Key points from Central Bank press conference:-Sri Lanka’s SRR is lower than many countries, we believed it was appropriate to adjust upwards partly to curtail credit growth: CB Governor-We didn’t think it was appropriate to increase interest rates, which higher than inflation offering real returns: CB Governor-Will have to review interest rates if Fed raises interest rates by March: CB Governor-Depending on how inflation performs, we will have to look at interest policy: CB Governor-Dormant banks accounts will not be taken...
Thursday, December 31, 2015
Sri Lanka govt in informal consultation with IMF: CB Governor
Dec 31, 2015 (LBO) – Sri Lanka’s Central Bank Governor Arjuna Mahendran said that they are examining the possibilities of an International Monetary Fund (IMF) loan facility next year.“Yes we are examining the possibilities and the government are in informal consultation with the IMF,” Mahendran said. “A team is due here for regular discussions in February 2016.”However, he added that at the moment the islands reserves sufficient.“Our reserves are quite comfortable and we have four and a half months of imports and the country...
Sri Lanka Economic Forum with Soros, Stiglitz next month
Dec 31, 2015 (LBO) – Sri Lanka’s government will host its Sri Lanka Economic Forum next month with business magnate and philanthropist George Soros and nobel laureate Joseph Stiglitz as guest speakers. The conference, an initiative of Prime Minister Ranil Wickremesinghe, will bring together development specialists to advise the various arms of government on its development program. The Harvard University’s Center for International Development will take a lead role in the conference to be held on January 7th and 8th, a media...
Sri Lanka's CSE removes share transaction levy
Dec 31, 2015 (LBO) – Sri Lanka’s Colombo stock exchange’s share transaction levy of 0.3 percent will be removed with effect from 1 January 2016, a statement said.“The proposal was announced in the government’s 2016 budget presented to parliament in November aimed at encouraging share market trading,” a stock exchange filling said.Under the new fee structure, total transaction fees on equities up to 50 million rupees would be 0.82 per cent while the fees for trades over 50 million rupees would be 0.31 percent, it said....
Wednesday, December 30, 2015
Sri Lanka's Sanasa Development Bank debenture issue oversubscribed
Dec 30, 2015 (LBO) – Sri Lanka’s Sanasa Development Bank said that its listed debenture issue has drawn subscriptions worth over 4 billion rupees and successfully completing both tranches.“We have received applications for over 4 billion rupees and accordingly the total issue has been oversubscribed,”the Bank said in a stock exchange filling.“The issue was closed yesterday as per prospectus and applications received until 4.30 p.m. Tuesday.”The bank offered 20 million rated, guaranteed, redeemable debentures at 100 rupees each...
Sri Lanka T-bill yields up
Dec 30, 2015 (LBO) – Sri Lankan Treasury Bill yields were up at Wednesday’s auction with one-year yields up 19 basis points to 7.30 percent, a statement said.Three month bills were up 7 basis points to 6.45 percent at the auction and the six month bill yields rose 14 basis points to 6.83 percent.The Central Bank said that bids worth 43.1 billion rupees for the 7.4 billion rupees of bills offered.&nb...
Tuesday, December 29, 2015
Sri Lanka foreign reserves rise to USD7.3 bln in Nov
Dec 29, 2015 (LBO) – Sri Lanka’s official foreign reserves increased to 7,295 million dollars at the end of November this year, up from 6,480 million dollars at the end of October after a sovereign bond issue, according to figures released by the Central Bank.This included 6,463 million dollars in foreign reserves and 756 million dollars in gold.Sri Lanka raised 1.5 billion dollars in a 10-year sovereign bond issue in late October and may go to international markets to raise up to 1.5 billion dollars next year for budgetary...
Dollar gains limited in 2016, fund managers look elsewhere
Dec 29, 2015 (LBO) – US Dollar gains are expected to be limited next year compared with the strengthening seen over the last two years after a well-expected tightening of interest rates by the US Fed this month.The dollar rallied 10 percent to 1.09 per euro this year from 1.2 per euro at the beginning of the year. This is a gain from 1.35 per euro at the beginning of 2014.The currency will appreciate about 5 percent to 1.05 per euro by the third quarter of 2016 due to the well-expected Fed liftoff, analysts said.Money managers...
Rs50 bln in bonds likely privately placed by Sri Lanka Central Bank
Dec 29, 2015 (LBO) – Sri Lanka’s Central Bank may have privately placed 50 billion rupees in bonds with state funds this month making an exception to its policy to rely solely on primary auctions, sources said.The central bank issued 744 billion rupees in treasury bonds through auctions this year compared with just 31.7 billion rupees worth of bonds last year changing a policy to directly place a majority of treasury bonds with captive sources such as pension funds.“From the government securities outstanding on the 23rd, for...
Monday, December 28, 2015
Turnaround in int'l tech IPOs possible in 2016
Dec 28, 2015 (LBO) – Four technology startups with billion-dollar-plus valuations are getting ready for initial public offerings in early 2016, following one of the slowest technology IPO years on record, a report said.This could mean a better outlook for technology IPOs next year.Although market conditions could alter their plans, Nutanix, Okta, Twilio and Coupa Software are in various stages of preparing to go public.Their performance could signal whether investors are once again willing to pay premium prices for startup IPOs,...
Sri Lanka labour force 9 mn, unemployment 5 pct in 3Q: Census Dept
Dec 23, 2015 (LBO) – Sri Lanka’s labour force is about nine million in the third quarter of 2015, of which 64.5 percent are males and 35.5 percent are females, the Department of Census and Statistics said.The Department has released employment, unemployment and labour force statistics based on a sample of about 6,250 housing units covering the whole country.The working age for Sri Lanka is defined as age 15 years and above and the labour force is defined as the economically active population who are in working age.Labour force...
Wednesday, December 23, 2015
Sri Lanka's economic goals can be achieved through addressing brain drain: Eran
Dec 23, 2015 (LBO) – Sri Lanka’s deputy Minister of State Enterprise Development said that internationally exposed management skills of local expatriates are the need of the hour if the island nation is to achieve its expected economic targets in the near future.“Everyone only talks of capital and technology but in my experience it is management that is needed more; management which has been exposed internationally.” Eran Wickramaratne, deputy Minister, State Enterprise Development said.“Nearly 300,000 nationals leave for greener...
Tuesday, December 22, 2015
Sri Lanka Finlay's get regulator nod for delisting
Dec 22, 2015 (LBO) – Finlay’s Sri Lanka unit, a blender and packager of tea exports has received the approval of the Securities and Exchange Commission to delist its ordinary shares from the Colombo Stock Exchange, a statement said..“The offer documents on the exit offer to be made by James Finlay Ltd. of London and then will be sent to the rest of the shareholders in due course,” the company said in a stock exchange filling.In an earlier statement the Company said that has made arrangements for James Finlay Ltd. of Swire House,...
Monday, December 21, 2015
Colombo Port will have trouble providing welfare facilities to employees: Minister
Dec 21, 2015 (LBO) – Sri Lanka’s Minister of Port and Shipping Arjuna Ranatunga had yesterday revealed that even though the annual income is 29 billion rupees, the Authority will have difficulties when providing welfare facilities to its employees.“Colombo port receives 29 billion rupees of annual income. However there is a significant portion from the earnings has to be allocated to cover the debt loans of Hambantota port. So we are in big trouble when providing welfare facilities to the employees who are working at Colombo...
Sri Lanka inflation accelerates to 4.8-pct in November
Dec 21, 2015 (LBO) – Sri Lanka’s consumer prices rose 4.8 percent in the 12-months to November from a year earlier, from the 3.0 percent a month earlier, data from the state statistics office showed.Year on year inflation of Food Group has increased from 2.3 percent in October 2015 to 4.6 percent in November while Non-food Group also increased by 3.5 percent to 4.9 percent during this period.The Department of Census and Statistics commenced...
Friday, December 18, 2015
Sri Lanka cannot expect IMF to come and sort out problems: Razeen Sally
Dec 18, 2015 (LBO) – Sri Lanka might need IMF funds as money flow tightens in the future with global economic complexity but the government cannot expect a bail out by the IMF after acting irresponsibly, Professor Razeen Sally said in a forum held Thursday.“There is a lot of talk, as in the past, about going to the IMF to get another standby loan,” Sally said.“This may be unavoidable sometime during the course of next year, especially as money tightens and as global interest rates rise,” he said.“The Sri Lankan culture of acting...
Motor car registrations high at 10,054 in November: JB Securities
Dec 18, 2015 (LBO) – Vehicle registration momentum continued into the month of November due to the pre-Nov 20 budget surge and relaxation of LTV rule, JB Securities said in a research note.Total motor cars registrations recorded 10,054 units in Nov slightly down from 10,349 units in Oct but significantly higher than 2,419 units recorded 12 months ago.Brand new car registrations recorded 6,682 units in Nov, the second highest number on record slightly higher than 6,225 units recorded in Oct but lower than the all-time record...
Thursday, December 17, 2015
US Fed raises rates by 25 bp, first hike since 2006
Dec 17, 2015 (LBO) – The US Federal Reserve has raised interest rates by 25 basis points, its first increase since 2006.Fed Chair Janet Yellen said the move would be followed by “gradual” tightening as officials watch for signs of higher inflation.The target for the Fed funds rate was unanimously set at 0.25 percent to 0.5 percent, up from zero to 0.25 percent, with officials indicating four quarter-point increases were likely in the next year.U.S. stocks rallied with the S&P 500 index closing up 1.45 percent, the Dow Jones...
We are not dictated by IMF policy: Finance Minister
Dec 17, 2015 (LBO) – Sri Lanka’s Finance Minister told Parliament Wednesday that the country has a strong balance of payments environment and rejected reports of a gloomy outlook for 2016.“There is no issue with the balance of payments. Our problem is with the trade balance. Our exports have decreased and imports increased,” Finance Minister Ravi Karunanayake said.“But the imports are for capital nature. So it is not such a dangerous thing. The balance of payments is strong. As of this moment we are not dictated by IMF policy,”...
"If required by MR, able to sell Mihin Air for one rupee" - Eran
Dec 17, 2015 (LBO) – Sri Lanka’s Deputy Minister of Public Enterprise Development Eran Wickramaratne proposed that if required by former President Mahinda Rajapaksa, the incumbent government is able to sell ‘Mihin Air’ over to him for a rupee.“Losses incurred by Mihin Air at present stands at Rs. 1600 million,” Wickramaratne said in a statement.“Mihin’s balance sheets are all minus. However if Mahinda Rajapaksa requires it, we will sell Mihin Air over to him for one Rupee. We will privatize Mihin Air for one Rupee,” he said.“How...
Sri Lanka requests India to extend USD 1.5bn swap facility by one year
Dec 17, 2015 (LBO) – Sri Lanka’s Finance Ministry has requested India to extend the existing 1.5 billion US dollars swap facility by one year, the finance minister told Parliament Thursday.“I spoke to Indian Finance Minister Arun Jaitley and requested to extend the USD 1.5 bn facility by another year,” Finance Minister Ravi Karunanayake said.“Because India is doing a devaluation. But With yesterday’s FED rate hike the uncertainty will be cleared,” he said.The reserve bank of India and the central bank of Sri Lanka entered into...
Turkey to provide USD350mn for development projects in Sri Lanka
Dec 17, 2015 (LBO) – Finance Ministry is to enter into an agreement with Turkey that will enable Sri Lanka to have 350 million US dollars from Turk Exim Bank to implement development projects in Sri Lanka.The cabinet has approved a proposal to sign this MOU with the intention of strengthening the financial relationship with Turkey, which is an active member and the present Chairmen of G-20.Meanwhile the cabinet nod has been given to examine the possibility of obtaining loan facilities for the construction of the road section...
Wednesday, December 16, 2015
S&P Dow Jones announces changes in S&P Sri Lanka 20 index
Dec 16, 2015 (LBO) – S&P Dow Jones Indices has announced the changes in S&P Sri Lanka 20 index constituents effective from December 21, 2015, the Colombo Stock Exchange said.Accordingly, Bukit Darah, Carson Cumberbatch, Lion Brewery Ceylon and Sri Lanka Telecom will be removed from the S&P Sri Lanka 20 index as they no longer qualify for index inclusion.Replacements will be Asiri Hospital Holdings, Ceylinco Insurance, Ceylon Cold Stores and Hemas Holdings.The index includes the largest 20 stocks, by total market...
Tuesday, December 15, 2015
Fed liftoff largely priced in by emerging markets: ABN AMRO
Dec 15, 2015 (LBO) – A first rate hike by the U.S. Fed in nearly a decade expected this week is largely priced-in and emerging markets may have already seen most of the adjustment to Fed hikes, ABN AMRO said in a research report.“Fed message is likely to be relatively soothing, as we expect Fed to show a slightly more cautious path of rate hikes compared to September,” the report said.After following near-zero interest rates, the U.S. Fed is expected to hike interest rates on Wednesday after a two-day FOMC meeting, with a 74...
USD 1.6 bn worth FDI expected from 66 projects, 45 expansions: BOI
Dec 15, 2015 (LBO) – Sri Lanka’s Board of Investment says they are expecting 1.6 billion US dollars worth foreign direct investments through 66 new projects and 45 expansions of existing projects.“As a result of the introduction of new procedures aimed at improving facilitation, the BOI succeeded in attracting a number of important projects in key sectors of investment,” the BOI said.The investment promotion bureau said once these investments are realized a total of 66 new projects and 45 expansions of existing projects will...
Sri Lanka GDP grows 4.8-pct in 2015 third quarter: Census Dept.
Dec 15, 2015 (LBO) – Sri Lanka’s gross domestic product expanded 4.82 percent in the third quarter of 2015 from a year earlier, the state statistics office said.The statistics office said agriculture grew 6.9 percent, industries by 6.2 percent and services by 3.4 percent.The economic growth rate of the country for the first three quarters has been estimated as 5.2 percent. &nb...
Monday, December 14, 2015
Special economic zones, a driving force for increased trade in Asia: ADB
Dec 14, 2015 (LBO) – Special economic zones (SEZs) can be a driving force for increased trade, investment, and economic reform in Asia as it experiences a slowdown in trade, provided the right business environments and policies are put in place, a new Asian Development Bank (ADB) report said.“The expansion in the number of SEZs from about 500 in 1995 to over 4,300 in 2015 shows the strong and rising interest to this form of policy experiment, though the success record is somewhat mixed,” Shang-Jin Wei, chief economist said.“If...
Friday, December 11, 2015
"I Paid A Bribe" anti-corruption website launched in Sri Lanka
Dec 11, 2015 (LBO) – Sri Lanka’s government and I Paid A Bribe Sri Lanka has launched a “first of its kind” anti-corruption website www.ipaidabribe.lk to crowd source reports on corruption.President Maithripala Sirisena and Chairman of the Commission to Investiate Allegations of Bribery or Corruption (CIABOC), Dilrukshi Dias Wickramasinghe, were present at the launch at the UN anti-corruption day event in Colombo.“The motto of the new Sri Lankan Government this year was fight against corruption and to usher in good governance....
Sri Lanka * market update * Asian markets mixed, Brent 39.47; CTHR traded
CTHR : 3.66 mn shares traded on CSE 12:48:55 – Rs140.00 – 1,974,964 shares; 12:48:37 – Rs140.00 – 1,686,445 shares. Now flat at 135. (Dec 11, 1.31 p.m).The 31 percent slide in Brent crude prices this year is hurting Asia’s only major net exporter of oil Malaysia which gets 22 percent of government revenue from oil-related sources. (Dec 11, 11.05 a.m).Asian shares mixed with Hang Seng down 0.72 percent and Nikkei up 97 percent, Brent crude at 39.47 dollars per barrel. ASPI up 0.14 percent (Dec 11, 11.00 a.m).&nb...
Sri Lanka female labor force participation could boost productivity: Kvintradze
Dec 11, 2015 (LBO) – Sri Lanka needs labor market reforms including boosting of female labor force participation rate, a senior International Monetary Fund official said.“If you look at labour force participation across the globe and especially in Sri Lanka you see there is a huge opportunity to boost labour force participation,” Eteri Kvintradze Resident Representative, IMF said.“And an important dimension to that is the female labour force.”She was speaking at the LBR LBO Debrief – “Business Climate Outlook of 2016” held in...
Thursday, December 10, 2015
IMF concludes fourth post-program monitoring
Dec 10, 2015 (LBO) – The International Monetary Fund concluded its fourth Post-Program Monitoring with Sri Lanka, noting a more challenging external environment, macro-financial imbalances and less room available for monetary easing.“Recent economic developments reflect a more challenging external environment as well as a sharpening of macro-financial imbalances that began to emerge late in 2014,” a statement said.During the first half of 2015, Sri Lanka’s growth picked up to 5.6 percent from 4.5 percent...
Sri Lanka currency adjustments terrible: Nishan de Mel
Dec 10, 2015 (LBO) – Sri Lanka’s currency adjustments which are poorly timed affect business planning and confidence of international community while having other effects, a senior researcher said.Nishan de Mel, head of research at Verite said that in Sri Lanka, the strength of rupee is incorrectly tied up with economic virility.“We know that politically in Sri Lankan society the way in which the economic ideas have been percolated says...
Wednesday, December 9, 2015
Sri Lanka well placed with end of war, new infrastructure: IMF's Kvintradze
Dec 09, 2015 (LBO) – With the end of a war and recently built infrastructure, Sri Lanka businesses are well placed to benefit from new opportunities, Eteri Kvintradze, the resident representative of the IMF, said.Despite external vulnerabilities and concerns about fiscal consolidation, Sri Lanka can be competitive in the South Asia region, Kvintradze said. She was speaking at the the LBR LBO Debrief: Business Climate Outlook of 2016 full-day conference held in Colombo on Tuesday.“Sri Lanka could position itself very competitively...
Sri Lanka has borrowings of USD1.5 bln in pipeline for next year
Dec 09, 2015 (LBO) – Sri Lanka may go to international markets to raise up to 1.5 billion dollars next year for budgetary financing, in line with the amount raised this year, a central bank official said.Sri Lanka raised 1.5 billion dollars in a 10-year sovereign bond issue in October with a coupon of 6.85 percent for budgetary financing and to increase foreign reserves.This was Sri Lanka’s ninth US Dollar benchmark as well as the largest offering in the international bond market since 2007.After ending a war with Tamil Tiger...
Sri Lanka * market update * Chacra buys CIC shares, Com bank start money transfer operations in Italy
Si Lanka’s Commercial Bank announced that they would commence money transfer operation in Italy, a stock exchange filling said. The statement said that the operation will be carried out through an authorized payment institution in Italy. “The regulatory approvals from both countries has been received.” ( Dec 09, 2015 11.30 a.m) The Colombo Stock Exchange said in a statement that Chacra Capital Holdings bought 3.3 million shares of CIC (voting) and 1.5 million Non-voting shares on Tuesday. “Three shareholders of Chacra...
Tuesday, December 8, 2015
Oil prices drop to near 7-year low after OPEC meeting
Nov 08, 2015 (LBO) – Crude oil prices fell six percent to a near seven-year low after OPEC showed no signs of addressing a supply glut following a meeting on Friday. Brent crude was at 40.95 dollars per barrel, rebounding 0.54 percent on Tuesday. A stronger dollar, on the likelihood of a US rate hike, also added to the lower oil prices this week. At the meeting, OPEC oil ministers dropped any reference to a price ceiling highlighting disagreement among members on how to accomodate future Iranian output after sanctions are lifted....
Sri Lanka stocks close down 0.1-pct
Dec 08, 2015 (LBO) – Sri Lankan stocks closed down at 0.14 percent with losses in Ceylon Tobacco Company and Distilleries Company, brokers said.The Colombo benchmark All Share Price Index closed down 9.54 points at 6,849.09 down 0.14 percent. S&P SL20 closed 20.77 points higher at 3,653.70 up 0.57 percent.Turnover was at 982 million rupees, lower than the daily average of 1.1 billion rupees with 60 stocks closing positive against 84 negative.The main index showed losses in Ceylon Tobacco Company closing at 980.00 rupees,...
Sri Lanka's tea exports continue decline
Dce 08, 2015 (LBO) – Sri Lanka’s tea exports continued to decline in September 2015 severely affected by lower demand from main tea buyers in Russia and the Middle East reflecting declines in both export volume and export prices.Tea exports recorded a drop of 20.4 percent in September this year compared to the corresponding month in 2014, official data showed.The average export price of tea decreased to 4.32 US dollars per kilogram compared to 5.01 US dollars per kilogram recorded in September 2014.Official data shows Sri Lanka...
Monday, December 7, 2015
CSE sets mandatory rules on Related Party Transactions
Dec 07, 2015 (LBO) – The Colombo Stock exchange has mandated the rules relating to Related Party Transactions by all Listed Companies from 01 January 2016.Accordingly, section 9 of the CSE Listing Rules set out the relevant rules applicable in the event a listed entity enters into a related party transaction.The salient features of the said Rules:Definition of a “Related Party Transaction” (RPT)A Related Party Transaction (RPT) is a transfer of resources, services or obligations between Related Parties regardless of whether...
Commercial Credit Debenture Issue oversubscribed on opening day
Dec 07, 2015 (LBO) – Sri Lanka’s Commercial Credit and Finance PLC’s issue of up to 20 million rated, guaranteed, subordinated, redeemable five-year Debentures at a par value of 100 rupees each was oversubscribed soon after subscriptions were opened on Wednesday, the 3rd of December 2015, the company said in a media release.Accordingly the company was able to raise up to the maximum amount of up to two billion rupees.The debentures will be listed on the Colombo Stock Exchange. The issue will yield an annual effective rate...
FCID arrests Nalaka Godahewa over misuse of SEC funds
Dec 07, 2015 (LBO) – Sri Lanka’s Police Financial Crimes Investigation Division has arrested Former Chairman of Securities and Exchange Commission, Dr. Nalaka Godahewa on charges of financial fraud involving five million rupees.The Police said he was arrested after arriving at the FCID on Monday morning to provide a statement.Two individuals including a Deputy Director General of the Securities and Exchange Commission have been arrested over the alleged irregularities occurred during the past years.&nb...
Debt Report: Thin activity in Sri Lanka markets, liquidity surplus dips
Nov 07, 2015 (LBO) – There was thin activity in Sri Lanka’s bond market with foreign remittances balancing importer dollar demand in the currency market.Market eyes are on Fed policy meeting Dec 15-16, with Federal funds futures showing a 79-percent chance the Fed will end seven years of near-zero interest rates and about 50 percent chance of a second rate rise by March.Federal Reserve Chair Janet Yellen could argue that U.S. labor market is healthier to raise benchmark interest rates this month, but dissenters argue that the...
Asiri Hospitals shows interest in buying Lanka Hospitals
Dec 07, 2015 (LBO) – Sri Lanka Softlogic‘s flagship hospital chain Asiri Hospitals Holdings Plc had shown interest in buying Lanka Hospitals stake, the company said in a filing to stock exchange.“Softlogic’s flagship hospital chain Asiri Hospitals Holding Plc being the leading private sector healthcare provider in Sri Lanka wish to announce that we have expressed our interest in perusing the opportunity of acquiring the selling stake in Lanka Hospitals corporation Plc owned by the government of Sri Lanka as per the procedure...
Sri Lanka's CSE eyes more global investors through new CCP
Dec 07, 2015 (LBO) – Sri Lanka’s Colombo Stock Exchange (CSE) is aiming for more international investors by introducing a new risk management system through establishing a Central Counter Party (CCP) system, a senior official said.“We need to manage the risk of the CSE – this is an area that we are lacking in,” Vajira Kulathilake, chairman Colombo Stock Exchange said.“We are in the process of implementing a CCP which will reduce risk drastically and once we get this more global investors will be coming here.”Effective risk...
Op-Ed on Sri Lanka Budget - Is Sri Lanka's Fiscal House in Order?
By Todd SchneiderConstructing a good budget is like building a good house. The foundation needs to be solid, high-quality materials make a big difference to durability, and careful craftsmanship will bring both stability and confidence to weather future storms. Similarly, budgets needed to be well grounded and credible, built with care to ensure both equity and support high levels of inclusive economic growth, and have enough room to adapt to shocks. Sri Lanka’s proposed budget brings many of these elements to the table, but...
Friday, December 4, 2015
Sri Lanka equity earnings down 6 pct in Q3 on diversifieds, telcos: CT CLSA
Dec 04, 2015 (LBO) – Sri Lanka equity market earnings declined 6 percent in the third quarter of this year largely due to lower earnings in diversified and telecommunications sectors, CT CLSA said in a research report.A slowdown in banking, finance and insurance added to this performance, the securities firm said.On a twelve-month basis, however, motors, manufacturing and healthcare showed strong earnings growth. The diversified sector reported 10 percent lower earnings in the third quarter, year on year, “impacted by various...
IMF looking at Sri Lanka options, fiscal consolidation key: IMF
Nov 04, 2015 (LBO) – Sri Lanka’s government has expressed interest in a IMF-supported program as one option to address balance of payments pressures, the resident representative of the IMF told Lanka Business Online. “IMF staff is considering options for Sri Lanka, which would depend on our assessment of macroeconomic vulnerabilities, the nature and size of balance of payments needs, and government policies to address these vulnerabilities,” Eteri Kvintradze, the resident representative of the IMF, said in emailed comments....
Sri Lanka's CSE to see infrastructure bonds and REITs soon
Dec 04, 2015 (LBO) – Sri Lanka’s Colombo Stock Exchange (CSE) chief said that new products in the form of infrastructure bonds and REIT’s will be introduced to broaden and add depth to the islands debt markets.“New products need be brought in, Sri Lanka’s debt market needs to be broadened and depth needs to be brought in,” Vajira Kulathilake, chairman Colombo Stock Exchange said.“But that will not be enough we need to broaden it further so that infrastructure bonds can be issued soon on the CSE.”He was speaking at a ceremony...
Sri Lanka stocks close down 0.2-pct: Net foreign outflow
Dec 04, 2015 (LBO) – Sri Lankan stocks closed down 0.16 percent with losses in index heavy stocks amid low investor activity, brokers said.The Colombo benchmark All Share Price Index closed down 11.10 points at 6,869.56 down 0.16 percent. S&P SL20 closed 7.54 points lower at 3,638.56 down 0.21 percent.Turnover was low at 372 million rupees, lower than the daily average of 1.1 billion rupees with 60 stocks closing positive against 62 negative.“There was net foreign outflow after four consecutive days of inflows,” Lanka Securities...
Thursday, December 3, 2015
Sri Lanka state sector asked to generate revenue for national economy: PM
Dec 03, 2015 (LBO) – Sri Lanka’s state-owned enterprises have to perform better towards contributing to the national economy, Prime Minister Ranil Wickremesinghe said.“Our first focus is on the state enterprise and we will ensure that there is better performance in the state enterprises in the coming few years,” he said.“We are keeping the 2020 deficit target so that the state enterprises have to make a contribution to the national economy and to the state revenue.”Sri Lanka wants to reduce the budget deficit to 3.5 percent...
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