Rupee hits 9-month high, despite CB intervention

The Sri Lankan rupee rose to a nine-month closing high on Thursday due to foreign inflows into government securities despite the central bank buying dollars to prevent a rapid appreciation, dealers said.

Bad weather to negatively affect January tea output

The present inclement weather conditions in the country may affect the tea intake in January as it has resulted in poor worker turnout in the plantations, John Keells Tea Brokers said.

Lankan sovereigns will underperform in 2013 - Report

The emerging high-beta sovereigns of Sri Lanka are expected to underperform over the next 6-12 months, said a leading global banking group, while maintaining a ‘stable’ outlook on most Asian sovereigns, adding that ‘positive’ rating momentum however has largely subsided.

Rupee strikes 9-month high on inflows

The Sri Lankan rupee rose 0.8 percent to a nine-month closing high yesterday, helped by inflows into government securities and dollar sales by exporters and banks expecting the rupee to strengthen further, currency dealers said.

CB projects 18.5% credit growth for 2013

Following the lifting of the 18 percent credit ceiling with the ending of 2012, the Central Bank recently gave a clear indication of its commitment to maintain the amount of the credit to the private sector at 18.5 percent during 2013.

Govt lowers 2013 FDI target; BOI Chief says US$ 1.2bn FDIS in 2012

The government last week lowered the country’s 2013 foreign direct investment (FDI) target to US$ 1.5 billion, clearly implying that Sri Lanka had failed to materialize the original target of US$ 2 billion for 2012, which was later revised downwards to US$ 1.75 billion.

Present tea price trend could bring strong 1Q13 results - JK

If the present trend in tea prices is to continue, the industry could expect strong first quarter performance in 2013, according to John Keells Ltd, a leading tea broker in the country.

CB further loosens up exchange controls

Extending the measures to liberalize the foreign exchange market in Sri Lanka, the Net Open Position (NOP) limit, which is the open dollar position of licensed commercial banks (LCBs), was increased as a whole (banking industry) by as much as 85 percent to reach 120 percent by the Central Bank of Sri Lanka (CBSL), with effect from last Wednesday.

NCE biz delegation to Myanmar a success

The National Chamber of Exporters of Sri Lanka organized an 11-member business delegation to Myanmar last December. The delegation visited Yangon in Myanmar on the 19th and returned after a successful 4-day fact finding mission. The delegation was led by M. Shiham Marikar, Director Trade Promotion of NCE.

Mixed bag of fortunes for Lankan tea in 2012

Sri Lanka’s tea industry concluded 2012 with mixed fortunes with higher rupee values being obtained at auctions despite notably lowered volumes on the supply side, according to Executive Director, Ceylon Tea Brokers, Waruna de Silva.

Rubber prices edge up in New Year’s first auction

Rubber prices showed slight improvements during the first auction for the year 2013, boosted by recovering demand in Japan and other regional markets.

T-bill yields fall across maturities

The Treasury yields fell across all maturities at the first auction held in the year 2013, for the reissue of Rs.20 billion maturing bills.

Debt to GDP rises to 81% in 2012

Sri Lanka’s debt to Gross Domestic Product (GDP) increased to 81 percent in 2012 from 78 percent in 2011 due to rupee depreciation, Central Bank Governor Ajith Nivard Cabraal said, presenting the Monetary Road Map for 2013.

China’s top travel agents tour Sri Lanka

With the view of promoting Sri Lanka as a popular tourist destination, Sri Lanka Tourism Promotion Bureau(SLTPB) organized a familiarization tour for 14 leading travel agents from China, together with Malaysian Airlines.

Harsha calls for achievable 2013 monetary targets

United National Party (UNP) MP Dr. Harsha de Silva has called for a realistic Monetary Policy Road Map for the year 2013 (that is to be presented today), as opposed to an unrealistic and unsustainable one presented last year.

Deficit bungle!

The Sri Lankan government is likely to overshoot yet another overambitious fiscal deficit target of 5.8 percent of the GDP, set out in the 2013 Budget to reach not below 6.5 percent, due to the overly optimistic revenue assumptions, according to a German global banking and financial service company.

December YOY inflation eases to 9.2%

Sri Lanka’s year-on-year (YoY) inflation in December eased to 9.2 percent from 9.5 percent in November, the data released by the Department of Census and Statistics showed.

Nov. export earnings fall 6.6%; trade gap for first 11 months narrows to 2.1%

Sri Lanka’s export earnings fell 6.6 percent Year-on-Year (YoY) to US $ 827.6 million in November 2012 despite a 4.6 percent YoY rise in earnings from textile and garment exports, the data released by the Central Bank showed.

SLTPB uses Boxing Day match to promote tourism

Sri Lanka Tourism Promotion Bureau (SLTPB) has launched a promotional campaign in Australia, in parallel to the National Cricket Team’s tour to Australia, in a bid to attract a slice out of the growing Australian travelers.

BMI downgrades Lanka’s 2013 GDP growth

Sri Lanka’s full year real GDP growth forecast for 2013 was downgraded to 5.4 percent from the previous projected 5.9 percent, implying that the ongoing slowdown is to intensify in first half of 2013, before growth starts to pick up in the second half, according to a Londonbased, independent research and credit rating agency.

Rising per capita GDP, key to Northern prosperity

The country’s war ravaged Northern Province has recorded the highest growth rate in 2011, improving its rank to sixth position from ninth in a prosperity index calculated by the Central Bank.

Two all-time record prices set at tea auction

Two All-Time Record Prices were established by John Keells PLC at the Tea Auction on December 12 for PF1 and DUST1 grade.

SLPA may call for tenders to develop West Container Terminal - Chairman

The Sri Lanka Ports Authority (SLPA) may call for tenders to develop the West Container Terminal of the Colombo port in the near future, according to its Chairman Dr. Priyath B.Wicrakama.

LankaCom IPTV to enhance hotel services

LankaCom launched its Internet Protocol Television (IPTV) in-room entertainment solution for the Sri Lanka’s hospitality sector recently. The LankaCom IPTV system, developed by SingTel, offers hoteliers a more cost effective and highly customisable solution. From easy customisation of the Guest User Interface (GUI) to regularly updating the system with guest relevant information, hotels will have greater opportunities for branding, informa

Motor vehicle importers to meet authorities on higher import duties

The Ceylon Motor Traders Association (CMTA) will be making representations to the Finance Ministry shortly, calling for a reduction on excise duty for commercial vehicles at a time when top officials believe the majority of vehicle sales are being fueled by duty - free permits.

Lanka outpaces Maldives in tourist arrivals

Sri Lanka recorded a 16.5% Yearon-Year growth in tourist arrivals for the period from January to November 2012 attracting 883,353 tourists, outstripping Maldives, a key tourist attraction in the South Asian region.

Lankan financial system poses high risks – Fitch

Sri Lanka is among the twelve countries that has highly vulnerable financial systems and a highest risk rating, according to global rating agency, Fitch.

Lankan exporters to US told to renew FDA registration

The Embassy of Sri Lanka in Washington DC, USA yesterday drew the attention of all Sri Lankan exporters of food and beverage products to USA and asked them to renew their registration with the US Food and Drug Administration (FDA) before 31 December 2012.

Tourism arrivals hit record high in Jan - Nov

Sri Lanka’s tourist arrivals hit a record high in the first 11 months of 2012, surpassing its annual peak recorded last year, government data showed yesterday.

Lanka remains fiscal outlier – IMF Res. Rep

Though Sri Lanka has recorded GDP growth rates of 8 and 8.3 percent during 2010 and 2011, the country still remains far too distant from the other emerging markets in terms of both fiscal balance and public debt as a percentage of GDP, an International Monetary Fund official showed.