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Sri Lanka’s balance of payments balloons to US$ 223 mn for the six months ending June 2004

Sri Lanka has reported a bigger than expected balance of payment deficit of US$ 223 mn for the six months ending to June, amid higher world oil prices and a falling rupee, the Central Bank said Monday.
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Sri Lanka has reported a bigger than expected balance of payment deficit of US$ 223 mn for the six months ending to June, amid higher world oil prices and a falling rupee, the Central Bank said Monday. After earlier indicating a US$ 200 mn year end deficit, the bank says a surplus is possible if privatisation proceeds come through, world oil prices stay under US$ 40 a barrel and program loans come in.
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The country posted a US$ 502 mn surplus in 2003 – the highest since 1993 – as a cessation of hostilities led to a bigger inflow of donor aid and foreign exchange remittances.


From Jan-Aug., the rupee has slipped 6.2 percent against the US dollar to 103.

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12. "Sharper depreciation during the second quarter of 2004 was mainly resulted by the increased deficit in the balance of payments which rose to US$ 223 mn by end June from the deficit of US$ 40 mn during the first quarter of 2004.
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A third of state-run Ceylon Petroleum Corp.'s assets are up for grabs between two Indian players.

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The privatizati
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