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Foreign Exchange Reserves in Sri Lanka increased to 935708.40 in July of 2012 from 805876.40 in June of 2012, according to a report released by the Central Bank Of Sri Lanka. Historically, from 1975 until 2012, Sri Lanka Foreign Exchange Reserves averaged 132788.44 reaching an all time high of 935708.40 in July of 2012 and a record low of 437.10 in January of 1975. This page includes a chart with ...
Treasury expectsinflation to fall below 9% after September Annual inflation eased due to drop in food prices: CB Reuters: Sri Lanka’s inflation rate in September eased to 9.1% from a year earlier, moderating further from July’s near-record high as food prices fell. Analysts polled by Reuters had expected annual inflation to ease to 9.2% from ...
Countries have achieved sustained growth and development by adopting a range of approaches. Successful outcomes have come from policies varying from state capitalism to those based on market-driven private sector-oriented models. A high premium needs to be attached to the pursuit of pragmatic policies that are appropriate for country-specific conditions at a given point in ...
Confirming that sound investment strategies could pay off handsomely NDB Group yesterday announced it will receive $ 59 million (around Rs. 7.7 billion at current exchange rate) from its deal with AIA. “The net receipts of US$ 59 m, arising out of these transactions, give an opportunity for the NDB Group to further strengthen the ...
Sampath Bank is launching a five year debenture worth of Rs. 1.5 billion with an option to increase it by a further Rs. 1 billion if the issue is oversubscribed. The issue will be opened on Thursday 4 October. The debentures have been rated A + (lka) by Fitch Rating (Lanka) Limited and will be ...
Asian Development Bank (ADB) Vice President Xiaoyu Zhao has declared that Sri Lanka has big potential than any other country in Asia to become the most viable and attractive regional economic hub. “Strategic location, post conflict infrastructure development initiatives, peace and stability, high economic growth and able leadership are the main factors behind these potential,” ...
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 ...
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 ...
Fitch Ratings has assigned the Ceylon Income Fund an ‘A-(lka)’ National Fund Credit Rating. This is the first fund rating assigned by an international rating agency in Sri Lanka. The fund primarily invests in corporate debt instruments and is managed by Ceylon Asset Management (CAM). The ‘A-(lka)’ National Fund Credit Rating is driven by the ...
The share price of Aviva NDB Insurance Plc yesterday soared to a record high as investors took speculative positions on the impending sale of its control. The company’s stock price hit an all time high of Rs. 448.90 during the day before settling down at Rs. 436.60, up by a whopping Rs. 67 or 18% ...
Leaving nobody out in the cold In India, the Rangarajan Committee on Financial Inclusion defined the concept as: “The process of ensuring access to financial services, timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups, at an affordable cost.” At the recent FutureGov SAARC Summit in Colombo, ...
The Commercial Bank of Ceylon has opened a Branch in the scenic hill country town of Maskeliya, extending its award winning services to residents and travellers to this tea-growing region. Located at No. 244-246, Main Street, Maskeliya, the Bank’s 221st Branch was inaugurated by Commercial Bank Chairman Dinesh Weerakkody. The new branch is computer-linked to ...
$ 450 m mega project to be completed in 2014 By Uditha Jayasinghe The Government has leased the iconic Transworks House land to India’s Krrish Group for 99 years at $ 49 million, whilst the $ 450 million mega project is slated to be completed by 2014. The land encompasses the Transworks House, a colonial ...
The Central Bank of Sri Lanka (CBSL) recently provided a Technical Assistance (TA) to the Maldives Monetary Authority (MMA) aimed at developing foreign reserves management skills of the Maldivian Central Bank. This program helped to build MMA’s institutional capacity to formulate foreign reserves management policies and procedures and to manage its foreign reserves so as ...
The Central Bank, with the view to further improving the standard of business conduct and good market practices for the effective and efficient functioning of the foreign exchange trading activities in Sri Lanka, has issued the Banking Act direction No. 1 of 2012 on foreign exchange trading activities of licensed commercial banks.
The year-to-date net foreign inflow has surpassed the Rs. 30 billion mark as the Colombo stock market bounced back yesterday on the strength of a fresh round of buying, following profit taking early in the week. After a small outflow Rs. 31 million on Monday, the market has seen net foreign buying of nearly Rs. ...
The Central Bank (CB) yesterday in a statement issued new directives on foreign exchange activities that broadly cover market practices and ethical standards. The bank, with the view to further improve the standard of business conduct and good market practices for the effective and efficient functioning of the foreign exchange trading activities in Sri Lanka, ...
Reuters: Stocks fell 1.4 per cent yesterday as investors booked profits across the board in an overbought market after a 15-session rally. The Colombo Stock Exchange’s main index, which fell 2.2 per cent in early trade, recouped its early losses to end 1.04 per cent, or 61.67 points, weaker at 5,849.14. “We are going to ...
Reuters: Stocks fell one per cent on Tuesday from an eight-month high, snapping a four-day gaining streak as investors booked profits across the board. The Colombo Stock Exchange’s main index ended 0.98 per cent, or 58.28 points, weaker at 5,910.81. “The market is consolidating with a little bit of profit-taking and getting ready for the ...
Cabraal says that price pressures will remain, keeps policy rates and growth figures steady The Central Bank kept policy rates unchanged yesterday, on expectations that inflation would remain contained to single digit levels on policy changes to reduce demand. The concerted efforts by the Central Bank and the Government earlier this year to curb the ...
Issue oversubscribed by two times, says Central Bank The Central Bank has had its latest issue of Sri Lanka Development Bonds oversubscribed by two times, bringing the total bid to US$ 121.05 million, the monetary institution said in a statement. The Central Bank of Sri Lanka, on behalf of the Government of Sri Lanka, ...
Commendable achievements Over the years Sri Lanka has gained a considerable reputation for its achievements in social development. It punches above its weight on the UNDP’s Human Development Index. It has also performed very well in meeting the internationally agreed Millennium Development Goals (MDGs), which focus on indicators related to poverty, health, education and gender ...
The Asian Development Bank (ADB) is concentrating on developing nine sectors including infrastructure in Sri Lanka and the far eastern region including Vietnam, Cambodia and Laos to foster economic development. “Asian Development Bank has assisted sub regional economic cooperation in the Greater Mekong Sub region (GMS) to enhance their economic relations, covering nine priority ...
RAM Ratings Lanka has reaffirmed the respective long- and short-term financial institution ratings of Standard Chartered Bank – Sri Lanka Branch (SCBSL) at AAA and P1; the long-term rating has a stable outlook. The ratings are firmly anchored by the credit profile of Standard Chartered Bank PLC of the UK (SCB-UK) of which the Bank ...
The exchange of goods and services has been around for as long as civilisations themselves, if not longer. Humans, being extremely adaptive to their environments, have always found ways to utilise resources and build surplus. This surplus was then used to trade in order to obtain resources and goods that weren’t abundantly available. Evolution of ...
Tightening brakes on growth, Government data released yesterday showed the country has slowed to a two-and-a-half-year low, slipping from 7.9% in the first quarter to 6.4 % in the second when compared with the same period last year. A Reuters report noted that economic growth eased to 6.4 per cent in the second quarter ...
Reuters: The Central Bank is expected to keep interest rates steady for a fifth straight month on Tuesday despite high inflation to help bolster economic growth, which has been cooling due to sweeping policy measures and an extended drought. Twelve out of 13 analysts polled by Reuters expect the repurchase and reverse repurchase rates to ...
Currently discussing new courses with local and international universities By Cheranka Mendis The training arm of SriLankan Airlines, International Aviation Academy (IAA), is on an aggressive expansion plan, launching its services overseas while concentrating on capacity development and local youth engagement to the industry. IAA, which provides International Airline Training Association (IA...
Fitch Ratings Lanka has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable. SCBSL’s rating is at the highest of the national rating scale and reflects the credit profile and financial strength of its parent Standard Chartered Bank PLC (SCB). The rating is tied to SCB’s Issuer ...
Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch’s (HSBCSL) National Long-Term Rating at ‘AAA(lka)’.The Outlook is Stable. The rating reflects the financial strength of parent The Hong Kong and Shanghai Banking Corporation Limited (HKSB; ‘AA’/Negative), given that HSBCSL is a branch of HKSB and is part of the same legal entity as HKSB. Thus, ...