SL’S foreign debt shoots up to US$ 18.6bn

Sri Lanka’s external debt, inclusive of project loans and international bond issues, increased by 13% year-on-year (YOY) to US$ 18.6 billion in 2011, according to the Ministry of Finance and Planning’s Annual Report for 2011.

Liberal trade key, says ex - WB Advisor

A focus on improving productivity in the framework of liberalized economic policy will be crucial to Sri Lanka’s ability to compete on a global scale, according to former economic advisor to the World Bank, Sarath Rajapatirana.

‘Wake-up’, PB urges biz community

The local business community is sleeping and not aware of the extent of damage done to the country by heavy imports. They should wake up and assist local manufacturers, Treasury Secretary, Dr. P.B Jayasundara said.

Improving investment climate and public spending key concerns

The World Bank (WB) has identified weak investment climate and lack of efficiency in public spending as constraints for Sri Lanka to achieve its growth ambitions, the global lender announcing its FY 2012-2016 Country Partnership Strategy (CPS) for the country said.

SEC to introduce interim remedies to mitigate settlement risks

Securities and Exchange Commission (SEC) has decided to implement several key interim measures to reduce settlement risk involving the transactions of the Colombo Stock Exchange (CSE) until a Central Counter Party (CCP) is in place.

Dollar borrowings send some listed corporates reeling

Sri Lanka’s listed corporates so far have incurred over Rs.5.7 billion loss as foreign exchange losses due to the depreciation of the Lankan rupee (LKR) against the US dollar, a quick compilation of data by Mirror Business revealed.

Tea tussle hots up; planters hit back

Responding to the statement made by the Tea Exporters Association (TEA) on Tuesday, the Planters’ Association of Ceylon (PA) yesterday said that they are completely against the proposed importation of orthodox black teas of foreign origin to the country.

NSB-TFC deal is 'peanuts' compared to alleged fraud involving EPF says Harsha

United National Parliamentarian and economist Dr. Harsha de Silva releasing a statement said that the alleged misuse of public funds in the controversial The Finance National Savings Bank deal is ‘peanuts', when compared with alleged fraudulent transactions involving the Central Bank managed Employees' Provident Fund (EPF) in the Colombo Stock Exchange, for the last two years.

Rupee up over 3%

The Sri Lankan rupee rose more than 3 percent yesterday as exporters sold dollars following the treasury secretary's threat to resume market interventions if the currency dropped beyond "tolerable" levels

Rupee dips to record low

Sri Lanka’s rupee fell 1.05 percent to a record low of 133.50 to the dollar yesterday on importer demand for the U.S. currency because of concern the rupee will weaken further if the Central Bank stops supplying dollars for oil bills.

T-bill yields up 20 bps

Treasury bill yields rose across all maturities by 20 basis points at today’s auction held for the re-issue of Rs.12 billion maturing bills, according to the Public Debt Department of the Central Bank

Rupee depreciation unwarranted - CB

The recent slide in Sri Lanka’s rupee is unwarranted as importer dollar demand has dropped significantly since the Central Bank took policy measures to curb imports, the bank’s Deputy Governor said yesterday.

Energy costs may hinder tile industry growth- Report

The Sri Lankan ceramic tile industry could see a surge in both its domestic and export markets provided that positive signs as to a global economic recovery and booming local construction industry are not offset by the industry’s escalating energy and raw material costs, according to a report on the tile sector from Asia Wealth Management Co (Pvt) Ltd.

Govt. decides to get final IMF loan installment

The Sri Lankan government has decided to request the completion of t he eighth review of the ongoing US $ 2.6 billion IMF (International Monetary Fund) Stand-by facility in order to draw the last tranche of US $ 400 million, though Central Bank Governor had earlier said they country would not go for it.

Brazil donates US$ 2.2mn worth of rice and beans to Sri Lanka

The United Nations World Food Programme (WFP) operations in Sri Lanka welcomed a US$ 2.2 million donation of white rice and beans from the Government of Brazil yesterday.

To Hambantota with love!

The reconditioned motor vehicle importers to the country said that they have no objection to the Sri Lanka Ports Authority’s (SLPA) move in routing ships carrying motor vehicles from Colombo to hambantota port for unloading.

T-bill yields up

Treasury bill yields rose across all maturities at yesterday's bill auction held for the re-issue of Rs.10 billion maturing bills

SL economic growth modest but strong– ADB

The Asian Development Bank (ADB) yesterday described Sri Lanka’s economic outlook as ‘moderate but still strong’, adding that the economy would grow at 7 percent during 2012 and improve to 8 percent in the coming years amidst a better global economic outlook and growth driven mainly by domestic and foreign investment.

Six Senses shelves plans to list on CSE

World-renowned leisure brand Six Senses is most likely to shelve its plans to list its regional business unit on the Colombo Stock Exchange (CSE).

IMF loan resumption positive for Lanka’s credit rating- Moody’s

The recommencement of the disbursement of the IMF tranches will be positive for Sri Lanka’s B1 credit rating, restoring investor confidence and strengthening foreign exchange reserves, Moody’s Investor Services noted.

T bill yields flat

The Treasury bill yields remained flat at yesterday’s bill auction for the re-issue of Rs.10 billion maturing bills, with the six months and twelve months yields remaining unchanged

T-bill yields up; 6-month bids rejected

Treasury bill yields rose across maturities at yesterday's auction for the re-issue of Rs.10 billion maturing bills, though all bids for 6-month bills were rejected.

Jan exports down; trade gap Rs.1bn

Sri Lanka's export income during the month of January fell marginally to 0.6 percent year-on-year to US$918 million, while expenditure on imports rose 20.1 percent to US$1,883 million, the Central Bank said yesterday.

Dollar inflows steady - Central Bank

The dollar inflows to Sri Lanka have increased substantially in the recent weeks, and a significant part of them were absorbed by the Central Bank boosting foreign reserves of the country, the Central Bank said in a statement

T-bill yields up across all maturities

Sri Lanka’s Treasury bill yields rose across all maturities with three-month yields rising 30 basis points to 10.11 per cent, six-month yields 24 basis points to 10.18 per cent and 12-month yields 15 basis points to 10.45 per cent, the data released by the Public Debt Department of the Central Bank following today's auction said

Rupee at record low

Sri Lanka's rupee hit a record low of Rs.121.20/40 against US dollar today.   This was mainly due to importer dollar demand, as the Central Bank stayed away in line with its new policy against intervening to defend a specific price, currency dealers said. The rupee on Friday closed at Rs.119.90/120.00.

T bill yields up 20 basis points

Sri Lanka Treasury bill yields rose across all maturities at yesterday's auction, with 12 month yields topping 10 percent for the first time this year, data released by the Public Debt Department of the Central Bank showed

Rupee strengthens on dollar sales by state banks

Reuters—Sri Lanka's rupee currency, which had an all-time closing low on Tuesday, initially weakened further today but then strengthened as state banks sold dollars.

Sri Lanka ups policy rates

The Monetary Board of Sri Lanka has finally decided to increase the policy rates by 50 basis points owing to increased private sector credit growth that is resulting in a widening trade deficit

January inflation slows to 3.8%

Sri Lanka’s January inflation slowed to 3.8 percent from a year and from 4.9 percent recorded in December 2011, the data released by the Census and Statistics Department said