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Monday September 25th, 2023

US to redouble efforts to support crisis-hit Sri Lanka: Ambassador

ECONOMYNEXT – The United States will redouble its efforts to support Sri Lanka through bilateral trade, business collaboration, SME financing and other avenues, US Ambassador to Sri Lanka Julie Chung said.

Chung tweeted Monday August 29 evening after a meeting of the US-Sri Lanka Business Council on ways businesses of the two countries can collaborate to ensure the cash-strapped country gets back on a path to prosperity. Sri Lanka is currently going through its worst economic crisis since Independence, with high inflation and shortages having hit the public hard.

US-Sri Lanka bilateral trade already supports more than 180,000 workers supplying exports to the US and contribute billions to the island nation’s economy, said Chung.

“The US will redouble efforts to support SL along this path through ongoing efforts like financing for SMEs, fertilizer & seeds for farmers, education exchange & training to strengthen public financial management, as well as support through IMF if agreement can be reached (sp),” she said.

The US was recently central to a diplomatic standoff between India, China and Sri Lanka over a Chinese tracking vessel that the Indian media had dubbed a ‘spy ship’ which made a port call at the Chinese-built Hambantoa Port in the island’s deep south.


Chinese tracking vessel Yuan Wang 5 docks at Sri Lanka’s Hambantota Port


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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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