Political News

Mahinda as Sri Lanka PM, 15-member interim cabinet

Prime Minister Mahinda Rajapaksa will lead an unchanged alliance at the Parliamentary General Elections

Thursday November 21, 2019 7:58 am

ECONOMYNEXT – President Gotabaya Rajapaksa’s brother Mahinda Rajapaksa would be sworn in as Prime Minister later Thursday and a 15 member interim cabinet is expected to be appointed until elections.

The existing cabinet stands dissolved as Prime Minister Ranil Wickremesinge steps down. Ministry secretaries also lose office.

Outgoing Prime Minister Ranil Wicrkemesinghe said the free elections without fear was possible due to the independent commissions that came with a 19th amendment to the constitution.

President Rajapaksa can dissolve parliament on March 01, paving the way for general elections.

Sri Lanka does not have permanent secretaries unlike fast growing countries in East Asia and the West, with stable independent public services.

Under Sri Lanka’s current constitution, a 30 member cabinet can be appointed.

However only 15 members would be appointed for the interim cabinet, officials of Rajapaka’s Sri Lanka Podujana Party has said.
(Colombo/Nov21/2019)

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Bonds & Forex

Sri Lanka sells 2028 bonds at 14.52-pct

Monday September 25, 2023 6:36 pm

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

Commodities

Sri Lanka’s stocks end down on Monday after slow day of trading

Monday September 25, 2023 5:45 pm

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

Bonds & Forex

Sri Lanka rupee closes at 324.75/324.90 to the US dollar

Monday September 25, 2023 5:28 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)