Confirming its capacity to manufacture high quality dry powder capsules for inhalation in the treatment of asthma, Sri Lanka’s first-ever centre for respiratory care formulation and manufacturing, Lina Manufacturing, received the prestigious World Health Organization GMP certification. Good Manufacturing Practice or GMP are practices and systems of manufacturing, quality control, and quality...

Central Bank Governor Nivard Cabraal has been increasingly under attack by UNP MP Dr. Harsha de Silva over some of the policies, actions and comments of the professional-turned-politician-turned-Chief of the monetary regulatory authority. Cabraal’s ambitious and robust Roadmap for 2012 and beyond too had come under critique as being overconfident. However, this is unlikely to ...

(Srilankamirror) - The Central Bank said Sri Lanka's foreign reserves slipped 11.8 percent to 7,095 million US dollars by end September from a month earlie. The central bank said reserves were equivalent to 4.6 months of imports. Sri Lanka has a dollar soft peg, where the central bank tries to control both the exchange rate and the interest rates, LBO reports.

Parliament yesterday passed the 2012 budget with 151 votes for and 50 against, giving the nod to an overall increase in spending by 14 per cent and a shock 3% currency devaluation that has already been put into effect. The budget reading last week was overshadowed by the president’s announcement of a 3% currency devaluation ...

By Ian The President in his speech at the opening of the Southern Expressway said that this could be the beginning of building a modern society. He also mentioned that had there been such an expressway linking the north with the south the extremists would not have succeeded in capitalising on the mistrust among communities. ...

 Conflicting views remain after Budget’s 3% devaluation move PB says rupee should be market-driven; Cabraal says will defend Conflicting views on the country’s currency remain with Treasury Secretary Dr. P.B. Jayasundera saying it should be market-driven, whilst Central Bank Governor Nivard Cabraal maintains that it will be defended. The simmering or what seems to be ...

Good governance activist and former Chairman of the Ceylon Chamber of Commerce Chandra Jayaratne is raising issues of accountability on the part of Central Bank over past management of foreign exchange, following the 2012 Budget’s devaluation move. “With the Budget directing the Central Bank to depreciate the Sri Lanka Rupee by 3%, the Central Bank ...

Multilateral donor emphasises devaluation should help exports, reserves Opines 2012 Budget consistent with earlier plans Withholds eighth tranche of $ 2.6 b loan; mission in Jan The International Monetary Fund said on Wednesday that Sri Lanka’s devaluation of its currency was a “step in the right direction” that should favour export competitiveness and preserve foreign ...

Representatives of 28 members of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) including Sri Lanka met in Bangkok on 11 and 12 October to discuss Asia-Pacific perspectives on the agenda of the G20 summit to be held in Cannes, France, on 3 and 4 November 2011. Central Bank of ...

Resumes Reverse Repo Auctions A liquidity crisis in the market forced Central Bank of Sri Lanka (CBSL) to reintroduce the reverse repo auction at Wednesday’s trading, an action which it last resorted to when the war was on; two years ago. The auction was repeated in the last two working days of last week as ...

Leif Lybecker Eskesen, Chief Economist for HSBC India and ASEAN will visit Sri Lanka this week. During his visit, he will address the Bank’s corporate customers on ‘Asia’s Inflation – Growth Tango: who’s dominating the dance?’ at a special Power Breakfast, scheduled to be held on 7 October 2011, at the Cinnamon Grand Hotel. Leif ...

IMF urges more exchange rate flexibility CB defends interventions as necessary More discussions expected in Washington this week Reuters: The International Monetary Fund (IMF) yesterday said there has been no timetable set for a review of Sri Lanka’s progress under a $2.6 billion loan, the precursor to disbursement of the programme’s eighth tranche. The global ...

CBSL’s ER Stance As long as Government of Sri Lanka (GoSL) owned Central Bank of Sri Lanka (CBSL) has sufficient rupee liquidity and foreign exchange (forex) reserves, it can play around with the exchange rate (ER), a banker told this reporter. CBSL’s gross official forex reserves as per available statistics were US$ ($) 8.1 billion ...

Last week, media were abuzz with two reports on how undesired exchange rate movements could worry governments. One was a currency under pressure for appreciation in the market and the other was a currency moving in the opposite. Swiss Franc: One way Journey to Appreciation The first was the case of the Swiss Franc which ...

of its staff mission said Sri Lanka’s foreign exchange reserves ...

By Dr. S. Narapalasingam The current moves of the powerful government in post-war Sri Lanka are mainly for sustaining the wartime military strength, preventing the resurrection of the smashed LTTE and developing the infrastructures, notably the roads and rail network,...

COLOMBO, Oct 7 (Reuters) - Sri Lanka's gross foreign exchange reserves have risen to a record high, the central bank said on Thursday, thanks to a $1 billion inflow from the island nation's 10-year sovereign bond sale last week.

Fitch Ratings today (21) affirmed Sri Lanka’s long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘B+’, and simultaneously revised the Outlook to ‘Positive from Stable’. Following is the full text published by Fitch on Sri Lanka: Fitch Ratings has today affirmed Sri Lanka’s Long-term foreign and local currency Issuer Default Ratings (IDRs) at ...

The Central Bank has said that the remittances made by expatriate Sri Lankans have steadily increased. The foreign Exchange reserves have increased by 3.8 billion US dollars since the country was liberated from terrorism. Financial aid received by people in the North and East, as well as sustained

Sri Lanka may not tap loans from the International Monetary Fund immediately as foreign-exchange reserves have climbed to a record, Deputy Finance Minister Sarath Amunugama said.