nominee has faced a challenge for the first time in 66 years, from two solid developing country candidates, there was ...
The Sri Lankan delegation attending the International Monetary Fund (IMF) Spring Meeting 2012 will leave for Washington this week, the government news website reported. The Spring Meetings of the IMF and World Bank will be held in Washington, DC from April 20 -22. The Minister
By Sanjaya Nallaperuma The government has informed the International Monetary Fund (IMF) that necessary reforms will be introduced shortly to the Ceylon Petroleum Corporation (CPC) and the Ceylon Electricity Board (CEB), in an effort to drastically cut down on the losses incurred
DUBAI (Reuters): The United Arab Emirates’ central bank expanded its large exposure limit rules for commercial banks, introducing new caps for loans made to local governments and their entities in the first such change in nearly two decades. The oil-reliant UAE economy is recovering from the 2009-2010 debt crisis in Dubai, marked by a $25 ...
ISLAMABAD (Reuters): Pakistan’s foreign exchange reserves rose to $16.51 billion in the week ended 30 March, from $16.44 billion in the previous week, the Central Bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $ 11.84 billion from $ 11.77 billion a week earlier, while those held by commercial ...
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
$ 427 m released to boost reserves bringing total to $ 2.13 b under $ 2.6 b SBA; balance likely in mid-July Emphasises Govt. has taken several positive measures to stem current account deficit, reserve loss and bolster fiscal performance Says recent tax hike on vehicles “unexpected” but shows Govt.’s seriousness in dealing with Balance ...