The document provides an economic capsule for October 2010. It includes the following financial sector news:
- Commercial Bank posted robust growth in the third quarter of 2010, with profits up 54.8% driven by strong loan growth.
- Sri Lanka Commercial Bank cut its credit card interest rate to 22% annually from 35% to be in line with central bank guidelines.
- Commercial Bank expanded its money transfer services in Saudi Arabia to better serve thousands of Sri Lankan workers.
- Private sector credit in Sri Lanka grew 12.8% year-over-year in August 2010, rebounding from declines in previous years.
The document summarizes key aspects of Sri Lanka's 2011 national budget. It outlines proposed tax reforms across several sectors, including reductions in corporate income tax and personal income tax. Public investment is slated to increase with a focus on infrastructure, rural development, and promoting inclusive growth. The reforms aim to make the economy less reliant on traditional exports and more focused on value-added manufacturing and capital formation.
The document provides an economic update from Commercial Bank of Ceylon for April 2011. It mentions that the bank's first quarter net profit rose 86% year-over-year due to lower taxation. It also reports that the bank was named Sri Lanka's best bank for the 13th consecutive year by Global Finance magazine. Finally, it notes that the Central Bank of Sri Lanka raised reserve requirements for banks from 7% to 8% to curb inflation.
The document provides an economic update from Sri Lanka with information on the country's financial sector, economic performance, and business news. Some of the key points covered include Commercial Bank being named the best Sri Lankan trade bank, Sri Lanka receiving $236 million in foreign direct investments in the first quarter led by the tourism sector, GDP growth of 7.9% in the first quarter, and tourist arrivals increasing 39% in May.
The document summarizes various economic and business news items from Sri Lanka in February 2013. It reports that the Commercial Bank won an international award for social empowerment programs. It also reports that Commercial Bank beat earnings forecasts for 2013 with a net profit of Rs 10.4 billion. Additionally, it states that Commercial Bank plans to broaden its investment banking offerings. The document also provides summaries on the country's economic growth in 2013, external trade balances, inflation rates, infrastructure project openings, and wealth rankings.
The document provides an economic summary and outlook for 2012. It discusses several key points:
- Credit growth in Sri Lanka hit a new high in 2011, driven mainly by imports and trade credit. The central bank raised interest rates for the first time in five years to curb credit and inflation.
- Sri Lanka's tourism sector saw strong growth in 2011 and is projected to continue growing in 2012, with arrivals expected to increase by over 50%.
- The global economic outlook remains uncertain due to the ongoing eurozone crisis and potential impacts on oil prices and trade. Emerging markets will likely account for most global growth in 2012.
- Key factors for Sri Lanka's economy in 2012 include managing high credit growth
The document provides an economic capsule summary for June 2010 from a research and development unit. It includes the following key points:
- Commercial Bank was named Sri Lanka's best bank for the second consecutive year by FinanceAsia.
- Commercial Bank is offering cash prizes to customers using internet banking and special leasing packages in partnership with DIMO for TATA vehicles.
- The Central Bank of Sri Lanka cut its policy rates by 0.25%.
- The IMF approved a USD 407.8 million disbursement for Sri Lanka after completing reviews of its economic performance and extending its Stand-By Arrangement.
- Sri Lanka's economy grew 7.1% in the first quarter of 2010 led
The IMF projects Sri Lanka's GDP growth to gradually recover to 4.7% in 2017, supported by construction and services. However, significant downside risks remain, including from potential capital outflows, delays in reforms, and higher-than-estimated costs from drought. Public debt is expected to rise slightly to 85% of GDP due to fiscal deficits and currency depreciation. Sri Lanka is also pursuing initiatives in renewable energy and waste management, while the tourism and retail sectors are expanding.
The budget document provides an overview of Sri Lanka's budget highlights for 2016, including key figures on revenue, expenditure, deficits, and policy changes across several sectors of the economy. Some of the major changes proposed include voluntary mergers of banks to create larger national banks, incentives for investment in lagging regions and priority industries, tax reductions and concessions to promote the stock market and listed companies, and subsidies or guaranteed pricing for priority agriculture crops. The budget aims to boost revenue, reduce deficits, encourage private sector investment, and promote self-sufficiency in strategic industries.
The document summarizes key aspects of Sri Lanka's 2011 national budget. It outlines proposed tax reforms across several sectors, including reductions in corporate income tax and personal income tax. Public investment is slated to increase with a focus on infrastructure, rural development, and promoting inclusive growth. The reforms aim to make the economy less reliant on traditional exports and more focused on value-added manufacturing and capital formation.
The document provides an economic update from Commercial Bank of Ceylon for April 2011. It mentions that the bank's first quarter net profit rose 86% year-over-year due to lower taxation. It also reports that the bank was named Sri Lanka's best bank for the 13th consecutive year by Global Finance magazine. Finally, it notes that the Central Bank of Sri Lanka raised reserve requirements for banks from 7% to 8% to curb inflation.
The document provides an economic update from Sri Lanka with information on the country's financial sector, economic performance, and business news. Some of the key points covered include Commercial Bank being named the best Sri Lankan trade bank, Sri Lanka receiving $236 million in foreign direct investments in the first quarter led by the tourism sector, GDP growth of 7.9% in the first quarter, and tourist arrivals increasing 39% in May.
The document summarizes various economic and business news items from Sri Lanka in February 2013. It reports that the Commercial Bank won an international award for social empowerment programs. It also reports that Commercial Bank beat earnings forecasts for 2013 with a net profit of Rs 10.4 billion. Additionally, it states that Commercial Bank plans to broaden its investment banking offerings. The document also provides summaries on the country's economic growth in 2013, external trade balances, inflation rates, infrastructure project openings, and wealth rankings.
The document provides an economic summary and outlook for 2012. It discusses several key points:
- Credit growth in Sri Lanka hit a new high in 2011, driven mainly by imports and trade credit. The central bank raised interest rates for the first time in five years to curb credit and inflation.
- Sri Lanka's tourism sector saw strong growth in 2011 and is projected to continue growing in 2012, with arrivals expected to increase by over 50%.
- The global economic outlook remains uncertain due to the ongoing eurozone crisis and potential impacts on oil prices and trade. Emerging markets will likely account for most global growth in 2012.
- Key factors for Sri Lanka's economy in 2012 include managing high credit growth
The document provides an economic capsule summary for June 2010 from a research and development unit. It includes the following key points:
- Commercial Bank was named Sri Lanka's best bank for the second consecutive year by FinanceAsia.
- Commercial Bank is offering cash prizes to customers using internet banking and special leasing packages in partnership with DIMO for TATA vehicles.
- The Central Bank of Sri Lanka cut its policy rates by 0.25%.
- The IMF approved a USD 407.8 million disbursement for Sri Lanka after completing reviews of its economic performance and extending its Stand-By Arrangement.
- Sri Lanka's economy grew 7.1% in the first quarter of 2010 led
The IMF projects Sri Lanka's GDP growth to gradually recover to 4.7% in 2017, supported by construction and services. However, significant downside risks remain, including from potential capital outflows, delays in reforms, and higher-than-estimated costs from drought. Public debt is expected to rise slightly to 85% of GDP due to fiscal deficits and currency depreciation. Sri Lanka is also pursuing initiatives in renewable energy and waste management, while the tourism and retail sectors are expanding.
The budget document provides an overview of Sri Lanka's budget highlights for 2016, including key figures on revenue, expenditure, deficits, and policy changes across several sectors of the economy. Some of the major changes proposed include voluntary mergers of banks to create larger national banks, incentives for investment in lagging regions and priority industries, tax reductions and concessions to promote the stock market and listed companies, and subsidies or guaranteed pricing for priority agriculture crops. The budget aims to boost revenue, reduce deficits, encourage private sector investment, and promote self-sufficiency in strategic industries.
Fitch notes that while Sri Lankan banks' capital ratios exceed regulatory minimums, their capital levels are relatively low compared to other emerging markets due to certain asset exposures receiving zero risk weights. Challenges remain for undercapitalized Sri Lankan banks from foreign currency borrowing, residual provisioning risks, and credit concentrations. Sri Lanka has not yet implemented Basel III capital reforms which would improve ratios over the medium to long term.
The document provides economic and business news updates on Sri Lanka, including inflation slowing in February 2015, credit growth maintaining an upward trend, external sector developments in 2014, and Sri Lanka holding discussions with the IMF and World Bank. It also summarizes Moody's view that Sri Lanka's revised
The document summarizes financial results and news from major commercial banks in Sri Lanka for the first half of 2010. It reports that the Commercial Bank Group saw a 17.39% increase in profit before tax and a 14.84% increase in profit after tax compared to the same period last year. It also provides results for other major banks like HNB, Sampath Bank, and Seylan Bank for this period. Additionally, it outlines various other news in the financial sector including branch openings, mergers of regional development banks, and appointments of rating advisors for an international sovereign bond issue.
The document provides an economic capsule with information on banking and finance, the economy and business, and international news.
Key points include:
- Commercial Bank's 9-month post-tax profit crossed Rs 10 billion with a growth of 15.19% and other strong financial results.
- The bank was ranked 2nd in Business Today's Top 30 companies for the fourth consecutive year.
- The bank launched NFC-enabled premium credit cards for both Visa and Mastercard, a first in Sri Lanka.
- The 2017 budget highlights, implications for the banking sector including new taxes and regulations.
- Sri Lanka's external sector performance showed a 4.1% decline in exports for January to August 2016
The document provides an economic capsule with the following key points:
- The base year and composition of Sri Lanka's Colombo Consumer Price Index was revised, increasing the non-food composition and annual inflation rate.
- Bottlenecks in Sri Lanka's trademark registration process could undermine benefits from complying with an international trademark system. Registrations take 3-5 years locally versus 18 months ideally.
- Sri Lanka's apparel industry faces labor shortages that could limit benefits from trade preferences, and some factories are relocating operations abroad due to issues finding skilled labor.
- Several infrastructure and economic development projects were announced or commenced, including an integrated logistics facility, smart meter factory, and sections
The document summarizes the Indian government's approach to the 2012 budget. Key points include:
1) The Indian economy's growth slowed in 2011-12 due to global factors but remains one of the fastest growing.
2) The budget aims to improve the macroeconomic environment and strengthen domestic growth drivers through fiscal and monetary policy changes.
3) Reforms to subsidies, taxation, investment policies, and infrastructure development are outlined to support inclusive and sustainable growth goals.
The budget provides a sector-wise analysis of the impact on capital markets. Key points include:
1) The budget aims to consolidate recent gains in development and address weaknesses in governance. It also provides capital to public sector banks and regional rural banks.
2) The stock market saw sharp gains since 2009 and gave a positive response to the budget. The lower fiscal deficit will mean lower government borrowing.
3) Sectors like automobiles, infrastructure, consumer goods, and rural development are expected to see positive impacts, while the telecom sector may face pressure from tax increases.
4) Overall the budget focuses on growth, rural development, and strengthening of the banking system, which are expected to benefit many
The document provides an economic capsule summarizing recent news in Sri Lanka and internationally. It includes the following key points:
1) Sri Lanka has been ranked as the top island economy for investment potential by an FT publication. However, foreign direct investment remains relatively low at under 1% of GDP.
2) The EU has restored Sri Lanka's access to preferential tariffs under the GSP+ trade scheme, providing an estimated annual tariff benefit of $330 million for key exports like apparel, seafood, and fruits.
3) China's One Belt One Road initiative involves over $1.3 trillion in infrastructure projects across 68 countries to revive trade routes and boost China's influence. Sri Lanka hopes to
Dej-Udom & Associates Newsletter - January 2014Paul Brailsford
The document summarizes economic news from several Southeast Asian countries. It reports that Thailand's Commerce Ministry wants border provinces to benefit from increased trade and tourism opportunities resulting from the ASEAN Economic Community. It also discusses Laos revising its mining policy to obtain more revenue from concessions, Vietnam issuing a decree on foreign loans, and Singapore strengthening its anti-money laundering rules. Additionally, it covers Malaysia relaxing restrictions on foreign automakers, Myanmar establishing special economic zones to attract investors, and disruptions to work permit processing in Myanmar due to political demonstrations.
The document discusses recent economic and financial news in Sri Lanka. It notes that the Central Bank reduced the Statutory Reserve Requirement by 2 percentage points to 6% to boost lending. It also discusses Moody's changing Sri Lanka's outlook to stable from positive due to concerns over the external payments position and pace of fiscal consolidation. Several other topics covered include a drop in GDP growth, Japan becoming Sri Lanka's largest lender, and a forecast of GDP growth being negatively impacted by fuel price increases.
The document summarizes recent economic and business news from Sri Lanka. It discusses the World Bank and Asian Development Bank lowering Sri Lanka's growth forecasts for 2015 and 2016 due to slowing construction and political transition. It also covers the Central Bank of Sri Lanka cutting policy rates for the first time in 16 months to boost growth, and small car imports from India and China surging amid increased credit availability in Sri Lanka.
The document provides an overview and analysis of the Union Budget of India for 2015-2016. Some key points:
- The budget continues the government's focus on gradual simplification of tax laws, withdrawing fiscal stimulus, and building rural infrastructure through an incremental approach rather than major reforms.
- There is a greater influence of market economists in the budget compared to the past, which should please financial markets.
- The budget lays out plans to work towards the government's Vision 2022 of comprehensive development across sectors like housing, power, water, education, and healthcare.
- There is a shift towards enabling citizens through skills training and access to services rather than just providing subsidies, as well as moves to accelerate global
Exclusive report on budget 2015 16 by epic research private limitedEpic Research Limited
Epic Research Private Limited Budget Simplified Version of the Union Budget 2015-16. This report includes all the highlights and overview of the union budget as well as Railway Budget of India.
The document provides updates on recent developments in the Indian banking sector. It discusses the Direct Taxes Code coming into effect a year late in April 2012, with income tax rates of 10%, 20%, and 30% for different income brackets. It also discusses IDBI removing minimum balance requirements and waiving many fees to increase low-cost deposits. The document notes that bankers and retailers are seeking a cut in debit card processing fees to increase usage. Additionally, it states that a new tax treaty with Switzerland will not provide information about past inactive accounts. Punjab National Bank plans to expand overseas by acquiring a bank in Kazakhstan. Large commercial banks plan to ask regulators to relax accounting norms to minimize the impact of pension and gratuity liabilities on
Budget 2016-17 (“the Budget”) of the BJP led Indian government was being followed closely for several reasons. Some of the reasons were political, while some could have been based on the larger sense of disillusionment with the government on the part of businesses. Hence, there was an expectation that the Budget would contain some cogent proposals, which would give a fillip to the much needed demand cycle gone stagnant. However, with the Economic Survey 2015-16 (“Economic Survey”) clearly making case for the coupling of the Indian economy with the global market, and having outlined a felt need for larger consumption in the rural sector, it was clear that this was going to be a tight rope walk for the FM.
The document provides highlights of new policy reforms announced by the Prime Minister of Sri Lanka. The reforms focus on generating employment, increasing incomes, developing rural economies, ensuring land ownership, and creating a strong middle class. Key areas of focus include reducing the budget deficit, reforming taxes, boosting education and health spending, increasing foreign investment, and developing industries, infrastructure, and tourism through public-private partnerships. The reforms aim to transition Sri Lanka to a knowledge-based, globally competitive economy.
This document provides an overview of the key points from the Union Budget of India for 2012. It discusses economic challenges faced and growth projections. It outlines sectoral allocations and policy changes for infrastructure, industry, housing, textiles, MSMEs, agriculture, health, and better governance. The implementation of fiscal responsibility laws and disinvestment targets are also mentioned. Direct and indirect tax proposals as well as amendments to fiscal deficit targets are summarized.
The budget document provides details on key fiscal highlights including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines plans to lower the corporate tax surcharge and increase exemptions for individual taxpayers, as well as changes to indirect taxes that will make some consumer goods cheaper and some services more expensive. Key areas that are positively impacted include infrastructure, where allocation was increased 23%, and education, where allocation rose 24%. However, some questions remain about whether the targets can be achieved and if enough is being done to support farmers and alleviate rural issues.
The document provides an economic update from Sri Lanka in August 2010. It discusses several topics:
1) Commercial Bank reducing interest rates on its home loan product.
2) Commercial Bank launching an innovative "Gold Overdraft" facility secured by gold deposits.
3) Sri Lanka planning a $1 billion sovereign bond issue to fund infrastructure and repay debt, and seeking a rating from Moody's before the sale.
4) Inflation in Sri Lanka increasing to 5% in August due to rising food and commodity prices.
This document summarizes key points from the Indian government's budget for fiscal year 2011-2012. It highlights that the fiscal deficit target was kept at 4.6% of GDP. Major allocations included Rs. 300 crore per agriculture scheme, Rs. 38,484 crore for education (a 24% increase), and Rs. 214,000 crore for infrastructure development. Tax proposals included increasing the income tax exemption limit and rates of corporate and dividend taxes. The budget aimed to boost sectors like agriculture, education, infrastructure and support common needs.
The document provides an overview of economic and financial news from Sri Lanka in November 2011. It discusses the Sri Lankan economy growing 8.4% in the third quarter of 2011. It also summarizes key highlights from Sri Lanka's Budget 2012, including proposals to reduce taxes, increase investment incentives, and support sectors like agriculture, tourism and small/medium enterprises. Financial sector news recaps Commercial Bank securing a USD 65 million financing facility and expanding services.
The document provides a summary of financial and economic news from November 2012. It discusses the strong third quarter results of Commercial Bank of Ceylon, including a 25% increase in pre-tax profits. It also summarizes highlights from Sri Lanka's Budget 2013, including expansions to investment funds for banking, the introduction of a 1% levy on bank profits, and increased allocations for education, irrigation, and research & development. The document closes with a brief section on macroeconomic trends in Sri Lanka.
Fitch notes that while Sri Lankan banks' capital ratios exceed regulatory minimums, their capital levels are relatively low compared to other emerging markets due to certain asset exposures receiving zero risk weights. Challenges remain for undercapitalized Sri Lankan banks from foreign currency borrowing, residual provisioning risks, and credit concentrations. Sri Lanka has not yet implemented Basel III capital reforms which would improve ratios over the medium to long term.
The document provides economic and business news updates on Sri Lanka, including inflation slowing in February 2015, credit growth maintaining an upward trend, external sector developments in 2014, and Sri Lanka holding discussions with the IMF and World Bank. It also summarizes Moody's view that Sri Lanka's revised
The document summarizes financial results and news from major commercial banks in Sri Lanka for the first half of 2010. It reports that the Commercial Bank Group saw a 17.39% increase in profit before tax and a 14.84% increase in profit after tax compared to the same period last year. It also provides results for other major banks like HNB, Sampath Bank, and Seylan Bank for this period. Additionally, it outlines various other news in the financial sector including branch openings, mergers of regional development banks, and appointments of rating advisors for an international sovereign bond issue.
The document provides an economic capsule with information on banking and finance, the economy and business, and international news.
Key points include:
- Commercial Bank's 9-month post-tax profit crossed Rs 10 billion with a growth of 15.19% and other strong financial results.
- The bank was ranked 2nd in Business Today's Top 30 companies for the fourth consecutive year.
- The bank launched NFC-enabled premium credit cards for both Visa and Mastercard, a first in Sri Lanka.
- The 2017 budget highlights, implications for the banking sector including new taxes and regulations.
- Sri Lanka's external sector performance showed a 4.1% decline in exports for January to August 2016
The document provides an economic capsule with the following key points:
- The base year and composition of Sri Lanka's Colombo Consumer Price Index was revised, increasing the non-food composition and annual inflation rate.
- Bottlenecks in Sri Lanka's trademark registration process could undermine benefits from complying with an international trademark system. Registrations take 3-5 years locally versus 18 months ideally.
- Sri Lanka's apparel industry faces labor shortages that could limit benefits from trade preferences, and some factories are relocating operations abroad due to issues finding skilled labor.
- Several infrastructure and economic development projects were announced or commenced, including an integrated logistics facility, smart meter factory, and sections
The document summarizes the Indian government's approach to the 2012 budget. Key points include:
1) The Indian economy's growth slowed in 2011-12 due to global factors but remains one of the fastest growing.
2) The budget aims to improve the macroeconomic environment and strengthen domestic growth drivers through fiscal and monetary policy changes.
3) Reforms to subsidies, taxation, investment policies, and infrastructure development are outlined to support inclusive and sustainable growth goals.
The budget provides a sector-wise analysis of the impact on capital markets. Key points include:
1) The budget aims to consolidate recent gains in development and address weaknesses in governance. It also provides capital to public sector banks and regional rural banks.
2) The stock market saw sharp gains since 2009 and gave a positive response to the budget. The lower fiscal deficit will mean lower government borrowing.
3) Sectors like automobiles, infrastructure, consumer goods, and rural development are expected to see positive impacts, while the telecom sector may face pressure from tax increases.
4) Overall the budget focuses on growth, rural development, and strengthening of the banking system, which are expected to benefit many
The document provides an economic capsule summarizing recent news in Sri Lanka and internationally. It includes the following key points:
1) Sri Lanka has been ranked as the top island economy for investment potential by an FT publication. However, foreign direct investment remains relatively low at under 1% of GDP.
2) The EU has restored Sri Lanka's access to preferential tariffs under the GSP+ trade scheme, providing an estimated annual tariff benefit of $330 million for key exports like apparel, seafood, and fruits.
3) China's One Belt One Road initiative involves over $1.3 trillion in infrastructure projects across 68 countries to revive trade routes and boost China's influence. Sri Lanka hopes to
Dej-Udom & Associates Newsletter - January 2014Paul Brailsford
The document summarizes economic news from several Southeast Asian countries. It reports that Thailand's Commerce Ministry wants border provinces to benefit from increased trade and tourism opportunities resulting from the ASEAN Economic Community. It also discusses Laos revising its mining policy to obtain more revenue from concessions, Vietnam issuing a decree on foreign loans, and Singapore strengthening its anti-money laundering rules. Additionally, it covers Malaysia relaxing restrictions on foreign automakers, Myanmar establishing special economic zones to attract investors, and disruptions to work permit processing in Myanmar due to political demonstrations.
The document discusses recent economic and financial news in Sri Lanka. It notes that the Central Bank reduced the Statutory Reserve Requirement by 2 percentage points to 6% to boost lending. It also discusses Moody's changing Sri Lanka's outlook to stable from positive due to concerns over the external payments position and pace of fiscal consolidation. Several other topics covered include a drop in GDP growth, Japan becoming Sri Lanka's largest lender, and a forecast of GDP growth being negatively impacted by fuel price increases.
The document summarizes recent economic and business news from Sri Lanka. It discusses the World Bank and Asian Development Bank lowering Sri Lanka's growth forecasts for 2015 and 2016 due to slowing construction and political transition. It also covers the Central Bank of Sri Lanka cutting policy rates for the first time in 16 months to boost growth, and small car imports from India and China surging amid increased credit availability in Sri Lanka.
The document provides an overview and analysis of the Union Budget of India for 2015-2016. Some key points:
- The budget continues the government's focus on gradual simplification of tax laws, withdrawing fiscal stimulus, and building rural infrastructure through an incremental approach rather than major reforms.
- There is a greater influence of market economists in the budget compared to the past, which should please financial markets.
- The budget lays out plans to work towards the government's Vision 2022 of comprehensive development across sectors like housing, power, water, education, and healthcare.
- There is a shift towards enabling citizens through skills training and access to services rather than just providing subsidies, as well as moves to accelerate global
Exclusive report on budget 2015 16 by epic research private limitedEpic Research Limited
Epic Research Private Limited Budget Simplified Version of the Union Budget 2015-16. This report includes all the highlights and overview of the union budget as well as Railway Budget of India.
The document provides updates on recent developments in the Indian banking sector. It discusses the Direct Taxes Code coming into effect a year late in April 2012, with income tax rates of 10%, 20%, and 30% for different income brackets. It also discusses IDBI removing minimum balance requirements and waiving many fees to increase low-cost deposits. The document notes that bankers and retailers are seeking a cut in debit card processing fees to increase usage. Additionally, it states that a new tax treaty with Switzerland will not provide information about past inactive accounts. Punjab National Bank plans to expand overseas by acquiring a bank in Kazakhstan. Large commercial banks plan to ask regulators to relax accounting norms to minimize the impact of pension and gratuity liabilities on
Budget 2016-17 (“the Budget”) of the BJP led Indian government was being followed closely for several reasons. Some of the reasons were political, while some could have been based on the larger sense of disillusionment with the government on the part of businesses. Hence, there was an expectation that the Budget would contain some cogent proposals, which would give a fillip to the much needed demand cycle gone stagnant. However, with the Economic Survey 2015-16 (“Economic Survey”) clearly making case for the coupling of the Indian economy with the global market, and having outlined a felt need for larger consumption in the rural sector, it was clear that this was going to be a tight rope walk for the FM.
The document provides highlights of new policy reforms announced by the Prime Minister of Sri Lanka. The reforms focus on generating employment, increasing incomes, developing rural economies, ensuring land ownership, and creating a strong middle class. Key areas of focus include reducing the budget deficit, reforming taxes, boosting education and health spending, increasing foreign investment, and developing industries, infrastructure, and tourism through public-private partnerships. The reforms aim to transition Sri Lanka to a knowledge-based, globally competitive economy.
This document provides an overview of the key points from the Union Budget of India for 2012. It discusses economic challenges faced and growth projections. It outlines sectoral allocations and policy changes for infrastructure, industry, housing, textiles, MSMEs, agriculture, health, and better governance. The implementation of fiscal responsibility laws and disinvestment targets are also mentioned. Direct and indirect tax proposals as well as amendments to fiscal deficit targets are summarized.
The budget document provides details on key fiscal highlights including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines plans to lower the corporate tax surcharge and increase exemptions for individual taxpayers, as well as changes to indirect taxes that will make some consumer goods cheaper and some services more expensive. Key areas that are positively impacted include infrastructure, where allocation was increased 23%, and education, where allocation rose 24%. However, some questions remain about whether the targets can be achieved and if enough is being done to support farmers and alleviate rural issues.
The document provides an economic update from Sri Lanka in August 2010. It discusses several topics:
1) Commercial Bank reducing interest rates on its home loan product.
2) Commercial Bank launching an innovative "Gold Overdraft" facility secured by gold deposits.
3) Sri Lanka planning a $1 billion sovereign bond issue to fund infrastructure and repay debt, and seeking a rating from Moody's before the sale.
4) Inflation in Sri Lanka increasing to 5% in August due to rising food and commodity prices.
This document summarizes key points from the Indian government's budget for fiscal year 2011-2012. It highlights that the fiscal deficit target was kept at 4.6% of GDP. Major allocations included Rs. 300 crore per agriculture scheme, Rs. 38,484 crore for education (a 24% increase), and Rs. 214,000 crore for infrastructure development. Tax proposals included increasing the income tax exemption limit and rates of corporate and dividend taxes. The budget aimed to boost sectors like agriculture, education, infrastructure and support common needs.
The document provides an overview of economic and financial news from Sri Lanka in November 2011. It discusses the Sri Lankan economy growing 8.4% in the third quarter of 2011. It also summarizes key highlights from Sri Lanka's Budget 2012, including proposals to reduce taxes, increase investment incentives, and support sectors like agriculture, tourism and small/medium enterprises. Financial sector news recaps Commercial Bank securing a USD 65 million financing facility and expanding services.
The document provides a summary of financial and economic news from November 2012. It discusses the strong third quarter results of Commercial Bank of Ceylon, including a 25% increase in pre-tax profits. It also summarizes highlights from Sri Lanka's Budget 2013, including expansions to investment funds for banking, the introduction of a 1% levy on bank profits, and increased allocations for education, irrigation, and research & development. The document closes with a brief section on macroeconomic trends in Sri Lanka.
The document discusses economic and business news in Sri Lanka and globally. Specifically, it reports that:
1) Sri Lanka has appointed advisors to help restructure its debt as it defaults and seeks an IMF loan. Inflation in Sri Lanka reached 33.8% in April.
2) Tourism and remittances declined in Sri Lanka while the central bank imposed cash margins on imports.
3) Globally, the Russia-Ukraine war has caused a looming food crisis by disrupting wheat and grain exports from the two countries. This threatens to increase global food prices and the number of people facing hunger.
The document provides a summary of the Sri Lankan government's 2014 budget. Some key highlights include: reducing the corporate tax rate to 28% for listed companies; converting state enterprise debt to equity; imposing a 2% national budget tax on banking profits; taxing shipping industry income at 12%; and allocating funds to develop agriculture, fisheries, healthcare, skills training, and information technology industries. The budget aims to increase revenue, reduce the fiscal deficit, and promote various economic sectors to achieve higher export growth and foreign direct investment.
The document summarizes economic news and analysis from Sri Lanka in March 2015. It includes the following key points:
- The Central Bank of Sri Lanka removed the special 5% interest rate on standing deposit facilities to encourage banks to lend more to the private sector.
- Government borrowing increased in the first few months of 2015 through treasury bill and bond auctions to fund expenditures. This adds to Sri Lanka's already high debt burden of 88.9% of GDP.
- The Asian Development Bank forecasts that Sri Lanka's economic growth will ease to 7% in 2015 due to political transition uncertainties, before strengthening to 7.3% in 2016 as investment rebounds. Inflation is expected to remain low in 2015
The document summarizes recent economic developments in Sri Lanka. Dr. Indrajit Coomaraswamy was appointed the new Governor of the Central Bank of Sri Lanka. Commercial Bank partnered with Smart Metro to issue debit cards to tea leaf suppliers for payment. The bank also launched Sri Lanka's first remittance card. Moody's changed Sri Lanka's outlook to negative from stable due to fiscal and growth concerns. The IMF approved a $1.5 billion extended arrangement for Sri Lanka to support its balance of payments and macroeconomic policies. The Sri Lankan economy grew 5.5% in the first quarter of 2016 led by industry and construction.
The document provides an economic capsule covering topics in banking and finance, the economy and business, and international and industry news. It discusses Sri Lanka's GDP growth, external sector performance, and deflation. It also analyzes views from the IMF on Sri Lanka and forecasts rising core inflation and monetary policy tightening risks.
The document provides an economic capsule with summaries of news in the financial sector, economic and business news, and analysis and forecasts. Key points include:
- Commercial Bank reported a pre-tax profit of over Rs. 6 billion for the first half of 2014 and total assets reached Rs. 683.579 billion as of June 2014.
- The Central Bank of Sri Lanka entered into an investment agreement with the People's Bank of China to diversify reserves into Chinese renminbi assets.
- Sri Lanka's trade deficit contracted by 20.1% in the first half of 2014 as exports grew 16.8% while imports declined 1.2%. Foreign direct investment rose 51% and gross official reserves reached $9.
The document provides summaries of economic and business news in Sri Lanka. Key points include:
- Commercial Bank was ranked among the top 1000 banks in the world for the 6th consecutive year.
- Commercial Bank enhanced customer convenience by introducing 'Over the Air PIN' for credit and debit cards.
- Commercial Bank plans to issue listed, unsecured rated redeemable subordinated debentures worth Rs. 5-7 billion.
- The Central Bank of Sri Lanka raised policy rates by 50 basis points to curb high credit growth and inflation.
The document provides an overview of the key economic developments and performance indicators in Sri Lanka's economy in recent months. It notes that GDP grew 8.0% in the third quarter of 2010, driven by growth in agriculture, industry and services. Inflation decreased slightly to 6.9% in December 2010. Exports grew 27.6% in October 2010 while imports grew 8.4%, leading to an improvement in the trade deficit. Around 75 new firms are expected to be listed on the Colombo stock exchange in 2011, helping to increase the market capitalization by 45%. Tourism arrivals were up 63.1% in November 2010.
The document provides an economic update from Sri Lanka with the following key points:
1) S&P revised Sri Lanka's outlook to stable from negative while affirming its credit ratings, citing the government's continued reform momentum and expectations it will smooth upcoming debt redemptions.
2) Business confidence in Sri Lanka crawled up in October but remains below historical averages, with concerns over the economy and business climate persisting.
3) The ADB extended $350 million in loans to Sri Lanka to improve roads and boost renewable energy through a 100MW wind power project.
The document summarizes recent news in banking and finance, the economy, and international news. Specifically:
- Commercial Bank of Ceylon won several awards including Bank of the Year and for its annual report. It also launched new banking products and services.
- Sri Lanka's economy grew 2.7% in the third quarter recovering from impacts of the Easter attacks, with growth in services and industry.
- Fitch revised Sri Lanka's outlook to negative but affirmed its credit rating at B, citing risks from shifts in fiscal policy and potential rollback of reforms. Measures were also outlined to offset revenue losses from tax cuts.
- The President appointed a new board for the ICT agency to advance Sri
The document provides a summary of various economic and financial news in Sri Lanka for May 2010. It discusses Commercial Bank receiving awards, group financial results for several banks, highlights for the banking sector in the first quarter, an increase in private sector credit, new foreign currency accounts for international service providers, increases in tourist arrivals and inflation rates, trade performance for March 2010, and Sri Lanka's target of $1 billion in foreign direct investment for 2010.
The document summarizes various economic and financial news items from Sri Lanka. It reports that Sri Lanka's economy grew 6.8% in the second quarter of 2013. It also discusses Commercial Bank's reconstruction of the Kilinochchi Railway Station and its 2013 performance. Additionally, it mentions that Commercial Bank was adjudged Sri Lanka's 'Best Trade Bank' for the fourth time and that the Central Bank imposed a 100% margin deposit requirement for some vehicle imports.
The document provides a summary of economic news from Sri Lanka and around the world. Some of the key points include:
- Commercial Bank of Sri Lanka won an award for its marketing campaign and signed an agreement with Bank Muscat Oman to facilitate money transfers.
- Sri Lanka's economy is projected to grow moderately under a new macroeconomic framework released by the Central Bank. However, high public debt and reliance on foreign borrowing pose risks.
- The IMF reached a staff-level agreement to provide Sri Lanka with a $1.5 billion loan to support fiscal reforms and debt reduction.
- Lifting of an EU ban on Sri Lankan fish imports is expected to boost the country's exports,
The document provides an economic capsule for February 2023 from the Research & Development Unit. It contains the following sections and highlights:
- Banking & Finance: The IFC will provide $400 million in financing to Sri Lankan banks to facilitate essential imports. ComBank was awarded for the largest number of climate finance transactions in South Asia. ComBank saw solid income growth but also increased provisioning.
- Economy, Business & Development: Statistics on Sri Lanka's foreign debt, inflation index rebasing, the tourism industry seeking credit lines, and wage reforms in plantations. FitsAir will launch flights to Chennai. Sri Lanka will sign an FTA with Thailand.
- Global Update: The World
The document summarizes key points from the Indian Union Budget for 2012-13. It discusses estimates for GDP growth, fiscal deficits, revenues and expenditures. It outlines proposals to increase investment in infrastructure, manufacturing, rural development and social sectors. Taxation measures are also highlighted, including increases in excise duties and service tax rates, while personal income tax exemptions are raised. The budget aims to boost growth while reducing fiscal deficits.
The document summarizes economic and financial news from Sri Lanka in March 2010. It reports that Commercial Bank was named Sri Lanka's best bank for the 12th consecutive year. It also summarizes Commercial Bank's financial results, noting maintained profitability in 2009 despite challenging conditions. Additionally, it provides overviews of IMF views on Sri Lanka's economy, the top 10 billionaires in the world according to Forbes, and an analysis of Sri Lanka's fiscal performance and 2010 budget outlook.
The document provides an economic capsule with the following key points:
- Commercial Bank was named Sri Lanka's Most Respected Bank for the 14th year in a row. It also won five awards for its CSR practices.
- Commercial Bank launched new NFC-enabled credit cards with Mastercard and a "Power Bonus Account" offering 60% bonus interest. It also opened a new branch.
- Moody's noted Sri Lanka's progress on reforms but said it remains vulnerable to tightening financial conditions. The Central Bank projected a gradual economic acceleration and mid-single digit inflation.
- Sri Lanka increased customs duties on small petrol vehicles and hybrid vehicles under 1000cc.
The document provides an economic capsule covering various topics including banking & finance, the economy, business & development, and global updates. Some key points:
1) ComBank was named Best SME Bank in Sri Lanka and opened new branches including a 'DigiZone' experience center and a newly built Kegalle branch.
2) The IMF reached a staff-level agreement on Sri Lanka's second review and tourism arrivals have surpassed 500,000 in the first three months of the year.
3) The ADB approved a $100 million loan to support SMEs in Sri Lanka and the economy grew 4.5% in Q4 2023 but contracted 2.3% for the full
The document provides a summary of recent economic, business, and banking news from Sri Lanka. It notes that the Central Bank of Sri Lanka relaxed restrictions on standing lending facilities to accelerate downward adjustments in market interest rates. It also reports that transshipment volumes at the Colombo port grew over 25% in January. Additionally, Sri Lanka launched virtual Unified Payments Interface transactions for Indian tourists via LankaQR to enhance digital payment convenience.
The document provides a summary of various economic and business news from Sri Lanka and around the world in January 2024. Some of the key highlights include:
- The IMF concluded its visit to Sri Lanka and emphasized the need to continue economic reforms and reach agreements with creditors.
- Sri Lanka's tourist arrivals exceeded 121,000 in the first 18 days of January 2024, surpassing the total for January 2023.
- The Central Bank of Sri Lanka maintained policy interest rates at its latest monetary policy review and expects inflation to be short-lived.
- Commercial Bank of Sri Lanka unveiled an updated sustainable logo and enhanced features for its e-slip app.
The document provides an economic capsule summarizing key developments in banking and finance, the economy, business, and globally for December 2023. Specifically, it notes that Commercial Bank was ranked number one in Sri Lanka and raised Rs. 12 billion in debentures. It also discusses GDP growth in the third quarter of 2023, Sri Lanka receiving funds from the IMF, ADB, and World Bank, and other economic indicators. Globally, it outlines trends to watch in 2024 such as elections and economic climate.
The document provides an economic update on Sri Lanka with the following key points:
- ComBank reported strong loan book and deposit growth in Q3 2023, with its loan book growing 4.33% and deposits crossing Rs. 2 trillion.
- ComBank was ranked the strongest bank in Sri Lanka for 2023 by The Asian Banker.
- The CBSL cut its policy rates by 100 basis points to 9% and 10% for the SDFR and SLFR respectively to support inflation and economic growth.
- Sri Lanka's tax revenue grew 50.7% until September 2023 and the primary balance recorded a surplus of Rs. 124 billion, turning around from a large deficit last year
The document summarizes recent economic news from Sri Lanka and around the world. Some of the key points include:
- The IMF reached a staff-level agreement on the first review of Sri Lanka's EFF program, which will provide $330 million in financing. Additional revenue sources like a property tax are being considered.
- Sri Lanka reached an agreement in principle with China EXIM Bank on restructuring $4.2 billion of debt.
- A $1.565 billion agreement was signed to develop the second phase of the Colombo Port City project.
- Sri Lanka's newest mall, Havelock City, opened with over 130 retail outlets and entertainment zones.
The document provides an overview of economic and business news from Sri Lanka and around the world from August 2023. It reports that Sri Lanka's budget deficit has widened due to a rise in government spending and interest payments. China's Sinopec is set to begin fuel operations in Sri Lanka on September 20th. Sri Lanka is looking to negotiate free trade agreements with Malaysia and Vietnam. Globally, Russia's currency hit a 17-month low against the dollar and the US Federal Reserve will meet next month to discuss interest rates. In closing, Sri Lanka needs long-term economic reforms to achieve sustainable growth beyond monetary policy measures alone.
The document provides an economic update from Sri Lanka with the following key points:
- The Commercial Bank of Sri Lanka was recognized as the best bank in Sri Lanka for the 12th year and the strongest bank brand in the country.
- The Sri Lankan government unveiled plans to optimize domestic debt which include exchanging eligible debt for long-term bonds and pushing out debt repayments.
- Sri Lanka had met 33% of IMF program commitments as of end-June 2023 but failed to meet 8% while 14% were unknown. Negotiations are ongoing for both domestic and foreign debt restructuring.
- Other news included a rise in Sri Lanka's interest payments in 2022, relaxation of
The document provides an economic update for Sri Lanka in June 2023. It discusses several topics:
1) ComBank opened a new branch in Kantale and launched Sri Lanka's first teen digital bank account called 'Flash FAM'.
2) The World Bank is set to approve $700 million in funding for Sri Lanka next week, including $500 million for the budget and $200 million for social programs.
3) Sri Lanka's food security has improved according to a FAO/WFP report, though acute food insecurity remains high in some areas.
4) The euro zone entered a recession in the first quarter of 2023, though India's economy continues growing despite high interest rates
The document provides an economic capsule covering various topics in banking/finance, the economy, and global updates. In banking, it notes that Commercial Bank of Ceylon was recognized as Sri Lanka's best bank for the 21st time and highest ranked bank in the BTTop 40 for the 14th consecutive year. On the economy, it discusses Sri Lanka's industrial production slipping, a slump in private sector credit, and China's Sinopec entering Sri Lanka's retail fuel market. Globally, it covers the US debt ceiling limit debate, China overtaking Japan as the top car exporter, and the IMF revising its forecast of no recession for Britain in 2023.
The document provides an economic update for April 2023 from the Research & Development Unit of Commercial Bank of Ceylon. It includes the following highlights:
- ComBank launched new LankaPay credit and debit cards in collaboration with LankaPay, providing the first nationally accepted cards in Sri Lanka.
- ComBank was voted 'People's Private Bank of the Year' in a recent survey.
- Sri Lanka's official 2022 unemployment rate was 4.8% but this masked higher actual unemployment as the economy declined.
- The manufacturing and services PMIs both returned to growth in March 2023 after previous declines, driven by increases in orders and business activity.
The document provides an economic update for Sri Lanka in March 2023. Key points include:
- Sri Lanka received IMF approval for a $3 billion Extended Fund Facility over 48 months to support economic recovery. The loan comes with conditions around fiscal consolidation, debt restructuring, price stability, and structural reforms.
- Sri Lanka's economy contracted 7.8% in 2022 but is projected to return to growth starting in 4Q 2023, according to government forecasts.
- Local industries like apparel and construction continue to struggle with declining orders amid a drop in demand from major export markets. However, fuel prices are expected to fall sharply due to plunging global oil prices.
The document provides an economic update for January 2023 from Sri Lanka. It discusses several topics:
- ComBank introduced new card-to-card fund transfer services and opened an Indian rupee account to promote regional trade.
- Sri Lanka is working with India and China on debt restructuring and both countries have expressed support. The government also aims to operationalize an FTA with Singapore.
- Other economic news includes rising tourist arrivals and plans to amalgamate export promotion agencies. Sri Lanka will also export more aquatic products to China.
- Global updates note a dip in world food prices and plans for Bangladesh IMF support. Leadership changes occurred in New Zealand and Croatia adopted the euro. Tech companies cut
The document summarizes recent economic news from Sri Lanka. It reports that:
1) The Commercial Bank of Sri Lanka won several awards including "Bank of the Year" and "Strongest Bank in Sri Lanka". It also launched a new foreign currency investment plan.
2) Sri Lanka is attracting strong foreign investment and signed deals worth $1.9 billion despite challenges. The World Bank approved Sri Lanka's request to access low-interest financing.
3) Sri Lanka is seeking $850 million in bridge loans from countries like India and Japan until an IMF program is approved in January. It is also confident of securing China's approval for debt restructuring by the end of December.
The document provides a summary of recent economic and business news in Sri Lanka. Some of the key points included:
- Commercial Bank of Sri Lanka reported financial results for the period ending September 30th, 2022 and announced a Rs. 5 billion debenture issue.
- Inflation in Sri Lanka eased for the second consecutive month in 2022, with food inflation also declining.
- The Central Bank believes interest rates in Sri Lanka have reached peak levels now that inflation appears to have turned downward.
- Workers' remittances to Sri Lanka increased slightly in September, a positive sign for one of the country's key sources of foreign currency inflows.
- Sri Lanka expressed confidence that
The IMF has approved a new "Food Shock Window" to provide emergency financing to countries facing food insecurity or a sharp rise in food import costs due to global food crisis. UK inflation has risen to a 40-year high of 10.1% as the cost-of-living crisis intensifies. Liz Truss resigned as UK Prime Minister after only 44 days in office, with Rishi Sunak set to become the new PM. Vietnam is emerging as Asia's fastest growing economy in 2022 and 2023, with growth projected at 7.5% and 6.7% respectively.
The document provides an economic update from Sri Lanka and around the world in September 2022. In Sri Lanka, ComBank was ranked the top bank, inflation was forecast to be 44.8%, and over 39% of the population was consuming an inadequate diet. Globally, IMF bailouts hit a record high as many countries faced economic crises. Central banks around the world aggressively raised interest rates, risking a global recession, to tackle high inflation. The UK market faced turmoil after the new government's tax cut plans.
This document provides an economic update for August 2022 from the Research & Development Unit of Commercial Bank of Ceylon. It includes the following highlights:
- An IMF mission visited Sri Lanka to reach a staff-level agreement and Sri Lanka hopes to finalize an IMF program by December 2022.
- Sri Lanka halted imports of over 300 items and allowed electric bike imports. Apparel exports crossed $3 billion for January-July while foreign investment targets were 58% achieved.
- Total state-owned enterprise losses in the first four months of 2022 outweighed annual losses in 2021, driven by currency depreciation impacts.
- The IMF warned of weakening Asian growth and rising inflation pressures. Global
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2. Commercial Bank Posts Robust 3Q Growth
Sri Lanka Com Bank Cuts Interest Rate on Credit Cards
Commercial Bank Expands Money Transfer Services in Saudi Arabia
Sri Lanka Private Sector Credit up by 12.8%
Branch Openings
Budget 2011
Initial Public Offerings
High Powered Team to Help Achieve Sri Lanka’s USD 4,000 Per Capita Goal
Ease of Doing Business 2011
Snippets
Analysis & Forecast
Economy & Business News
Financial Sector News
CONTENTS
ECONOMIC CAPSULE – OCTOBER, 2010
4. Commercial Bank Posts Robust 3Q Growth
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Research & Development Unit
Commercial Bank 9M Performance (Group) Commercial Bank 3Q Performance (Bank)
A strong focus on core banking operations and a resurgence of credit demand generated
solid growth in key performance indicators for the Bank at the end of the 3Q of 2010.
Growth was particularly strong in the 3Q, with the Bank’s profit before tax growing 54.8
% to Rs 2.494 bn, and its post-tax profit improving 47.8 % to Rs 1.414 bn over the
corresponding three months of 2009.
One of the principal contributors to this performance was the robust growth of the
Bank’s loan book in the 3Q as well as over the nine month period.
Gross Loans and Advances increased by Rs 18.135 bn in the three months, from Rs
186.635 bn at 30th June, 2010 to Rs 204.770 bn at 30th September, 2010 a growth of
9.72%. Within these three months alone, non-performing loans reduced by Rs 2.602 bn
or 13.65 %.
Net Interest Income growth was more pronounced in the 3Q. Increased lending had
generated Net Interest Income of Rs 4.312 bn in the three months ending 30th September
2010, a growth of 41.5 % compared to the corresponding period of 2009.
These measures, coupled with improved macro economic conditions in the country had
enabled the Bank to bring down its gross and net non-performing advances ratios to
5.02 % and 3.36 % respectively by the end of the 3Q from levels of 6.84% and 4.89% at
the end of the previous year.
5. Sri Lanka Com Bank Cuts Interest Rate on Credit Cards
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Research & Development Unit
This reduction is in line with the trend of reducing lending rates, and is even
less than the 24 % rate requested by the Central Bank from the credit card
issuing banks.
Commercial Bank has reduced interest rate applicable
on all credit cards issued by the bank.
The interest rate on outstanding balances on the bank's
cards has been reduced to 22 % a year from 35 % or to
1.83 % a month with effect from November 01, 2010.
6. Commercial Bank Expands Money Transfer Services in Saudi Arabia
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Commercial Bank expanded its Instant Money Transfer Service, in Saudi Arabia for the benefit of
thousands of Sri Lankans working in the Kingdom. The Bank will also deploy banking officers in
Saudi Arabia to assist its growing Sri Lankan customer base in the country with their diverse
financial needs.
The money transfer service can be obtained via the Bank’s representatives in Saudi Arabia, the Al
Rajhi Bank, Arab National Bank, National Commercial Bank and Al Bilad Bank. In addition to
sending money to Sri Lanka, customers can also open local and foreign currency accounts and
enjoy a host of other services offered by the bank rated Sri Lanka’s best.
Commercial Bank’s money transfer service, known as ‘e-Exchange’ locally and in most of the
Middle Eastern countries, is a sophisticated yet low cost real time on-line money transfer facility
which is available to remitters through a network of agents in over 50 countries.
7. Sri Lanka Private Sector Credit up by 12.8%
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Research & Development Unit
Private sector credit demand
(Y-o-Y) has been picking-up.
After posting y-o-y declines
since April, 09’, private sector
credit demand entered positive
territory in March, 10’ and
recorded a y-o-y growth of 12.8
% by end August, 10’ in
contrast to a contraction of 5.7
% at end 09’.
2010 Aug Year Ago
Rs. bn % Rs. bn %
Net Credit to Govt. 697.4 -2.1 712.3 73.4
Credit to Corp. 106.4 194.4 36.1 -10.8
Credit to Private Sector 1,326.2 12.8 1,175.5 -4.8
Credit to the Private Sector - YoY Change %
%
8. Research & Development Unit
Branch Openings
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Mawathagama
Commercial Bank to Serve Customers on Hadji Day
Fifty (50) of Commercial Bank’s branches and Supermarket Banking counters will be kept open for the convenience of customers on November 17,
Hadji Festival day, a statutory bank holiday.
17 branches in the Colombo and Gampaha districts, the foreign branch at the Head Office, the Bank's 25 Supermarket Banking counters and its 365
day banking centres at Colombo 07, Ampara, Negombo, Galle City, Kandy City, Majestic City and Jaffna will be open for business and that all over-
the-counter banking transactions could be conducted as usual.
The branches that will stay open in Colombo and Gampaha Districts include the foreign branch and branches at Wellawatte, Kollupitiya, Kotahena,
Maharagama, Borella, Nugegoda, Narahenpita, Battaramulla, Panchikawatte, Union Place, Wattala, Dehiwala, Moratuwa, Nittambuwa, Kiribathgoda,
Avissawella and Piliyandala.
185
10. Budget 2011
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Research & Development Unit
The Appropriation Bill showing government
expenditure for 2011 was submitted to the
Parliament recently. The government has estimated
its expenditure for 2011 to be over 1,080 bn.
The highest allocation in the Appropriation Bill has
been made to the Defence Ministry. It stood at Rs.
215.22 bn, (an increase of about 6 % from last year)
which includes recurrent expenditure and
expenditure such as payment of wages for the
Security Services personnel.
The allocation for Economic Development amounts
to Rs. 75.24 bn and the allocation for the Health
Sector amounts to Rs. 62.25 bn Ports and Aviation
services have been allocated a sum of Rs. 28.65 bn.
The Government expects to obtain a sum of Rs. 997
bn as loans from local and foreign sources to cover
its expenses next year.
The Appropriation Bill is considered the first reading
of the budget and sets out expenditure allocations
for various ministries and also foreign and local
borrowing limits for the next year. The budget for
2011 is scheduled to be presented in Parliament on
the 22nd of November, 2010.
The Appropriation Bill 2011
The Presidential Commission on Taxation headed by Prof. W.D. Lakshman has recommended far reaching
tax reforms including the;
Sharp reduction of the number of existing taxes which are about 60 to about half of it, simplifying the
computation of taxes and offering a range of new tax holidays to local and foreign investors.
The Commission has recommended -not to increase the rates of existing taxes in its attempt to improve
the tax revenue -but to simplify the tax collection mechanism.
Action will also be taken to broaden the VAT and income tax bases, simplify the operational modalities
of the VAT system and income taxes to eliminate weaknesses, including the complex VAT refund
mechanism, and to improve revenue collection.
Streamlining trade and excise taxes with tax exemptions to be allowed only on the grounds of national
security, health, environment, and international commitments and simplifying the dual customs duty
structure which has prevailed for almost 10 years
The commission has also recommended a complete overhaul of the administration of the Inland
Revenue Department, modernization of the tax administration and introduction of IT.
Tax Reforms
Fiscal Performance – August, 2010 Jan-Aug 2010 (Rs. Bn) Jan-Aug 2009 (Rs. Bn)
Total Revenue & Grants 502.9 426.4
Revenue 495.3 409.2
Tax 441.0 373.6
Non tax 54.3 35.5
Grants 7.6 17.3
Expenditure & Lending Minus Repayments 817.5 773.1
Current expenditure 635.3 614.8
Capital & Lending Minus Repayments 182.2 158.3
Budget Deficit (incl. grants) -314.6 -346.7
As a % of GDP -5.72 -7.18
Budget Deficit (excl. grants) -322.2 363.9
As a % of GDP -5.86 -7.54
11. Initial Public Offerings
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Research & Development Unit
Laugfs Gas
A share issue by Sri Lankan liquid petroleum gas supplier Laugfs Gas to raise Rs. 2.5 bn was oversubscribed on the opening day itself.
Laugfs Gas announced its intention to raise Rs 2,505 mn from the public through an Initial Public Offering (IPO) of 22 % of its stake. The firm offered
75 mn voting shares at Rs. 23 each and 52 mn non-voting shares at Rs. 15 each.
The money will be used to expand the gas business and diversify into hotels and property and repay debt.
Hydro Power Free Lanka
The Rs. 350 mn Initial Public Offering (IPO) of Hydro Power Free Lanka Ltd. had triggered a massive oversubscription with investors demanding a staggering
Rs. 20 bn worth of shares.
According to the registrars to the issue the IPO had generated 111 applications with payments made by bank guarantees requesting 1.925 bn shares worth Rs.
19.25 bn whilst 6,778 applications had requested for 71.88 mn shares worth Rs. 718.8 mn, bringing the total to Rs. 20 bn reflecting an oversubscription of 57
times.
The IPO consisted of 35 mn shares at Rs. 10 each.
Hydro Power Free Lanka wants to build three new plants. It now has two power plants which sell power to the state-run Ceylon Electricity Board. A new 0.83 MW
plant is to be built in Thebuwana and another 0.94 MW plant in Stellenberg for Rs. 150 mn each for which agreements have been finalized. It also plans a larger
plant in Halgran Oya for 3.0 MW which can be expanded by another 0.60 MW with agreement with the CEB to be finalized in November.
Sierra Construction
Sierra Construction Ltd is to go public early next year to raise Rs. 400 mn in a bid to take on more projects and retire its debt, according to company officials.
Sierra, which owns boutique hotel Elephant Corridor, is also eyeing four mega projects in Matale, Avissawella and two in the upcountry.
IPO’S
Sri Lanka Singer Finance
Singer Finance Ltd plans to raise Rs. 400 mn in an IPO through selling 25 % (26.6 mn shares) of its shares at 15 rupees a share to the public.
12. High Powered Team to Help Achieve Sri Lanka’s USD 4,000 Per Capita Goal
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Research & Development Unit
The main focus of the committee is to concentrate on upgrading goods
and services to make them on par with international standards.
In order to do this, proper technologies and processes should be in
place. In order to rationalise and prioritise the course of action needed
to double per capita income, the Cabinet has approved the drawing up
of a National Science, Technology and Innovation Strategy for 2011-
2015.
Cabinet has given approval for the appointment of a high powered committee to formulate
strategic plans with assistance from the private sector to achieve the goal of doubling the
per capita income to USD 4,000 by 2015.
The committee had been selected to specifically focus on the priority needs for rapid
economic development in the next five years. They are tasked with evaluating the project
proposals submitted by line ministries and formulate a coordinating structure that would
include the private sector wherever possible.
13. Ease of Doing Business 2011
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Research & Development Unit
Economies are ranked on their ease of doing business, from 1 – 183. A high ranking on the ease of doing business index means the
regulatory environment is more conducive to the starting and operation of a local firm. This index averages the country's percentile
rankings on 9 topics, made up of a variety of indicators, giving equal weight to each topic. The rankings are from the Doing Business
2011 report, covering the period June 2009 through May 2010.
Sri Lanka Stays in Place in Doing Business
2011 Ranking
Sri Lanka retained its place at 102 in a ranking of
183 countries for ease of doing business, by the
World Bank group for 2011 though some of its
neighbors made gains.
Doing
Business
Rank 2011
Doing Business
Rank 2010
Sri Lanka 102 102
Maldives 11 85 96
Bangladesh 4 107 111
India 1 134 135
Pakistan 8 83 75
Nepal 4 116 112
Bhutan 2 142 140
Afghanistan 2 167 165
Top 10 Rankings
1 Singapore
2 Hong Kong SAR, China
3 New Zealand
4 United Kingdom
5 United States
6 Denmark
7 Canada
8 Norway
9 Ireland
10 Australia
Topic Rankings
DB
2011
Rank
DB
2010
Rank
Change
in Rank
Starting a Business 34 40 6
Dealing with Construction Permits 169 167 -2
Registering Property 155 151 -4
Getting Credit 72 69 -3
Protecting Investors 74 73 -1
Paying Taxes 166 165 -1
Trading Across Borders 72 66 -6
Enforcing Contracts 137 136 -1
Closing a Business 43 45 2
14. SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - - - - - - Back to
Contents
SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - - - - - - -
According to the Securities and Exchange
Commission chairperson Ms. Indrani
Sugathadasa, Sri Lanka's active stock market
investors had increased to 64,000 by September
2010 from 37,000 a year earlier.
At present the number of total Central
Depository System (CDS) account holders is
530,000.
The Colombo Stock Exchange (CSE) has
created history by establishing new records in
almost all aspects of trading from total market
turnover to market capitalization recently. The
CSE has been ranked the best performing
capital market in the world for 2010, with a
growth of over 95 %.
SL’s Stock Investors Increase amid Boom
Ceylon Asset Management has launched a dedicated Financial Sector Fund, describing it as the next biggest
investment arena with potential to grow significantly in post-war Sri Lanka. The fund is structured as an open-
ended, equity fund that lets investors invest and exit at anytime and it will distribute tax free income from
profits on an annual basis.
Partnering with Deutsche Bank AG, the Ceylon Asset Management is introducing this fund in a bid to capture
the returns from the top 10 banking, finance and insurance sector (BFI) companies namely Commercial Bank of
Ceylon, Hatton National Bank, Lanka Orix Leasing Company, DFCC Bank, Sampath Bank, National
Development Bank, Nations Trust Bank, Central Finance Company, Seylan Bank & Aviva NDB Insurance listed
on the Colombo Stock Exchange (CSE).
The BFI sector is reported to have gained 166.81% in the first three quarters of 2010, outperforming the ASPI
which gained 106.68% to emerge as Asia’s top performer
Dedicated Financial Sector Fund by Ceylon Asset Management
Three labour market experts, won the 2010
Nobel Economics Prize for research that
has had an impact on employment reforms
worldwide.
According to the Nobel jury, the work of
Peter Diamond and Dale Mortensen of the
United States and British-Cypriot
Christopher Pissarides helped resolve
puzzles such as why people remained
unemployed despite a large number of job
openings.
It lauded the three economists "for their
analysis of markets with search frictions,"
which helps explain how unemployment, job
vacancies and wages are affected by
regulation and economic policy.
According to traditional theory, markets
should work on their own to ensure that job
seekers find available jobs.
The Diamond-Mortensen-Pissarides, or DMP
model, however, shows that markets do not
always function that way and helps explain
why unemployment persists and proves
stubbornly resistant even when economic
circumstances improve.
Trio of Labour Market
Specialists wins 2010
Economics Prize
SL’s Stock Investors Increase
amid Boom
Heraymila group, a Middle Eastern investment house is
planning to float a USD 50 mn fund in early 2011 which
will invest in fundamentally sound Sri Lankan stocks.
Heraymila Investments is a Dubai-based firm which
manages USD 260 mn directly and is operating as an
overseas investment arm for Al Mashal, a Saudi Arabia
based family.
The firm says it has invested in publicly traded
companies, private firms and property in developed
markets like the US, Japan, Australia and in emerging
markets.
It started investing in Sri Lanka in 2005, and has now
bought its own Colombo-based stockbrokering firm from
Sri Lanka's Amana Islamic finance group which has been
re-named Heraymila Securities.
Sri Lanka USD 50mn Fund Planned by Heraymila
15. SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - - - - - - Back to
Contents
The second Jaffna International Trade
Fair 2011 (JITF) organized by the Lanka
Exhibition & Conference Services (Pvt)
Ltd, in collaboration with the Federation
of Chambers of Commerce and Industry
of Sri Lanka is scheduled to be held
from 21-23 January 2011 at the
Durayappah Stadium, Jaffna.
The trade fair themed “Open for
Business” is aimed at strengthening
and bridging trade links between the
North and the rest of Sri Lanka.
The Government of Sri Lanka and the World Bank jointly signed off on three projects with
agreements totaling US$ 125.4 mn for Small and Medium Enterprise Development, North
East Local Service Improvements, and Sustainable Tourism development.
The credits from the International Development Association (IDA), the World Bank’s
concessionary lending arm, have 20 years to maturity with a 10-year grace period.
SME Development USD 57.4 mn
Improve access to finance for SMEs affected by the
Global Financial Crisis
North East Service
Improvement Projects
USD 50.0 mn
This project will support repairing and rebuilding
critical infrastructure – from rural roads, culverts and
bridges to public buildings, waste disposal, and rural
water supply
Sustainable Tourism
Development
USD 18.0 mn
Facilitate environmentally and socially sound
investments in the tourism sector, focusing
particularly on the eastern part of the country
Jaffna International Trade Fair 2011 (JITF)
World Bank Provides US$125.4 mn for Tourism, SME Development, and
North East Service Improvement Projects
Sri Lanka Unemployment Lower in 2Q,
2010
*Excluding Northern Province 2009 2009, Q2 2010, Q2
Labour force participation rate 48.7 48.3 47.9
Unemployment rate 5.8 6.2 5.4
Employed population 7,602,414 7,465,030 7,613,267
By Industry (%) Agriculture 32.6 31.9 32.0
Industry 25.1 25.6 23.6
Services 42.3 42.4 44.4
Cargills (Ceylon) PLC acquired Kotmale Holdings PLC as part of its
accelerated expansion and diversification drive.
The acquisition includes 3 production plants under Kotmale Holdings
PLC located in Bogahawatta, Kaluthara and Colombo.
Cargills acquired a 73% stake at a maximum price of Rs. 40/- per share
and a mandatory offer, as per regulations for the balance shares would
follow shortly.
Cargills buys Kotmale Holdings
* Group
SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - - - - - - -
16. SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - - - - - - Back to
Contents
SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - - - - - - - - - - - -
Sri Lanka to List Stake in Broadcast Tower
Sri Lanka is to start
building a 350-metre
telecom tower in the capital
Colombo and intends to sell
shares to the public in a
firm to be set up to operate
it.
According to director
general of the
Telecommunications
Regulatory Commission Mr.
Anusha Pelpita, the tower is
to be called 'Lotus Tower' is
to be built with a USD 100
mn dollar financing from
China.
The state is planning to list
a 30 % stake in the tower in
the Colombo stock
exchange in two years.
The telecom tower will be
built on land owned by the
State Engineering
Corporation in Peliyagoda.
The state-run Sri Lanka Insurance Corporation (SLIC) is to help operate a liquid petroleum
gas business the government acquired after buying out a majority stake held by Shell.
The government bought a 51 %stake in the unit of Royal Dutch Shell in the island for USD 63
mn,. The government already held a % stake, and a 100 % stake in a storage terminal
company.
Sri Lanka Insurance Corp to Help Run Gas Business
300 Sri Lankan Workers for Farm Work in Israel
For the first time in the history, of Sri Lanka, 300 seasonal workers from the country
are to participate in a test project, for six months, on 80 farms across Israel, assisting
Israeli farmers, during their seasonal peak.
An employee is assured of a minimum wage of Rs 115,000 per month,
accommodation, medical and other facilities along with an insurance cover. They are
also protected by Israeli labour laws.
The project is being coordinated between the government of Israel, the government
of Sri Lanka and the Geneva-based International Organization for Migration.
Even though Israel has limited land and faces a scarcity of water, it applies the most
modern and economical strategies for agriculture which could be beneficial to Sri
Lanka through a knowledge/technology transfer.
17. Analysis & Forecast
Back to
Contents
Research & Development Unit
External Trade
Earnings from exports:
on a year-on-year basis, increased by 7% in August,2010
on a cumulative basis, increased by 10.8% during Jan – Aug 2010
Expenditure on imports:
on a year-on-year basis, increased by 35.7% in August,2010
on a cumulative basis, increased by 36.9% during Jan – Aug 2010
Trade deficit expanded to USD 3,630 mn during Jan – Aug 2010 from USD
1,782 mn in the corresponding period of 2009.
Category
Jan - Aug
2009
USD mn
Jan - Aug
2010
USD mn
Change %
Exports 4,551.3 5,040.4 10.8
Imports 6,333.0 8,669.9 36.9
Balance of Trade -1,781.7 -3,629.6 -103.7
Workers’
Remittances
2,194.7 2,478.8 12.9
The rate of inflation as measured by the CCPI on a Year on Year basis
increased to 6.6 % in October 2010 from 5.8 % recorded in September 2010
third time in October. The highest contribution to the overall increase of
around 69 % came from food commodities which increase by 5 % in October
2010. The combined effects of both domestically produced and imported
food commodities contributed to the increase in the food sub Index
The annual average inflation increased to 5.4 % in October, 2010 from 5.0 %
in the previous month.
Inflation
18. Analysis & Forecast
Back to
Contents
Research & Development Unit
International Reserves
International Reserves - The gross official reserves of the country surpassed the USD 7 bn level on 4th October 2010. This level of reserves
is sufficient to cover over 6.8 months of imports and is the highest ever recorded reserves level of Sri Lanka.
Under IMF-SBA, the fifth tranche was received on 24 September 2010, amounting to approximately USD 212.5 mn. This is in addition to the
two tranches received on 30 June 2010(about USD 407.8 mn).
The issue of the USD 1 bn sovereign bond with a 10 year maturity was finalised on 27 September 2010. The yield of 6.25% was substantially
lower than those of the previous issues.
Market interest rates have continued to adjust downward during the year
reflecting the significant easing of monetary policy since early 2009.
The AWDR declined to 6.58% by September from 8.01% in December 2009 while
the AWFDR declined to 8.68% in September from 10.91% in December 2009.
The monthly AWPR was 9.55% in September compared to 11.12% in December
2009.
Interest Rates
4.50
6.50
8.50
10.50
12.50
14.50
16.50
18.50
20.50
22.50
Jan-00
Jun-00
Nov-00
Apr-01
Sep-01
Feb-02
Jul-02
Dec-02
May-03
Oct-03
Mar-04
Aug-04
Jan-05
Jun-05
Nov-05
Apr-06
Sep-06
Feb-07
Jul-07
Dec-07
May-08
Oct-08
Mar-09
Aug-09
Jan-10
Jun-10
%
MonthlyAWPR AWDR AWFDR T-Bill yield (91-day)
19. Analysis & Forecast
Back to
Contents
Research & Development Unit
Sri Lanka
2009 2010* 2011* 2012*
Actual IMF Fitch IMF Fitch IMF Fitch
GDP Growth Rate (%) 3.5 7.0 7.2 7.0 7.0 6.5 7.3
Rate of Inflation [change in CCPI (N) – Annual Avg.] (%) 3.4 6.5 5.5 8.0 6.0 8.0 6.5
Current Account Balance (% of GDP) -0.5 -4.3 -2.7 -4.6 -2.9 -4.8 -3.3
Gross Official Reserves (USD Bn) 4.9 7.0 6.9 7.2 7.2 7.2 7.5
Rs./USD (annual average) 114.38 - 113.9 - 112.8 - 111.5
Fiscal Deficit as % of GDP (9.8) - (8.2) - (7.2) - (6.0)
IMF World Outlook 2009 2010* 2011*
World Output -0.6 4.8 4.2
Advanced Economies -3.2 2.7 2.2
United States -2.6 2.6 2.3
Euro Area -4.1 1.7 1.5
Germany -4.7 3.3 2.0
Italy -5.0 1.0 1.0
Japan -5.2 2.8 1.5
United Kingdom -4.9 1.7 2.0
Russia -7.9 4.0 4.3
Developing Asia 6.9 9.4 8.4
China 9.1 10.5 9.6
India 5.7 9.7 8.4
ASEAN-5 1.7 6.6 5.4
Middle East & North Africa 2.0 4.1 5.1
Brazil -0.2 7.5 4.1
*Projections
Source: IMF, Oct 2010
ASEAN-5 - Indonesia, Malaysia, Philippines, Thailand, and Vietnam
* Forecast
20. 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
Regret for wasted time is more wasted time
Mason Cooley