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The rupee, post budget, continued with its upward march, with the exchange rate (ER) at Thursday’s (November 15) trading gaining by as much as 50 Sri Lanka cents (SLc) in two way quotes to be “going” at Rs. 129/80/90 to the US dollar ($) in interbank spot trading, after closing the previous day (November 14) [...]
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Signals Room For Rates To Further Rise The 91 day (three months) Treasury (T) Bill yield at Wednesday’s trading declined by one basis point (bp) week on week to 10.67%, while that of the other two tenures, namely the 182 (six months) and 364 (one year) day T Bill yields climbed up by three and [...]
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The money market which for the first time last week was short on Thursday, signifying that there still is room for rates to go up further, however quickly cleared those clouds at least temporarily, possibly aided by foreign inflows into Bank of Ceylon’s Rs. three billion debenture issue the following day Friday (see also page [...]
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Striking A Balance Imported produce or products which may be substituted either by being grown here or manufactured locally being impacted by the steep rupee depreciation and Central Bank of Sri Lanka’s (CBSL’s) credit growth ceiling may be justifiable, but on the flip side when such actions make such produce and products not found locally [...]
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“Sri Lankan economy is poised to reach a per capita income level of US$ ($) 4,000 probably by 2015,” said Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal in an interview with The Sunday Leader. Ajith Nivard Cabraal He said that Sri Lanka took 56 years after independence to reach the [...]
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By Faraz Shauketaly Pradeep Kariyawasam Knowledgeable legal circles are speculating as to whether the recently filed Fundamental Rights (FR) action against the EPF, master-minded by the UNP and petitioned by 11 Trade Unions, is a ploy to embarrass the Supreme Court. Such a debate has arisen because the petitioners have, knowingly or unknowingly, introduced a [...]
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Has The Tailspin Begun? The benchmark ASI and the more sensitive MPI in the first four days of trading last week fell by 110.64 points (1.9%) and 170.27 points (3%) respectively. These falls are attributed to profit taking. In contrast, these indices in the previous week gained by 61.92 points (1%) and 111.64 points (2%) [...]
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ICRA Lanka Ltd., a wholly owned subsidiary of ICRA Ltd., an associate of Moody’s Investors Service, has assigned an Issuer rating of “[SL] A-“with stable outlook to Commercial Leasing and Finance Ltd. (CLC). The rating indicates adequate-credit-quality and the rated entity carries average credit risk. The rating in Sri Lanka is assigned on an eight-point [...]
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Colombo Stock Exchange Has Plenty Of Scope For Growth By Faraz Shauketaly Sri Lanka’s troubled Stock Market – now in the throes of an apparent recovery – whilst continuing to produce encouraging returns has yet to reach its full potential. According to a new book due to be published later in the year, the market [...]
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Rupee, Interest Rate Stability, Reasons The exchange rate (ER) and the interest rate are stable, making it conducive for the economy to attract foreign direct investments (FDIs), a source told this newspaper on Monday (September 24). The ER which strengthened from Rs. 132 to Rs. 131 to the US dollar ($) in a week in [...]
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18% Credit Ceiling A representative of one of the island’s smaller banks told this newspaper that they were nearing their 18% credit growth ceiling and expressed concerns that this would compel borrowers to seek funding from the more expensive registered finance companies (RFCs) which however have no such limits imposed. RFCs unlike banks are not [...]
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Asian Development Bank (ADB) is lending $130 million to help Sri Lanka expand the reach and quality of its electricity supply, with a focus on former conflict areas in the country’s north and east, a press release said. It will also improve transmission and distribution network efficiency and develop renewable energy in the country’s other [...]
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