Monorail timely necessity even if initial cost high – Central Bank

It was reported earlier that the government’s attention has been drawn towards establishing a Monorail service or a train plying on a single rail as a solution to eliminating the traffic congestion in the city of Colombo. Now, the Central Bank of Sri Lanka (CBSL) too has revealed the necessity of such a rail service….

(0)Comments | April 12, 2014 8:19 am

Lower fares derail CGR

The operational loss incurred by the Sri Lanka Railways Department or CGR last year has hugely increased when compared to 2012. While the CGR had incurred an operational loss of Rs. 5.2 billion in 2013, in 2012 it had recorded a loss of Rs. 3.8 billion only. Though there had been an increase in passengers…

(0)Comments | April 11, 2014 5:24 am

Increase of Sri Lanka’s per capita income faster than expected: Treasury Secretary

Sri Lanka will able to achieve its target of a per capita income of USD 4,000 by 2016 faster than planned and that the planned target could be increased to USD 5,000, says the Finance Ministry secretary. Finance Ministry Secretary Dr. P.B. Jayasundera revealed this while addressing a ceremony to release the Central Bank’s 2013…

(0)Comments | April 8, 2014 10:48 am

Highest demand for Sri Lanka’s international bond from the US

There has been an eight fold demand for the five year international bonds sold by Sri Lanka to collect USD 500 million while its yield has been fixed at 5.125 percent. The bonds sold by Sri Lanka to collect USD 01 million had a yield of 6.0 percent. Among those who have purchased the international…

(0)Comments | April 8, 2014 5:28 am

Central Bank Governor on interest rates reduction

There is no necessity for further reductions in interest rates for some time in the future and the Central Bank had already carried out the necessary reductions in Sri Lanka’s interest rates, said the Governor of the Central Bank of Sri Lanka. Central Bank Governor Ajith Nivard Cabraal told AdaderanaBiz that instead of reducing interest…

(0)Comments | April 3, 2014 4:40 am

Some PC candidates spent nearly Rs. One hundred million each

It has been revealed that several candidates at the just concluded Western and Southern Provincial Council elections had spent over Rs. 50 million for their election campaigns. While this was disclosed during analytical discussions AdaderanaBiz had with several prominent candidates who had contested and won the election, they also stated that there could be situations…

(0)Comments | March 31, 2014 12:06 pm

Finance Ministry not favouring electric vehicles?

As reported by AdaderanaBiz yesterday, members of the Sri Lanka Motor Vehicle Importers’ Association met Finance Ministry officials for discussions last evening in a bid to popularize fully electrically operated vehicles in Sri Lanka. During these discussions, the vehicle importers had requested government assistance to encourage prospective buyers to go in for these vehicles. Towards…

(0)Comments | March 25, 2014 11:48 am

It’s time to get that loan: Interest rates steady

The Monetary Board of the Sri Lanka Central Bank has decided to keep interest rates unchanged in March this year. The prevailing percentages are 6.50 and 8.00. This move will in turn keep the interest rates of commercial banks steady without any increase in the near future. According to the Central Bank, in January 2014…

(0)Comments | March 21, 2014 3:03 am

Moves to obtain international credit rating for CEB, CPC

The Finance Ministry is preparing to push several government institutions like the Ceylon Electricity Board (CEB), Ceylon Petroleum Corporation (CPC), the National Water Supply and Drainage Board (NWS&DB) obtain credit ratings from international credit rating organizations. As the first move towards this, the Finance Ministry is to convert the massive government loans owed by these…

(0)Comments | March 20, 2014 11:09 am

Sri Lanka’s latest economic data out

Sri Lanka’s Gross Domestic Product (GDP) increased by 7.3 percent compared to 2012 and during the last 4th quarter the island’s GDP had increased by 8.2, says the Department of Census and Statistics while releasing its latest data. Accordingly, during the last 4th quarter the agricultural sector has increased by 10.4 percent, the industrial sector…

(0)Comments | March 17, 2014 3:47 pm