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Reuters: The International Monetary Fund (IMF) on Monday forecast Sri Lanka’s economic growth would cool to less than 7.5% due to its tighter monetary policy and currency depreciation measures, aimed at cutting the trade and current account deficits. The global lender has withheld the last $800 million left in a $2.6 billion loan program since ...
- IMF cuts Sri Lanka’s growth forecast but says future stable (Category: Business)
- IMF wants flexible policies maintained (Category: Business)
- Credit growth to slow to 27% by December – Cabraal (Category: Business)
- CB may take act on high credit growth (Category: Business)
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 ...
- High costs of poor performance or high returns of sound management (Category: Business)
- Appreciating exchange rates: Not a boon always (Category: Business)
- Flexible exchange rates and impact on exporters (Category: Business)
- No more IMF loan for Sri Lanka (Category: Breaking News)
Reuters: The rupee rose sharply in early trade on Friday after the Central Bank slashed commercial banks’ net dollar opening positions, but retreated to close at marginally stronger. The rupee touched 119.00 a dollar, a gain of 2.8 per cent from Thursday’s close of 122.25/40, in early trading after the Central Bank’s order boosted dollar ...
- CB intervenes again to defend rupee (Category: Business)
- Rupee value: CB denies report, Reuters stands by its story (Category: Business)
- Rupee a tad weaker, stocks remain bearish (Category: Business)
- Markets becalmed (Category: Business)
Reuters: Sri Lanka’s rupee ended weaker on Wednesday on importer dollar demand, as traders shrugged off Central Bank intervention signals and rating agencies warned the sovereign rating may be at risk due to a potential balance-of-payments problem. The rupee closed at 121.80/122.00 to the dollar, against Tuesday’s close of 121.40/60, on importer dollar demand in ...
- S&P cuts India outlook to negative (Category: Business)
- Dollar Exchange rate hits 134 (Category: Business)
- Rupee stays strong aided by suspected RBI intervention (Category: Business)
- CB intervenes again to defend rupee (Category: Business)
CB says will intervene in high volatility Dealers say CB employing moral suasion By Shihar Aneez and Ranga Sirilal COLOMBO (Reuters): Sri Lanka’s rupee hit a new record low on Tuesday on importer dollar demand, but a State bank sold greenbacks to reverse the drop in an apparent break with the Central Bank’s new policy ...
- CB expects currency volatility to ease (Category: Business)
- Rupee sinks to record low (Category: Business)
- Rupee down 3.1% after devaluation (Category: Business)
- Markets becalmed (Category: Business)
Sri Lanka may remove a 10 per cent price trading limit on some stocks listed on the Colombo Stock Exchange, according to its Chief Executive Officer. The Bourse planned to introduce a “transparent, Sri Lanka-centric” volatility management mechanism, CEO Surekha Sellahewa said yesterday, without giving a timeframe. Stocks identified using a formula designed by the ...
- Rupee gains thanks to inflows to bullish Bourse (Category: Business)
- Kuwait hires HSBC to advise on stock market privatisation (Category: Business)
- HNB Group ups pre-tax profits by 22 % to Rs.5.8 b (Category: Business)
- Profit-taking drags Lanka stocks from 8-month high (Category: Business)
Reuters: China will continue to invest in euro zone government debt, the country’s central bank governor said on Wednesday, while calling on Europeans to produce more attractive investment products for China. Zhou Xiaochuan admitted that China and other emerging nations like Brazil, Russia or India were waiting for the right time to help the bloc, ...
- China urges EU to reach debt deal without delay (Category: Business)
- Europe bailout fund chief sees no quick China deal (Category: Business)
- China’s Wen: May consider bigger role in EU rescue funds (Category: Business)
- Euro zone recession may have already started: PMIs (Category: Business)
(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 ...
- Sri Lanka stocks may slump more on rates – HSBC Private (Category: Business)
- CB Governor sees light at the end of the tunnel (Category: Breaking News)
- Rupee hits new low, but State intervenes (Category: Business)
- Rupee down (Category: Business)
Sri Lanka’s benchmark stock index, the world’s worst performer this year, may extend its slump as the central bank raises interest rates to curb inflation, according to HSBC Holdings Plc’s private banking unit. HSBC Private Bank, which oversees about $499 billion, will wait for stock valuations to fall to “single digit” multiples before it considers ...
- Stocks approach one-month low; rupee steady (Category: Business)
- China factory surveys signal economic growth stays soft in Q3 (Category: Business)
- Sri Lanka Stocks May Slump More on Rates, HSBC Private Says (Category: Breaking News)
- CB seen holding rates, SRR steady – Reuters poll (Category: Business)
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
- No timing yet for Sri Lanka review prior to next loan disbursal: IMF (Category: Business)
- CB resumes repo auction after two-year lapse (Category: Business)
- Exchange rate standoff as IMF visits SL (Category: Business)
- Reactions (Category: Business)
By Jyoti Malhotra Business Standard (New Delhi): India’s promise to sell two Offshore Patrol Vessels (OPVs) to Sri Lanka, during their first-ever defence dialogue in New Delhi last week, as well as the recent agreement to build an electricity transmission line from Madurai to Trincomalee and connect the electricity grids of the two countries, is ...
- Sri Lanka is no pearl on China’s string: President (Category: Business)
- T-junction in the road (Category: Business)
- Deferred China ship visit takes place amidst diplomatic row (Category: Breaking News)
Reuters: China is considering increasing its participation in the rescue funds aimed at resolving the European debt crisis, Chinese Premier Wen Jiabao told journalists on Thursday. But Wen did not make any explicit financial commitments for the European Financial Stability Facility (EFSF) or the upcoming European Stability Mechanism (ESM). At a joint media briefing in ...
- China ‘does not want to buy up Europe’: Communist party mouthpiece (Category: Business)
- China to keep investing in euro zone debt – China c.bank gov. (Category: Business)
- China urges EU to reach debt deal without delay (Category: Business)
- Chinese Rescue (Category: Business)
(Srilankamirror) -The International Monetary Fund says it is encouraged by Sri Lanka's monetary and exchange rate policy changes amid a sharp drop in foreign exchange reserves and significant widening of the current account deficit. "There was broad agreement that a decisive policy
The International Monetary Fund (IMF) on Friday said it was encouraged by Sri Lanka's monetary and exchange rate policy changes amid a sharp drop in foreign exchange reserves and significant...
Chemanex Group of Companies (a member of the CIC Holdings Group of Companies), a globally recognised corporate leader in manufacturing and exporting value-added speciality compounds and intermediates, added another feather to its cap with the soft opening of its subsidiary Chemcel Ltd.’s state-of-the-art Carboxy Methylated Starch (CMS) extrusion plant, which took place last week. The ...
- Ore. father accused of trying to give away the kids (Category: USA, Washington)
- Jana Aragalaya now ‘Frontline Socialist Party’ (Category: Breaking News)
- Bayliss feels for Marsh as Dilshan quits (Category: Business)
- Heshan comes second in heats but fails to qualify for next round (Category: Business)
Sri Lanka said Tuesday it did not need the final tranche of a $2.6-billion IMF bailout thanks to the country's healthy foreign exchange reserves.
COLOMBO — Sri Lanka said Tuesday it did not need the final tranche of a $2.6-billion IMF bailout thanks to the country's healthy foreign exchange reserves. The loan was granted in 2009 by the International Monetary Fund just after the end of the country's bloody ethnic civil war
- Foreign reserves level could stop IMF loan – Dr. de Silva (Category: Breaking News)
- Sri Lanka says doesn't need IMF money (Category: Breaking News)
- SL does not need IMF money (Category: Breaking News)
- SL does not need IMF money, Cabraal (Category: Breaking News)
Sri Lanka said Tuesday it did not need the final tranche of a $2.6-billion IMF bailout thanks to the countrys healthy foreign exchange reserves.
Sri Lanka said Tuesday it did not need the final tranche of a $2.6-billion IMF bailout thanks to the country's healthy foreign exchange reserves.
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
- Sri Lanka says doesn't need IMF money (Category: Breaking News)
- SL does not need IMF money (Category: Breaking News)
- SL does not need IMF money, Cabraal (Category: Breaking News)
- Reactions (Category: Business)
Treasury (T) Bill weighted average yields (WAYs) at last week’s weekly primary auction remained unchanged for the third consecutive week, last week, but those are not market determined yields, a market source told this reporter. Even in the case of US Treasuries, yields move at least one or two basis points (bps) up or down, ...
- Money Market’s Illiquid Status Deepens (Category: Breaking News)
- Rupee Strengthens, But Illiquid Status Worsens (Category: Breaking News)
- Reflections Of Low Economic Activity (Category: Breaking News)
- Fresh shock in forex market as rupee breaks 132 barrier to hit a month low (Category: Business)
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 ...
- A resolute Sri Lankan economy (Category: Business)
- Robust Roadmap! (Category: Business)
- Achieving economic goals amidst global challenges (Category: Business)
- CB says S&P’s revision unwarranted (Category: Business)
Confirming its capacity to manufacture high quality dry powder capsules for inhalation in the treatment of asthma, Sri Lanka’s first-ever centre for respiratory care formulation and manufacturing, Lina Manufacturing, received the prestigious World Health Organization GMP certification. Good Manufacturing Practice or GMP are practices and systems of manufacturing, quality control, and quality...
- LINA pioneers export of dry powder respiratory care products (Category: Business)
- Lina Spiro begins operations as Sri Lanka’s first Metered-Dose Inhaler manufacturing plant (Category: Breaking News)
- Lina Spiro begins operations as Sri Lanka’s first Metered-Dose Inhaler manufacturing plant (Category: Breaking News)
- Lina Spiro begins operations as Sri Lanka’s first Metered-Dose Inhaler manufacturing plant (Category: Breaking News)
Central Bank Governor Nivard Cabraal has been increasingly under attack by UNP MP Dr. Harsha de Silva over some of the policies, actions and comments of the professional-turned-politician-turned-Chief of the monetary regulatory authority. Cabraal’s ambitious and robust Roadmap for 2012 and beyond too had come under critique as being overconfident. However, this is unlikely to ...
- CB says no need for FX intervention (Category: Business)
- Can and will sustain rupee defence: CB Chief (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
Reuters: The rupee dived to its lowest level ever on Monday as investors sought refuge in the dollar after factory output data pointed to a further slowdown in Asia’s third-largest economy. Traders said further falls were likely after the partially convertible rupee fell 1.53 percent to close at 52.84/85 to the dollar, its biggest one-day ...
- Keheliya joins Rupee talk; Says will settle between 125 and 127 (Category: Business)
- Rupee up on sovereign bond inflow hopes; Bourse down (Category: Business)
- Rupee strengthens on inflows into bonds (Category: Business)
- Rupee value: CB denies report, Reuters stands by its story (Category: Business)
Reuters: China’s central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world’s largest stockpile of foreign exchange reserves, a source with knowledge of the matter told Reuters. The vehicle, which was planned
- China end-Sept forex reserves top $3.2 trillion (Category: Business)
- China kicks off yuan trading vs Aussie, Canadian dollar (Category: Business)
- China urban tide to grow by 100 million in 10 years: Report (Category: Business)
- Don’t throw the baby out with the bath water (Category: Business)
(Srilankamirror) - The Central Bank said Sri Lanka's foreign reserves slipped 11.8 percent to 7,095 million US dollars by end September from a month earlie. The central bank said reserves were equivalent to 4.6 months of imports. Sri Lanka has a dollar soft peg, where the central bank tries to control both the exchange rate and the interest rates, LBO reports.
- Inflation eases to 7% in August, core inflation in sharp fall (Category: Breaking News)
- Increase in new vehicle registrations (Category: Breaking News)
- Sri Lanka's Central Bank spends US$1.1bn in three months (Category: Breaking News)
- Data Mine (Category: Business)
Parliament yesterday passed the 2012 budget with 151 votes for and 50 against, giving the nod to an overall increase in spending by 14 per cent and a shock 3% currency devaluation that has already been put into effect. The budget reading last week was overshadowed by the president’s announcement of a 3% currency devaluation ...
- Budget Boost For Tourism (Category: Breaking News)
- Vote on second reading of budget today (Category: Breaking News)
- Fiscal deficit widens (Category: Breaking News)
- O-Bahn funds remain in budget (Category: South Australia)
By Ian The President in his speech at the opening of the Southern Expressway said that this could be the beginning of building a modern society. He also mentioned that had there been such an expressway linking the north with the south the extremists would not have succeeded in capitalising on the mistrust among communities. ...
- "I dont like to use the term 'student supppression' simply because there is no such thing" (Category: Breaking News)
- JVP accuses Govt. of crippling University system (Category: Business)
- Sri Lanka to open new universtities to improve higher education (Category: Breaking News)
- Gota urges educated youth to take country forward (Category: Business)
Conflicting views remain after Budget’s 3% devaluation move PB says rupee should be market-driven; Cabraal says will defend Conflicting views on the country’s currency remain with Treasury Secretary Dr. P.B. Jayasundera saying it should be market-driven, whilst Central Bank Governor Nivard Cabraal maintains that it will be defended. The simmering or what seems to be ...
- Can and will sustain rupee defence: CB Chief (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- IMF to discuss Sri Lanka loan follow-up (Category: Business)
- CB says no need for FX intervention (Category: Business)
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