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

Dialog redials Suntel

Sri Lanka’s celco leader Dialog Axiata is believed to have finalized a deal to buy over 100 percent of fixed line-CDMA operator Suntel Private Limited; an informed source reveled to Mirror Business

ComBank gets Rs.7.4bn IFC facility for SMEs

The International Finance Corporation (IFC), a member of the World Bank Group, has extended a seven-year, US$ 65 million (approximately Rs 7.4 billion) financing facility to the Commercial Bank of Ceylon PLC to expand the latter’s lending to Small and Medium Enterprises (SME), a statement by the bank said.

Inflation down in October

Sri Lanka’s point to point inflation slowed to 5.1 percent in October, from 6.4 percent in September, recording the third straight monthly slowdown, according to Census and Statistics Department data

ADB, SL to form new CPS

Sri Lanka and the Asian Development Bank (ADB) have agreed on a new Country Partnership Strategy (CPS) for 2012 to 2016 to reduce regional disparities, catalyze private sector participation in development, and remove human resource constraints. The CPS builds on the priorities of government’s Development Policy Framework and ADB’s Strategy 2020, and also refines the focus of the CPS 2009–2011

August exports, imports up

Sri Lanka’s exports rose 19.1 percent to US$ 952 million while expenditure on imports increased 66.5 percent to US$ 1, 837 million in the month of August year-on-year, country’s Central Bank said

CB to maintain policy rates unchanged

Central Bank of Sri Lanka (CB) has decided to maintain interest policy rates at its current levels, banking on an expanding economy, decline in inflation and excess liquidity in money markets, and expected growth in export earnings.

SL records US$ 1 bn BoP surplus

Sri Lanka recorded a Balance of payment (BoP) surplus of US$ 1, 006 in the first seven months of 2001, amidst officials reserves hitting over US$ 8 billion the Central Bank said

Law tightens on illegal deposit takers

The proposed Finance Business Bill was passed by the Parliament and this new act will enhance the supervisory powers of the regulators over licensed finance companies and provide legal provisions to effectively curb unauthorised deposit taking persons and institutions

CB keeps Policy rates unchanged

Central Bank of Sri Lanka is to maintain its policy rates at their current levels i. e. repurchase rate at 7 percent and reverse repurchase rate at 8.5 percent, a statement by the Central Bank said

SL June trade deficit US $850mn

Sri Lanka’s exports during the month of June rose 32 percent to US $.620 million while the expenditure on imports also increased 50 percent to US $1.6 billion, resulting in a trade deficit of US $850 million over the same period of the previous year

Moody's cuts Japan's sovereign rating

TOKYO: Ratings agency Moody's downgraded Japan's sovereign rating by one notch on Wednesday, heaping more pressure on the country's political leaders to address the industrialised world's largest debt

Barack Obama talks to Buffett & Mulally on economy

Massachusetts: US President Barack Obama on Monday reached out to respected business figures Warren Buffett and Ford chief Alan Mulally as he frames a major new plan on jobs and the deficit

CB further relaxes exchange regulations

With a view to facilitating the foreign exchange transactions of the growing economy of Sri Lanka, a few new policy measures have been introduced by the Central Bank to relax the foreign exchange regulations further, a statement by the Central Bank said

Fitch affirms U.S. AAA rating, disagrees with S&P

Fitch Ratings has confirmed the United States' top-notch credit rating and, in blatant disagreement with rival Standard & Poor's, gave a vote of confidence to Washington's deficit-reduction efforts

Smart Media redefines Annual Reports, achieves world recognition

Smart Media – The Annual Report Company, continued its exceptional performance on the world stage with outstanding results at the League of American Communications Professionals (LACP) Vision Awards 2010. 

Pan Asia first half net up 169%

Pan Asia Bank announced the completion of a very successful first half in 2011, with Net Profit after Tax increasing to Rs 406 Mn which is 169 % better than  the  corresponding period for 2010. Bank’s Net Interest Income for the period rose by 43% to Rs 1,024 Mn from Rs 716 Mn in 2010 which came mainly from the core banking income.

Hayleys wins 5 Presidential Export Awards

Nationally significant export contributions by companies in the Hayleys Group have been acknowledged with five awards and a Certificate of Merit at the recently concluded Presidential Export Awards.

Insurance sector grows 19.63% in 2010

The Sri Lanka Insurance sector has recorded a 19.63 percent growth in 2010 compared with 2009, taking in a Gross Written Premium Income (GWMI) of Rs.68.4 billion, according to the data released by the insurance regulator, Insurance Board of Sri Lanka (IBSL)

Harry J to spread insurance wings?

The latest guesswork of analyst revolving the ‘cash in hand’ situation of Harry Jayawardena owned Distilleries Company Plc has indicated that the business tycoon is in the look out to acquire an insurance company, Mirror Business learns.

Trillium Residencies offers investment decision of lifetime

At the time of its inception, Trillium Residencies, a BOI-approved luxury condominium project was the only one of its kind in the country that was willing to pledge an investment of Rs. 7 billion to-date. 

SL records 2nd best post-independence GDP growth

The economic output of Sri Lanka as measured  by GDP for the year 2010  at constant (2002) prices is estimated at  Rs. billion 2,645.4 as  against Rs. billion 2,449.2  in the previous year, registering an 8.0 percent growth rate as against 3.5 percent growth in the previous year. 

Influential govt official in Combank board

State-owned funds once again showed muscle, pushing the appointment of a top government official to the director board of Sri Lanka’s largest private bank, Commercial Bank of (Ceylon) Plc.

WB MD reinforces support to Lanka

Dr. Mahmoud Mohieldin, Managing Director of the World Bank, visited Sri Lanka to get a first hand view of the country’s achievements, challenges and potential. He was accompanied by Diarietou Gaye, World Bank’s Country Director for Sri Lanka, and a team of officials from Washington and the local country office.

Standard Chartered operating profit climbs 19% to $6.12BN

Standard Chartered PLC today announced an eighth successive year of record income and operating profit, demonstrating the consistent and sustainable growth strategy of the Group. The bank continues to invest selectively in the business, positioning them well to take advantage of the long-term growth opportunities across markets, whilst maintaining a strong focus on the fundamentals of the bank.