Newly appointed monetary board member Nimal Welgama declines the job
July 16, 2006 (LBO) – Businessman Nimal Welgama has declined a seat on the country's Monetary Board due to an ongoing inquiry by the Central Bank, …
Bigger Mix
July 16, 2006 (LBO) – Sri Lanka Sunday invited new lubricant players to invest in the country, following interest from a few foreign companies. The …
Southern Tip
July 13, 2006 (LBO) – Emirates based Star Petro Energy LLC, has secured Sri Lankan government consent to build the country's second oil refinery in the …
Sri Lanka’s trade deficit widens despite strong export growth in May
July 13, 2006 (LBO) – Sri Lanka's trade deficit expanded to 429 million dollars for the five months to May, amidst strong growth in export earnings. …
New Lease
July 13, 2006 (LBO) - Ceylon Petroleum Corporation has temporarily shelved plans to get back into the gas business, extending a five year agreement with Laugfs …
Tsunami displaced asked to build their own houses to beat costs
July 13, 2006 (LBO) – International donors who signed up to build homes for Sri Lankans displaced by the tsunami, are now altering plans to beat …
Sri Lanka fills monetary board vacancy
July 13, 2006 (LBO) - Upali Group chairman Nimal Welgama, has been appointed to the Monetary Board, the Central Bank of Sri Lanka said Thursday. Welgama has …
Fuelling Wars
July 11 (LBO) – Sri Lanka’s energy minister wants nine billion rupees from the Treasury to settle Ceylon Petroleum Corp’s subsidy bill, as …
Quick Sand
July 9, 2006 (LBO) – Sri Lanka will continue to subsidise retail fuel prices in the absence of a new pricing formula, as Colombo threatened to takeover …
Oil Conundrum
July 9, 2006 (LBO) - Sri Lanka's main opposition charged that weak economic management was the cause of galloping inflation in the country and not oil prices. …
European Union to fund Sri Lanka’s war refugees
July 4, 2006 (AFP) - The European Union Tuesday announced seven million euros (8.9 million dollars) in aid for some 400,000 people displaced by the drawn-out …
Sri Lanka’s budget deficit expands to 3.2% by end April
July 4, 2006 (LBO) – Sri Lanka's budget deficit for the four months to April rose to 3.2 percent of GDP from 2.9 percent of GDP a year before as the …
Sri Lanka’s new Central Bank governor says he will protect its independence
July 3, 2006 (LBO) – Sri Lanka's newly appointed central bank governor says he will promote the independence of the institution, which has come under …
Sri Lanka’s inflation rate climbs to 17.7% in June
June 30, 2006 (LBO) – Sri Lanka's inflation rate for June jumped to 17.7 percent, official figures showed Friday, spurring concerns that the Central Bank …
Cheap Cheap
June 30, 2006 (LBO) – Ceylon Petroleum Corp or Ceypetco has developed a lower octane gasoline for use in three wheelers, motorbikes, the island's sole …
Sri Lanka expects economy to expand by 8% this year
June 30, 2006 (LBO) – Sri Lanka's economy is expected to grow by a better-than-expected 8.0 percent, this year a senior government official said a day …
Killings slow Sri Lanka’s economic drive: World Bank
June 29, 2006 (LBO) – Sri Lanka's deteriorating security situation is undermining growth and slowing the island's attempts to snap out of the poverty …
Sri Lanka’s economy expands 8.1% first quarter: Central Bank
June 29, 2006 (LBO) – Sri Lanka's 24-billion dollar economy expanded by 8.1 percent during the first quarter of this year, ahead of a recent government …
Sri Lanka central bank responds to media reports over superannuation fund.
June 29, 2006 (LBO) – Sri Lanka’s Central Bank, which is the custodian of the superannuation fund of the country's private sector workforce said …
Light Savings
June 29 (LBO) – All consumers who save electricity will get a 10 percent discount on their next bill, while low usage will also be rewarded with free …