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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 ...
- Oil Search (Category: Business)
- Shared Resources (Category: Business)
- Sri Lanka cleared from Iran oil sanctions (Category: Breaking News)
- Cairn makes second gas discovery in Sri Lanka (Category: Breaking News)
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
- 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)
Bank, which is under a $ 2.6 billion International Monetary Fund ...
- Fitch ratings recalibrates its Sri Lanka rating scale (Category: Breaking News)
- Fitch ratings recalibrates its Sri Lanka rating scale (Category: Breaking News)
- Fitch ratings recalibrates its Sri Lanka rating scale (Category: Breaking News)
- Fitch affirms Central Finance; Rates CP ‘F1’ (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)
By Chamitha Kuruppu The two main opposition parties yesterday blamed the Government for making false promises to the people and called the fuel subsidy was just another gimmick of the Rajapaksa administration. The United National Party accused the Government, claiming the fuel subsidy for the private transport services and fisheries sector was nothing but a ...
- Opposition political parties to stage protest against fuel price hike in the country (Category: Breaking News)
- Government unhappy over fuel price hike : Minister Sirisena (Category: Breaking News)
- Subsidy a hoax, UNP says (Category: Breaking News)
- Laugfs Gas requests price hike (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)
- Reactions (Category: Business)
- Consistent Policy (Category: Business)
Foreign-owned firms allowed to do margin providing Slide at Colombo Bourse continues though net foreign inflow a redeemer The Colombo stock market continued its slide, down over 7% year-to-date, whilst the Central Bank yesterday gave a fresh boost by allowing foreign owned firms to do margin providing for investors. The move to permit foreign firms ...
- Rupee ends steady, but market sees further dip (Category: Business)
- Rupee weaker on importer dollar demand (Category: Business)
- Bourse at eight-month high (Category: Business)
- Global, local woes drag stocks down to six-week low (Category: Business)
By Shihar Aneez and Ranga Sirilal Reuters: Sri Lanka may take action to cool down continuing high credit growth in the economy which has caused some concern, the island nation’s central bank governor said on Wednesday. Central Bank Governor Ajith Nivard Cabraal also said the country will sell a $1 billion eurobond this year as ...
- Credit growth to slow to 27% by December – Cabraal (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
- CB seen keeping rates steady for fifth straight month (Category: Business)
- Cabraal says change a reflection of success (Category: Business)
Reuters: Sri Lanka’s share market closed weaker on Tuesday, ending a four-session rally as investors booked profits in financial and blue chip shares amid low volumes and turnover, dealers said. The main share index ended 1.07 per cent or 61.64 points weaker at 5,693.92, from its highest since 23 January. Analysts said institutional investors are ...
- Vietnam’s 2011 rice exports hit record 7.19 M tonnes (Category: Business)
- World drinks more tea, FAO predicts strong price (Category: Business)
- July tea output down 11.5% (Category: Business)
- Stock market rebound after panic sell-off (Category: Business)
After statements to the contrary by Governor over applicable interest rate and on which loan amount, monetary authority issues clarification For few days, the not so ‘whole truth’ was out in the market, but perhaps due to the Opposition’s fire and realising the blunder and implications, a better-late-than-never conspicuous correction termed “clarification” has finally...
- Exchange rate standoff as IMF visits SL (Category: Business)
- CB says no need for FX intervention (Category: Business)
- IMF to discuss Sri Lanka loan follow-up (Category: Business)
- CB says all June-end IMF loan targets met (Category: Business)
The Economic Investigation Team of the International Monetary Fund (IMF) met Senior Minister of International Monetary Cooperation Dr. Sarath Amunugama yesterday at the Ministry of Finance and Planning. The discussion focused on loans granted by IMF and Sri Lanka’s economic development. Dr
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)
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: Sri Lanka’s Central Bank will announce its January monetary policy rate decision today. The Central Bank is expected to keep its repurchase and reverse repurchase rates steady at 7 per cent and 8.50 per cent respectively, their lowest levels in more than seven years, for a 12th straight month, according to 12 out of ...
- CB seen keeping rates steady for fifth straight month (Category: Business)
- Sri Lanka Central Bank Cuts Key Rates (Category: Breaking News)
- 2012 budget deficit goal challenging says CB Chief (Category: Business)
- CB banks on policy changes (Category: Business)
Reuters: The International Monetary Fund said on Thursday it is ready to discuss any Sri Lankan request for a follow up programme to its current $ 2.6 billion loan programme, provided the country meets the Fund’s request for currency flexibility. The IMF has withheld the eighth tranche
- IMF to discuss SL loan follow-up (Category: Breaking News)
- Exchange rate standoff as IMF visits SL (Category: Business)
- Devaluation a “right step,” says IMF (Category: Business)
- No timing yet for Sri Lanka review prior to next loan disbursal: IMF (Category: Business)
Bloomberg: Sri Lanka is keen to complete its current program with the International Monetary Fund and expects a further tranche release after the next review, even as the island nation “is not pressed for foreign exchange,” Sarath Amunugama, Minister for International Monetary
Highly confident Central Bank outlines ambitious forecasts for 2012 and beyond 2011 GDP growth at record 8.3%; 2012 outlook revised to 8% from 9% previously Eyes over $ 25 b inflows in 2011 Low interest rates helped to reduce Govt. expenditure by Rs. 15.5 b CB profit transfers to Government over Rs. 46 b between ...
- Govt. keen to support private sector: Cabraal (Category: Business)
- Financing of 2011 Budget goes haywire (Category: Business)
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
Aravinda Perera is the new Managing Director of Sampath Bank with effect from 1 January 2012. He brings with him a wealth of experience; his last post was as Deputy Managing Director. He will hold the reins when the bank celebrates 25 years since its inception in 1986. Perera is seeing in consolidation following a ...
- RAM reaffirms Sampath Bank’s ratings at AA/P1 (Category: Business)
- Nations Trust Bank maintains growth momentum (Category: Business)
- Sampath Bank showcases Rs. 2.5 b debenture issue as sound investment (Category: Business)
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 .....
- Sri Lanka may need to consider easing monetary policy: PB (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
- CB seen keeping rates steady for fifth straight month (Category: Business)
- 2012 budget deficit goal challenging says CB Chief (Category: Business)
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 ...
- Expo 2014 coming next (Category: Business)
- SL Injects Dynamism to Fisheries Industry (Category: Breaking News)
- Overseas trade officers roped in for Expo 2012 drive (Category: Business)
- France to send a special delegation to Sri Lanka Expo 2012 (Category: Business)
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 ...
- CB says no need for FX intervention (Category: Business)
- Devaluation divide (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- CB says all June-end IMF loan targets met (Category: Business)
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 ...
- EFC launches new guide to investors (Category: Business)
- Commercial Bank adjudged ‘Best Bank in Sri Lanka’ for record 14th year (Category: Business)
- CSE holds Investor Forum in Malaysia (Category: Business)
IT and skill development play a pivotal role, asserts Microsoft’s Harnick at ‘Accelerating Asia Pacific 2011’ summit By Cheranka Mendis in Malaysia The IT industry in Asia is expected to grow at a rate of 4.8% per year in a five year period beginning from 2008. The expected growth would generate 27 million jobs and ...
- Changing culture of youth in Asia (Category: Business)
- Linking cultures - World Tourism Day 2011 focuses on empowering youth (Category: Business)
- At youth forum, UN labour chief warns of ‘growing discontent’ (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)
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)
Multilateral donor emphasises devaluation should help exports, reserves Opines 2012 Budget consistent with earlier plans Withholds eighth tranche of $ 2.6 b loan; mission in Jan The International Monetary Fund said on Wednesday that Sri Lanka’s devaluation of its currency was a “step
- Devaluation divide (Category: Business)
- November annual inflation eases to 4.7% (Category: Business)
- No timing yet for Sri Lanka review prior to next loan disbursal: IMF (Category: Business)
- IMF to discuss Sri Lanka loan follow-up (Category: Business)
A Budget generally brings mixed fortunes and the latest edition seems to be no different. Following the presentation by President Mahinda Rajapaksa, there was a wide range of reactions with the most shocking coming from the currency market that froze following the announcement to depreciate the rupee by 3%. Since then the rupee has hit ...
- Vic Govt begins budget sell (Category: Australia, Victoria)
- Crown land 'sale' to boost Budget (Category: South Australia)
- Govt. Is So Bankrupt It Cannot Present A Budget – Vijithe Herath (Category: Breaking News)
- Paul Lennon recycled (Category: Australia, Tasmania )
The rupee trading froze on Monday after President Mahinda Rajapaksa announced a surprise three per cent devaluation with immediate effect in the 2012 Budget speech to help exporters and cut import costs. Central Bank Governor Ajith Nivard Cabraal said the devaluation would take effect from Tuesday, but assured that there wouldn’t be any further cut ...
- Sri Lanka Q3 GDP seen expanded 8.0%; full year 8.1% (Category: Business)
- Rupee trading band to be set at 113.50/90 (Category: Business)
- Bourse turnover, volumes near one-month low (Category: Business)
- Bourse at one-week high; JKH boosts turnover (Category: Business)
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