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Monday September 25th, 2023

Sri Lanka president cautions against nurturing loss-making SOEs, calls for reform

ECONOMYNEXT – If Sri Lanka continues to nurture loss-making state owned enterprises (SOEs) the country will take a further downturn, President Ranil Wickremesinghe said, noting that policy decisions need to be taken on how to proceed with them.

“Four or five decades ago, there was an economic concept of state enterprise. However, it is now widely accepted that this concept is ineffective. Even former socialist countries now encourage private enterprises,” said Wickremesinghe, addressing parliament on Wednesday August 03.

Wickremesinghe, delivering his inaugural address to the legislature as Sri Lanka’s eighth executive president, said he is committed to making effective changes for the future of Sri Lanka, now going through its worst economic crisis since Independence.

“The foundation is being prepared to rekindle the middle class. Benefits are distributed fairly to the entire society, through a social market economy. I am taking measures to establish a Social Justice Commission for this purpose,” he said. (Colombo/Aug03/2022)

 

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  1. Dgee says:

    Poor service as seen in posts and huge loss but high salaries.

  2. sacre blieu says:

    With all this, there will be another empty promise and make room for the return of the destructive practices by the few ,to continue to ruin the country. An early election would be the most suitable process to bring sanity back into our rule and drive out the predators. Recover our stolen money and revoke those windfall tax relief and direct into productivity of the SME.

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Your email address will not be published. Required fields are marked *

  1. Dgee says:

    Poor service as seen in posts and huge loss but high salaries.

  2. sacre blieu says:

    With all this, there will be another empty promise and make room for the return of the destructive practices by the few ,to continue to ruin the country. An early election would be the most suitable process to bring sanity back into our rule and drive out the predators. Recover our stolen money and revoke those windfall tax relief and direct into productivity of the SME.

Sri Lanka sells 2028 bonds at 14.52-pct

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)

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

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)

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

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)

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