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Research & Development Unit June   2010 CAPSULE ECONOMIC
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],C  O  N  T  E  N  T  S  ECONOMIC CAPSULE – JUNE 2010 Financial Sector News Economy & Business News
Back to Contents NEWS FINANCIAL SECTOR
[object Object],[object Object],[object Object],Back to Contents Commercial Bank  Sri Lanka’s Best Bank Again !!! Research & Development Unit
Commercial Bank Offers Cash Prizes to Customers Using Internet Banking Research & Development Unit ,[object Object],[object Object],[object Object],Commercial Bank Joins with DIMO to Offer Special Leasing Packages Back to Contents ,[object Object],[object Object],[object Object]
Research & Development Unit 177 th  @ Nawam Mawatha  178 th   @ Kilinochchi   Back to Contents 179 th   @ Bokundara    180 th  @ Achchuvely   181 st   @ Thirunelvely   Commercial Bank Branch Openings          
Back to Contents CBSL Cuts Policy Rates  Research & Development Unit ,[object Object],[object Object],[object Object],Repo Rate:  Interest rates applicable for repurchase transactions of the Central Bank with commercial banks on an over night basis under the standing facility. Reverse Repo Rate:  Interest rates applicable for reverse repurchase transactions of the Central Bank with commercial banks on an over night basis under the standing facility. Date of Change Repo(%) RRepo(%)  11.02.2009  10.250  11.750  25.02.2009  10.250  11.750  22.04.2009  9.000  11.750  21.05.2009  9.000  11.500  16.06.2009  8.500  11.000  11.09.2009  8.000  10.500  18.11.2009 7.500 9.750  As at 10 July 2010 7.25 9.500
Back to Contents NEWS ECONOMIC &  BUSINESS
[object Object],Back to Contents ,[object Object],[object Object],[object Object],[object Object],Research & Development Unit Back to Contents IMF Approves USD 407.8 Mn Disbursement
[object Object],Research & Development Unit ,[object Object],Services –  6.7% Agriculture –  9.0%   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Back to Contents Sri Lanka: Economic Performance - 1Q, 2010 Sri Lanka’s economy expanded by 7.1 % in 1Q, 2010 compared with the corresponding period a year ago  helped by strong growth in tea, rubber, export crops and services. Industry –  6.9%
The Budget for 2010 is a transitional budget reflecting expenditure under the previously functioning ministries adjusted to the new ministries and is a stepping stone in making provision to prepare the work plans towards the 2011 budget, which is scheduled to be presented to the Parliament in November, 2010. Back to Contents Research & Development Unit Summary Of the Budget - 2010 Cont… Key Highlights of the 2010 Budget    ( Rs. Bn.)  2009  2010 Total Revenue and Grants 725.57 840.99 Total Revenue 699.64 817.79 Tax Revenue 618.93 729.01 Non Tax Revenue 80.71 88.77 Grants 25.92 23.20 Total Expenditure 1,201.93 1,279.82 Recurrent 879.58 928.34 Public Investment 330.45 361.48 Other (8.10) (10.0) Revenue Surplus(+)/Deficit (-) (179.93) (110.55) Budget Deficit (476.36) (438.84) Total Financing 476.36 438.84 Total Foreign Financing 83.89 123.50 Net Foreign Borrowings  26.48 93.50 Gross Concessional Foreign Borrowings  147.03 172.50 Debt Repayments  110.29 71.00 Foreign Commercial 57.41 30.00 Total Domestic Financing 392.48 315.34 Non‐bank Borrowings  196.53 235.84 Foreign Investments in T Bills / Bonds 146.92 34.50 Bank Borrowings 49.03 45.00 Revenue/GDP (%) 14.5 14.9 Expenditure/GDP (%) 24.9 23.3 Revenue Surplus (+)/ Deficit (-)/ GDP (%) (3.7) (2.0) Budget Deficit/ GDP (%) (Excluding Grants) (9.9) (8.0)
Grants Rs.23.20bn Other (Rs.10bn) Back to Contents Research & Development Unit Cont… Total Revenue & Grants Rs. 840.99 bn Total  Expenditure Rs. 1,279.82 bn Budget Deficit Rs. (438.84) bn Revenue Composition – Rs. 840.99  Taxes on Goods & Services Rs.423.44bn Income Tax Rs.160.34bn Taxes on External Trade Rs.145.23bn Non Tax Revenue Rs.88.77bn Expenditure Composition – Rs. 1,279.82  Public Investment Rs.361.48bn Other Goods & Services Rs.91.54bn Subsidies & Transfers Rs. 202.89bn Interest Rs. 337.21bn Salaries & Wages Rs.296.71bn Key Highlights of the 2010 Budget  (Cont…)   
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Back to Contents Research & Development Unit Cont… Key Highlights of the 2010 Budget  (Cont…)   
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Back to Contents Research & Development Unit Cont… Key Highlights of the 2010 Budget  (Cont…)   
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Back to Contents Research & Development Unit Cont… Key Highlights of the 2010 Budget  (Cont…)   
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Back to Contents Research & Development Unit Key Highlights of the 2010 Budget  (Cont…)   
The multiplicity of custom duty structure was simplified with a four band duty structure of 0,5,15 and 30 % while the 15 % surcharge was totally removed. Back to Contents 2.5 % import duty applicable on machinery and raw material has been removed. Import duty, VAT, excise duty and cesses imposed on most of the electronics items have been removed and brought under  an effective tax rate of below 10 %. Implications of import duty reductions   ,[object Object],[object Object],[object Object],[object Object],Research & Development Unit Cont… Industries, Tourism, and Trade Sectors to Benefit from Significant Import  Tariff Concessions      
Back to Contents Implications of import duty reductions (cont…)   ,[object Object],[object Object],[object Object],[object Object],Research & Development Unit Tariff changes in motor vehicles (%)   Source: Sri Lanka Customs   Industries, Tourism, and Trade Sectors to Benefit from Significant Import  Tariff Concessions  (cont…)       Item Total Old Tariff  Total New Tariff  Cars (Petrol) < 1000 CC 187 94 1000 CC <1600 CC 217 119 1600 CC <2000 CC 290 150 2000 CC <3000 CC 299 156 3000 CC 299 192 Auto Trishaws Diesel 68 40 Petrol 47 40 Vans 10<13 Persons  (Petrol)  299 192 10<13 Persons  (Diesel) 524 192 Motor Cycles 68 61
Back to Contents Research & Development Unit Recent Price Changes      Commodity     Increased by  (Rs.) Wheat flour   10.50 ( per Kg) 450g loaf of bread  4.00  Packet of 400g powdered milk  19.00 Packet of 1 kg powdered milk  48.00 Local & foreign liquor  50 ( per litre) Cigarette 1.00 Commodity     Decreased by  (Rs.) Shell Gas (12.5 kg)  117.00 Laugfs Gas (12.5 kg)  85.00
Back to Contents Research & Development Unit ,[object Object],[object Object],[object Object],[object Object],[object Object],Inflation - June, 2010     Tourism - June, 2010      
Research & Development Unit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Back to Contents ,[object Object],Expansions in Leisure Industry    
SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  -  SNIPPETS  -  SNIPPETS  - - - - - -  Back to Contents SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  -  SNIPPETS  -  SNIPPE TS - SNIPPETS  -  - - -  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Cont…
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  -  SNIPPETS  -  SNIPPETS  - - - - - -  SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  - SNIPPETS  -  SNIPPETS  -  SNIPPETS  -  SNIPPETS  - SNIPPETS - - - - -  Back to Contents ,[object Object],[object Object],[object Object],[object Object],[object Object]
The information contained in this presentation has been drawn from sources that we believe to be reliable. However, while we have taken reasonable care to maintain accuracy/completeness of the information, it should be noted that  Commercial Bank of Ceylon PLC and/or its employees should not be held responsible, for providing the information or for losses or damages, financial or otherwise, suffered in consequence of using such information for whatever purpose. The views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC  Jeffrey David Sachs  is an American economist and Director of the Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became renowned for implementing economic shock therapy throughout the developing world and in Eastern Europe, and subsequently for his work on the challenges of economic development, environmental sustainability, poverty alleviation, debt cancellation, and globalization. The truth of good economic doctoring is to know the general principles, and to really know the specifics to understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by. Jeffrey Sachs     

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Economic Capsule June 2010

  • 1. Research & Development Unit June 2010 CAPSULE ECONOMIC
  • 2.
  • 3. Back to Contents NEWS FINANCIAL SECTOR
  • 4.
  • 5.
  • 6. Research & Development Unit 177 th @ Nawam Mawatha 178 th @ Kilinochchi   Back to Contents 179 th @ Bokundara   180 th @ Achchuvely   181 st @ Thirunelvely   Commercial Bank Branch Openings          
  • 7.
  • 8. Back to Contents NEWS ECONOMIC & BUSINESS
  • 9.
  • 10.
  • 11. The Budget for 2010 is a transitional budget reflecting expenditure under the previously functioning ministries adjusted to the new ministries and is a stepping stone in making provision to prepare the work plans towards the 2011 budget, which is scheduled to be presented to the Parliament in November, 2010. Back to Contents Research & Development Unit Summary Of the Budget - 2010 Cont… Key Highlights of the 2010 Budget   ( Rs. Bn.) 2009 2010 Total Revenue and Grants 725.57 840.99 Total Revenue 699.64 817.79 Tax Revenue 618.93 729.01 Non Tax Revenue 80.71 88.77 Grants 25.92 23.20 Total Expenditure 1,201.93 1,279.82 Recurrent 879.58 928.34 Public Investment 330.45 361.48 Other (8.10) (10.0) Revenue Surplus(+)/Deficit (-) (179.93) (110.55) Budget Deficit (476.36) (438.84) Total Financing 476.36 438.84 Total Foreign Financing 83.89 123.50 Net Foreign Borrowings 26.48 93.50 Gross Concessional Foreign Borrowings 147.03 172.50 Debt Repayments 110.29 71.00 Foreign Commercial 57.41 30.00 Total Domestic Financing 392.48 315.34 Non‐bank Borrowings 196.53 235.84 Foreign Investments in T Bills / Bonds 146.92 34.50 Bank Borrowings 49.03 45.00 Revenue/GDP (%) 14.5 14.9 Expenditure/GDP (%) 24.9 23.3 Revenue Surplus (+)/ Deficit (-)/ GDP (%) (3.7) (2.0) Budget Deficit/ GDP (%) (Excluding Grants) (9.9) (8.0)
  • 12. Grants Rs.23.20bn Other (Rs.10bn) Back to Contents Research & Development Unit Cont… Total Revenue & Grants Rs. 840.99 bn Total Expenditure Rs. 1,279.82 bn Budget Deficit Rs. (438.84) bn Revenue Composition – Rs. 840.99 Taxes on Goods & Services Rs.423.44bn Income Tax Rs.160.34bn Taxes on External Trade Rs.145.23bn Non Tax Revenue Rs.88.77bn Expenditure Composition – Rs. 1,279.82 Public Investment Rs.361.48bn Other Goods & Services Rs.91.54bn Subsidies & Transfers Rs. 202.89bn Interest Rs. 337.21bn Salaries & Wages Rs.296.71bn Key Highlights of the 2010 Budget (Cont…)  
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19. Back to Contents Research & Development Unit Recent Price Changes     Commodity  Increased by (Rs.) Wheat flour 10.50 ( per Kg) 450g loaf of bread 4.00 Packet of 400g powdered milk 19.00 Packet of 1 kg powdered milk 48.00 Local & foreign liquor 50 ( per litre) Cigarette 1.00 Commodity  Decreased by (Rs.) Shell Gas (12.5 kg) 117.00 Laugfs Gas (12.5 kg) 85.00
  • 20.
  • 21.
  • 22.
  • 23.
  • 24. The information contained in this presentation has been drawn from sources that we believe to be reliable. However, while we have taken reasonable care to maintain accuracy/completeness of the information, it should be noted that Commercial Bank of Ceylon PLC and/or its employees should not be held responsible, for providing the information or for losses or damages, financial or otherwise, suffered in consequence of using such information for whatever purpose. The views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC Jeffrey David Sachs is an American economist and Director of the Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became renowned for implementing economic shock therapy throughout the developing world and in Eastern Europe, and subsequently for his work on the challenges of economic development, environmental sustainability, poverty alleviation, debt cancellation, and globalization. The truth of good economic doctoring is to know the general principles, and to really know the specifics to understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by. Jeffrey Sachs