Economy

Sri Lanka central bank governor promises stability in 2008, no legislated targets yet: interview

Jan 10, 2007 (LBO) – After more than 50 years of failing to achieve price stability according to its own mandate, Sri Lanka's central bank is facing …

Sri Lanka capital rocked by blast

Jan 28, 2008 (LBO) – A powerful blast ripped through the Sri Lanka's capital central business district in the Fort area, a reporter at the scene said. …

Sri Lanka needs better budgets for low inflation: central bank

Jan 03, 2008 (LBO) - Sri Lanka's central bank governor Nivard Cabraal said better budgets were needed to lower inflation, as heavy government borrowings made …

Sri Lanka rupee depreciates 1-pct in 2007, reserves US$3bn: central bank

Jan 01, 2008 (LBO) – Sri Lanka's central bank says the rupee closed at 107.71 against the dollar in 2007 indicating that the domestic currency only …

Sri Lanka central bank gives up on low inflation for 2008

Jan 02, 2007 (LBO) - Sri Lanka's central bank has given up achieving low inflation in 2008 with Governor Nivard Cabraal saying that the bank may allow consumer …

Sri Lanka quantity targeting exercise fails; lessons for 2008

Jan 01, 2008 (LBO) – Sri Lanka's central bank says it met the milestones of an ill-fated reserve money targeting exercise in 2007, though inflation went …

Sri Lanka inflation eases in December

Dec 31, 2007 (LBO) – Sri Lanka's consumer prices in the capital Colombo eased in December with the most widely watched index falling 0.4 percent in the …

Sri Lanka may be able to avoid money printing if deficit is lower in 2008: minister

Dec 28, 2007(LBO) – Sri Lanka can manage without printing money for next year if the government keeps to the budget deficit of around 7.5 to 8 percent of …

Sri Lanka meets reserve money targets, inflation goes haywire

Dec 26, 2007 (LBO) – Sri Lanka's central bank kept its policy rates frozen in December with inflation raging close to 20 percent a month before, but said …

Sri Lanka tsunami survivors still struggle to recover

GALLE, Sri Lanka, Dec 25, 2007 (AFP) - Graft and renewed fighting has blocked relief to Sri Lanka's tsunami survivors with less than a fifth of money pledged …

Sri Lanka floods subside, 40,000 in temporary shelters

Dec 25, 2007 (AFP) - Sri Lanka's monsoon floods were subsiding but just over 40,000 people remained in temporary shelters, the disaster management centre said …

Sri Lanka needs more money for tsunami house re-building: World Bank

Dec 24, 2007 (LBO) – The World Bank says Sri Lanka needs more money to re-build houses destroyed in the 2004 December tsunami, and its program is lagging …

IMF urges more flexibility for Sri Lanka rupee

Dec 24, 2007 (LBO) – The International Monetary Fund (IMF) has said Sri Lanka's exchange rate appears to be competitive but urged the government not to …

Sri Lanka economy expands 7.0 pct in third quarter

Dec 19, 2007 (LBO) – Sri Lanka's economy has expanded 7.0 percent in the third quarter up from 6.4 percent in the second quarter, putting the country on …

Sri Lankan industrialists demand protection

Dec 19, 2007 (LBO) – Sri Lankan industrialists and leftwing politicians have called for protection as an opening economy that is integrating with the …

Sri Lanka climate change may ravage agriculture, coast areas

Dec 18, 2007 (LBO) - Rising temperatures over the next couple of decades will ravage Sri Lanka’s dry zone agriculture and a possible sea level rise will …

Sri Lanka says more than 30,000 homeless after floods

Dec 18, 2007 (AFP) - Heavy monsoon showers have driven more than 30,000 people from their homes in eastern Sri Lanka, authorities said Tuesday, and delayed the …

Sri Lanka has no alternative but to print money: minister

Dec 17, 2007 (LBO) – Sri Lanka has no alternative but to print money because the government cannot move into a framework of limiting expenditure, a …

Sri Lanka’s inflation rockets to 24.1-pct amidst record money printing

Dec 15, 2007 (LBO) – Sri Lanka's country-wide inflation hit a record 24.1 percent in October 2007, following one of the worst bouts of money printing …

Sri Lanka reserves up on government borrowings

Dec 14, 2007 (LBO) – Sri Lanka's official foreign reserves had shot up to 3,226 million dollars in October from following a 500 million dollar sovereign …