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21
Oct

Sri Lanka c.bank chief sees 2015 GDP growth at 6.0-6.5 pct

Sri Lanka's economy should grow between 6.0-6.5 percent this year given strong credit growth after key policy rates have been held at record lows since April, Central Bank Governor Arjuna Mahendran said on Tuesday. On an annual basis, economic growth accelerated to 6.7 percent...
05
Oct

Analysis: Sri Lanka foreign reserve dilemma hinges on Central Bank objectives

Acting quicker than it did in early 2012, the decision by Sri Lanka’s Central Bank to give up defending the rupee in September of this year bodes well for a quicker recovery of foreign exchange reserves. But enamored with an additional objective of economic development, that...
02
Oct

Sri Lanka imposes 100 pct margin on letter on credit to discourage vehicle imports

Sri Lanka has imposed a 100 percent margin on letters of credit (LC) for motor vehicles with immediate effect to discourage unnecessary imports, Finance Minister Ravi Karunanayake said on Friday, in a move to prevent dollar outflows and further weakening of the rupee...
05
Sep

Sri Lanka’s slowing remittance growth a cause for concern – Analysts

The comparatively slower growth in Sri Lanka’s consistently largest foreign exchange earner, worker remittances in 2015 till to-date is a major concern given the fact that other predominant revenue streams, such as exports, tourism and Foreign Direct Investments (FDI) have also...
04
Sep

Sri Lanka rupee falls 3 pct to record low after c.bank floats – dealers

Sri Lanka's rupee currency fell more than 3 percent to a record low of 139.00 per dollar on Friday after the central bank effectively floated the currency by ceasing to quote its own reference rate. The rupee rebounded in late trade to end the day down 2 percent at 137.25/75....
28
Aug

Interview: Sri Lanka BOP pressured by consumer spending, external woes

Post-war stimulus packages by Sri Lanka’s government have pushed up consumption demand which is now having an adverse impact on the trade deficit and balance of payments. This is one reason for the negative BOP position so far this year, Shiran Fernando at Frontier Research...
15
Aug

Sri Lanka holds rates steady even as credit growth slows

Sri Lanka's central bank on Friday kept policy rates steady at multi-year lows for a seventh straight month, as expected, despite private sector credit growth slowing further. Annual credit growth to the private sector was 2 percent in June, its lowest since April 2010, down...
13
Aug

Sri Lanka cbank switches to public bond auctions after scandal

Sri Lanka's central bank has formally announced that it will issue all treasury bonds by public auction, and no longer by direct placement, responding days before a parliamentary election to criticism of a controversial offering in February. In a statement, the central bank...
24
Jul

Sri Lanka holds rates at record lows, inflation seen easing

Sri Lanka's central bank kept key policy rates steady at record lows on Friday, ahead of parliamentary elections in August and as inflation is expected to ease in the next few months. With economic activity picking up on recovering bank lending and investment, the central bank...