Economy

Zimbabwe hikes rates by 15,000bp as Sri Lanka holds rates steady

Oct 02, 2007 (LBO) – Zimbabwe has hiked overnight discount rate by 15,000 basis points to 800 percent while the rate at the unsecured last resort window …

Sri Lanka inflation jumps in September

Sept 28, 2007 (LBO) – Consumer prices in Sri Lanka's capital jumped 1.1 percent in September keeping the 12-month increase in consumer prices at 17.3 …

Sri Lanka’s average inflation hits 17 year high, policy rates frozen

Sept 28, 2007 (LBO) – Sri Lanka held policy rates steady in September and pointed fingers at commodity prices as average inflation hit a 17-year high in …

Sri Lanka needs sensible monetary and fiscal policies: IMF report

Sept 22, 2007 (LBO) – Sri Lanka needs sensible fiscal and monetary policies and less fiscal dominance of the economy, a new report by the International …

Sri Lanka tax office clearing tarnished reputation, says official

Sept 21, 2007 (LBO) – Sri Lanka's tax department is slowly regaining its reputation which had been tarnished by a tax scam and complaints of bullying tax …

Sri Lanka downgrades official growth forecast

Sept 21, 2007 (LBO) – Sri Lanka has downgraded its economic growth forecast to between six and seven percent for 2007 as a fast growing public sector and …

Sri Lanka minister block queries over pension fund losses; new questions emerge

Sept 20, 2007 (LBO) – A government minister blocked reporters from questioning officials about real losses made by a pension fund of private sector …

Sri Lanka opposition accuses govt of misusing public funds

Sept 19, 2007 (LBO) - Sri Lankan opposition leader Ranil Wickremesinghe Wednesday accused the government of illegally channeling state funds to a new budget …

Sri Lanka trade deficit narrows in July, import growth slows

Sept 18, 2007 (LBO) – Sri Lanka's trade deficit has narrowed in July with oil imports slowing and exports growing by 33.9 percent, the Central Bank said …

Sri Lanka busts US$250mn to prop up exchange rate

Sept 17, 2007 (LBO) – Sri Lanka has spent more than 200 million US dollars to prop up the rupee during the past four months in an intervention campaign …

Sri Lanka struggling to reach inflation target: economist

Sept 16, 2007 (LBO) - A World Bank economist said Sri Lanka should trim the budget deficit if it wanted to achieve eight percent economic growth and monetary …

Sri Lanka property firm says real estate is a sound buy

Sept 15, 2007 (LBO) – A top Sri Lankan property developer says real estate is a sound investment because house prices do not fall, and construction costs …

Sri Lanka cuts growth forecast for 2007: report

Sept 15, 2007 (LBO) – Sri Lanka's central bank has cut the economic growth forecast for 2007 to 7.0 percent from an earlier 7.5 percent, a report said …

Sri Lanka statistician propounds new theory; takes on central bankers

Sept 14, 2007 (LBO) – Sri Lanka's top statisticians put forward a new theory on exchange rates and took on the central bank governor and Fed chairman Ben …

Sri Lanka economy slows to 6.2% in 1H2007

Sept 13, 2007 (LBO) – Sri Lanka's economy expanded 6.4 percent in the second quarter clocking up a 6.2 percent growth for the first half, coming off …

Sri Lanka issues tsunami warning; magnitude revised to 8.2

Sept 12, 2007 (LBO) – Sri Lanka's department of meteorology has issued a tsunami warning to the country's eastern, northern and southern coastal regions …

Sri Lanka buffer zone forces fisher folk into other work: survey

Sept 12, 2007 (LBO) – A controversial buffer zone that banned re-building of homes of Sri Lankan victims near the coast after the December 2004 tsunami …

Sri Lanka minister lashes out at inflation creators

Sept 11, 2007 (LBO) – Sri Lanka's consumer affairs minister, cornered by rising prices and a falling rupee caused by money printing, lashed out at a …

Sri Lanka tightens labour laws

Sept 07, 2007 (LBO) – Sri Lanka is doubling the time given under its labour laws for aggrieved employees to seek redress, rolling a back a previous …

Sri Lanka politicians oppose taxes, while promoting inflation and money printing

Sept 05, 2007 – Sri Lanka's opposition, including a Marxist party which engineered fuel subsidies and mass state recruitment forcing the government to …