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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 ...
- Drought may cut growth to 6.7% (Category: Business)
- Sri Lanka may need to consider easing monetary policy: PB (Category: Business)
- CB may take act on high credit growth (Category: Business)
- Treasury Chief urges help for balance of payments (Category: Business)
Fitch Ratings has affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) at ‘BB-’, respectively, as well as its National Long-Term rating at ‘AAA(lka)’. The Outlook is Stable. SLT’s IDRs are constrained by the respective sovereign IDRs of ‘BB-’. This is principally due to the Gover...
- Fitch affirms Sri Lanka Telecom at ‘BB-’ (Category: Breaking News)
- Fitch assigns Sri Lanka at BB- ; outlook stable (Category: Business)
- People’s Leasing to raise $ 150 m; debt security to list on S’pore Bourse (Category: Business)
- Fitch Rates People’s Leasing ‘B+’; Outlook Stable (Category: Breaking News)
$ 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 ...
- Lanka growth to dip below 7.5% – IMF (Category: Business)
- No timing yet for Sri Lanka review prior to next loan disbursal: IMF (Category: Business)
- Devaluation a “right step,” says IMF (Category: Business)
- SBA over, Govt. looks to EFF from IMF (Category: Business)
While the government is fully capable of dealing with any pressures that come from Geneva, New York or Washington, it is the public servants and heads of corporations who should ensure good governance to improve the image of the country internationally, said President Mahinda Rajapaksa. Addressing a gathering of public servants, heads of state corporations, ...
- “Miraculous Sri Lanka” goal can be reached through public service dedication (Category: Breaking News)
- Economic hubs should take correct decisions to meet public needs – Basil Rajapaksa (Category: Breaking News)
- Commit to fulfill responsibility of publishing accurate information - President tells media secr... (Category: Breaking News)
- UPFA SAYS ELECTION VICTORY IS A STRENGTH TO FACE GLOBAL CHALLENGES (Category: Breaking News)
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 today in Colombo at 2.00 ...
- US$ 400 m India-SL energy transaction in the pipeline (Category: Business)
- IMF mission due June 4, SL to receive $400 mln balance (Category: Breaking News)
- IPO To Raise Rs. 400 mn (Category: Breaking News)
- World Bank’s IFC to provide Sri Lanka with $400 million financing (Category: Breaking News)
With the recent relaxing of the rupee exchange rate and subsequent increase in fuel prices, trade unions and the opposition parties are conducting protest campaigns against the Government, demanding a reduction in oil prices and the cost of living. This article investigates the living conditions of citizens in the recent past and present, quality and ...
- Treasury Secy. showcases recent economic success and future outlook (Category: Business)
- The Economic Impact of Exchange Controls (Category: Business)
- Living with debts (Category: Business)
- Strategies on reducing or getting out of foreign debt (Category: Business)
The UN Human Rights Council resolution is still making headlines and likely to do so for many weeks to come. There is graffiti screaming “Obama is mad” scrawled on Colombo’s walls and politicians as well as other stakeholders continue to express their displeasure of the US Therefore, holding the largest trade exhibition in nearly two ...
- Trade Trends (Category: Business)
- Trade Trends (Category: Business)
- Trade Trend (Category: Business)
- US’ importance as most positive trade partner for Lanka rises (Category: Business)
By Cheranka Mendis The volatility in Middle Eastern markets, coupled with the increasing issue of low quality due to competition and increasing costs, has placed the local tea industry in a big fix, which could, if unattended, immediately mark the end of a Sri Lankan legacy in four to five years. Despite Sri Lankan tea ...
- Tackling tea travails (Category: Business)
- Planters’ Association Chief says turbulent times for tea (Category: Business)
- Sector report (Category: Business)
- Tea Industry Divided Over Importing Tea For Blending (Category: Breaking News)
NDB‘s contribution to infrastructure development has been substantial during the last three decades. Having garnered the experience and expertise to cater towards the development process in Sri Lanka, NDB continues to focus on this vital component providing the necessary support that will help towards economic development in the country. NDB CEO Russell de Mel says, ...
- DFCC: Changing the sustainable energy landscape in Sri Lanka (Category: Business)
- DEG provides $ 21 m loan to NDB Bank to strengthen SME sector (Category: Business)
- Nestlé Lanka crowned as ‘Best Corporate Citizen’ (Category: Business)
- Sri Lanka’s energy sector at risk: Calls for diversification amidst Chinese investments (Category: Breaking News)
Says reserves depletion has been arrested Expects US Dollar exchange rate to settle down to below Rs. 125 Emphasises correction in rupee’s value after 'external shock' is positive all round with considerable savings and boost for local producers Claims future of IMF support is not a major concern but will be a bonus Likens affordable ...
- Message clear: Market must move up (Category: Business)
- Devaluation divide (Category: Business)
- 6.2% budget deficit will be met (Category: Business)
- Growth amid challenges (Category: Business)
The country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...
- Rupee hits new low despite inflows (Category: Business)
- CB gives fresh boost to CSE (Category: Business)
- Markets becalmed (Category: Business)
- Rupee weakens on importer dollar demand (Category: Business)
High cost of living and festive seasons go hand in hand and the upcoming New Year looks set to becoming a particularly difficult one. With the Central Bank downgrading the economic forecast from eight per cent to 7.2 per cent and a rapidly depreciating rupee adding to increasing imports, the month of April, when consumerism ...
- Former Mississippi Gov. William F. Winter dies at 97 (Category: USA, Mississippi)
- March on Capitol costs Georgia man his job at car dealership (Category: USA, Nebraska)
- March on Capitol costs Georgia man his job at car dealership (Category: USA, Maryland)
- March on Capitol costs Georgia man his job at car dealership (Category: USA, Maine)
Says that economic growth still among the highest in the world, insists that external events will not affect trade By Uditha Jayasinghe As the rupee hit an all-time low, Economic Development Minister Basil Rajapaksa yesterday strived to bolster confidence in the economy terming the trade deficit the country’s “only problem”. With the rupee at an ...
- UNP draws guns on “military control” of Rupee (Category: Business)
- Trade deficit dips to 16-month low in June (Category: Business)
- Dr. Nicholas advises Lanka against swallowing IMF dope (Category: Breaking News)
- SLEA to release book on ‘Achieving Economic Goals in the midst of Global challenges’ (Category: Business)
By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted at the beginning ...
- RAM Ratings moves into new office (Category: Business)
- CA Sri Lanka Annual Report Awards powered by RAM Ratings (Category: Business)
- LB Finance rating rises to A-/P2, heralding a stable outlook (Category: Business)
- RAM Lanka sponsors ICASL Annual Reports Award Ceremony (Category: Business)
CONCERN over the controversial Channel 4 documentary has reached a fever pitch. In fact it is so high that it is causing some politicians to talk deliriously and call for local consumers to boycott US products such as Pepsi and Coca Cola or return to the days of snail mail by forgoing Gmail. Even though ...
- Bond Auction (Category: Business)
- ‘SL will implement home-grown solution’ (Category: Breaking News)
- Market Flavour (Category: Business)
- Seeking Direction (Category: Business)
Preamble State ownership of public utilities dates back to the colonial period. The early post-independent years saw the State establish public enterprises that were involved in the production and distribution of key goods and services. The share of State ownership in the economy expanded steadily and gathered momentum in the 1970s when Government policy, in ...
- CPC implications (Category: Business)
- Accelerating growth: catching the wave or missing the bus (Category: Business)
- Fuel a price change (Category: Business)
- Commendable start; now for the finish (Category: Business)
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 Bank had originally forecast this ...
- CB seen keeping rates steady for fifth straight month (Category: Business)
- Central Bank seen holding rates, SRR steady (Category: Business)
- Sri Lanka Q3 GDP seen expanded 8.0%; full year 8.1% (Category: Business)
- Credit growth to slow to 27% by December – Cabraal (Category: Business)
Peninsula, DOHA: The Sri Lankan rupee which has been fast tumbling against the dollar is expected to recover soon, and might actually begin appreciating, says Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal. The official said that the rupee now ruling at 120 a dollar will start looking up over the next “six to eight” ...
- CB says policy rates appropriate (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- Can and will sustain rupee defence: CB Chief (Category: Business)
Access Engineering Ltd. yesterday announced that its Rs. 500 million IPO was oversubscribed within a few hours of opening. As the IPO was oversubscribed, the subscription list closed on 6 March 2012, the official day of opening of the IPO, according to the regulations laid down by the Colombo Stock Exchange. The company issued 20 ...
- Access Engineering IPO announces share allotment basis (Category: Business)
- Sri Lanka’s Access Engineering IPO oversubscribed (Category: Breaking News)
- Access Engineering launches Rs. 500 m IPO delivering new hope (Category: Business)
- Access Engineering shares to debut on Tuesday (Category: Business)
CIMB Group Holdings Berhad (CIMB Group) and John Keells Stock Brokers (Pvt) Ltd. (JKSB) yesterday announced a strategic collaboration to promote and facilitate trading on the Colombo Stock Exchange (CSE) and provide co-branded research for CIMB’s clientele. JKSB, a founder member of the CSE and a subsidiary of John Keells Holdings PLC, the largest listed ...
- Sri Lanka to bag yet another ASEAN MoU (Category: Business)
- SGX and Bursa Malaysia connect on ASEAN Exchanges (Category: Business)
- AirAsia establishes regional base in Jakarta, AirAsia Asean (Category: Business)
- Troubled EU eyes ASEAN boost (Category: Business)
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)
Scanning through the papers recently after the Central Bank of Sri Lanka published its 2011 external sector performance report, I was reminded of a pithy observation made by William W. Watt: “Do not put your faith in what statistics say until you have carefully considered what they do not say.” Some of the data were ...
- HSBC boosts RMB trade settlement service to 59 markets (Category: Business)
- HSBC tips Sri Lanka’s external trade to grow exponentially (Category: Business)
- HSBC clinches award for best Sri Lanka deal (Category: Business)
- All set for new chapter in exports as Expo 2012 opens today at Bmich (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)
Diversified blue chip Hayleys remains optimistic of future prospects despite what its Chairman Mohan Pandithage described as “adjustments-required” temporary challenges. With regard to new policy developments relating to exchange rate and fuel prices, the Hayleys Chief admitted they do cause some temporary adjustment costs, but in the long-term they will help improve macroeconomic stab...
- Video: Govt. is following 'black market' policy (Category: Video)
- Video: Substandard fuel ordered for 'fake emergency' (Category: Video)
- Video: Coupons provided but not fuel subsidy - UNP (Category: Video)
- Video: Political revenge was not my style - Mahinda (Category: Video)
The Central Bank last night said the revision of Sri Lanka Foreign Currency Rating Outlook from ‘Positive’ to ‘Stable’ and lowering of the country’s long-term local currency rating from BB- to B+ by Standard & Poor’s was unwarranted. In a statement, the Central Bank said the Sri Lankan economy is estimated to have grown by ...
- S&P revises Sri Lanka FC rating outlook to stable from positive (Category: Business)
- Fitch Affirms Standard Chartered Sri Lanka Branch at ‘AAA(lka)’ (Category: Business)
- S&P’s revision of Foreign Currency Rating Outlook is unwarranted – Sri Lanka (Category: Breaking News)
- Fitch labels Lanka a ‘highest-risk financial system’ (Category: Business)
Managed to divert from crisis to stability through policy changes By Cheranka Mendis Sri Lanka, teetering on the brink of a crisis, just managed to save itself through the recent policy measures taken by the Government such as the exchange rate changes, said the Commonwealth Secretariat Economic Affairs Division’s former Director Dr. Indrajit Coomaraswamy yesterday. ...
- Flexible exchange rates and impact on exporters (Category: Business)
- Local tea industry in a fix (Category: Business)
- Sri Lanka may need to consider easing monetary policy: PB (Category: Business)
- Borrowed surplus looming, warns Harsha (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)
By Cheranka Mendis Gathered to discuss the implications, opportunities and challenges of the sudden announcement and introduction of the Government’s new policies, the export community was advised by a panel of experts to watch ahead, be prepared and make their own judgments from the information provided. With the country facing no immediate risks of getting ...
- Quotable Quotes! (Category: Business)
- More Price Increases In The Offing Economist Warns (Category: Breaking News)
- Way out to fix the sick external sector: Getting back to IMF’s fold a must now (Category: Business)
Avoiding a crisis The Pathfinder Foundation (PF) commends the Treasury and Central Bank for the policy measures introduced recently. This has prevented an external payments crisis. Without remedial action, the country would not have been able to meet its debt obligations and/or finance essential imports within a short period of time. The increases in the ...
- Rupee depreciation: A powerful tool to drive growth and employment? (Category: Business)
- Taming the ‘monsters’ (Category: Business)
- Do not do too little too slowly to boost growth (Category: Business)
- Accelerating growth: catching the wave or missing the bus (Category: Business)
THE effects of the fuel price hike and its effect on public expenditure is finally beginning to surface. The Finance Ministry has directed all Government institutions to limit their consumption of fuel and electricity as a priority following the upward revision of prices. The Ministry has emphasised that this is a national responsibility entrusted on ...
- Govt. says will allocate Rs. 1.9 b a month as relief from high fuel prices (Category: Business)
- Treasury directs State sector to rationalise fuel, electricity expenses (Category: Business)
- Champika to cut expenses by 10% (Category: Business)
- Schools closed tomorrow due to fuel crisis (Category: Breaking News)
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