Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post

Latest topics

» #PM Crisis#
by Yahapalanaya Today at 3:30 am

» MARKET RISE - GUARANTEED
by Yahapalanaya Today at 3:24 am

» Financial Reports Q-3 2018
by ruwan326 Yesterday at 7:47 pm

» DIVIDEND ANNOUNCEMENTS- OCT/NOV
by ruwan326 Yesterday at 7:43 pm

» Daily Foreign Transactions
by ruwan326 Yesterday at 7:41 pm

» KEEP AN CLOSE EYE ON BFN DONT SELL BELOW 17
by kalu351 Yesterday at 7:05 pm

» Don't put your money on risk ! Buy politically less effect shares !!!!
by The Hunter Yesterday at 12:55 pm

» what is the best price for TKYO
by Pahan Yesterday at 11:11 am

» Is HNB price is attractive
by Pahan Yesterday at 10:57 am

» BFN DEAL -DONT SELL BFN AT 14 LEVEL
by kalu351 Yesterday at 10:45 am

» BFN Deal to go on in spite of the political crisis
by kalu351 Yesterday at 8:36 am

» ##FUN TOONS###
by ruwan326 Yesterday at 7:06 am

» TBs worth Rs.14.2 bn issued to SriLankan in 2012
by ruwan326 Sun Nov 18, 2018 6:42 am

» SRI LANKA @ 2020
by ruwan326 Sat Nov 17, 2018 7:24 am

» Dealing by directors
by ruwan326 Fri Nov 16, 2018 9:08 pm

» Summary of Key Announcements during the week
by ruwan326 Fri Nov 16, 2018 9:06 pm

» CSE WEEKLY
by ruwan326 Fri Nov 16, 2018 9:02 pm

» BFN Price HOLDING ON AS THE DEAL COME CLOSER
by sanjulanka Fri Nov 16, 2018 1:29 pm

» Another Finance sector deal UBC UBC UBC Deal
by kalu351 Fri Nov 16, 2018 10:56 am

» BFN BFN BFN BFN BFN DEAL ......WITH CHINESE BANK
by kalu351 Fri Nov 16, 2018 10:54 am

» MARKET CRASH - GUARANTEED
by Maharaja Fri Nov 16, 2018 9:32 am

» Q-TO-Q Financial Report-Financial Performance- Period ended 30 September 2018
by ruwan326 Thu Nov 15, 2018 9:00 pm

» CB raises key rates in surprise move to support currency
by Miss-Sangeetha Thu Nov 15, 2018 4:59 pm

» President rejects NCM brought against PM, Govt.
by ranferdi Thu Nov 15, 2018 2:36 pm

» Supreme Court issues stay order on Gazette dissolving Parliament
by THUWA Wed Nov 14, 2018 5:28 pm

» CSE THIS WEEK
by ruwan326 Wed Nov 14, 2018 8:27 am

» Veterans return to lead state banks
by ruwan326 Wed Nov 14, 2018 8:21 am

» Collect ODEL Range Rs. 23-25 .......Target Price over Rs.35
by soileconomy Tue Nov 13, 2018 8:54 pm

» අනං## මනං ##
by ruwan326 Tue Nov 13, 2018 8:52 pm

» JKH News & Reports
by ruwan326 Tue Nov 13, 2018 8:11 pm

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Central Bank will intervene if rupee moves on speculation – official

Central Bank will intervene if rupee moves on speculation – official

Go to page : Previous  1, 2

Go down  Message [Page 2 of 2]

Miss-Sangeetha

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
First topic message reminder :

Sri Lanka’s central bank will intervene in the foreign exchange markets if its rupee currency moves for any reasons other than global trends, Nandalal Weerasinghe, the bank’s senior deputy governor, told Reuters on Friday.

Currency dealers have said the central bank had not intervened much to defend the currency, which has dropped 5.6 percent this year, even after it hit record lows for 13 straight sessions through Thursday.

On Thursday, the central bank cut net opening positions (NOP) of commercial banks after the rupee, which had weakened 1.2 percent last month, hit a record low of 162.65 against the dollar. The currency recovered after the central bank’s move.

“If we think it is moving due to several other reasons, rather than a global trend, obviously we will intervene,” Weerasinghe told Reuters in an interview.

“We will intervene and we will bring any other measures we think appropriate.”

On Tuesday, the junior finance minister said the government would leave the level of its rupee to market forces to decide.

Banks have been building up reserves on speculation, however, Weerasinghe said.

“We have observed banks have been building up their positions and not converting (the dollars). Without any fundamental reasons, there is no reason to build up reserves.”

The government has not been “influencing or intervening” in the foreign exchange management of the central bank, he added.

“Whether to intervene or not, it is the responsibility of the central bank,” he said, adding that both depreciation and level of intervention has been lower in Sri Lanka than some other countries.

He also said there was no sharp decline in exporter conversions as claimed by currency dealers and the market had seen an average daily transaction volume of $80 million to $120 million.

Weerasinghe said Sri Lanka’s foreign exposure in the government securities was less than 6 percent of total treasury bonds and bills.

Foreign investors have sold a net 46.9 billion rupees ($289.6 million) worth of securities so far this year, central bank data showed. ($1=161.95 Sri Lankan rupees)

Source: Reuters & Adaderana


Miss-Sangeetha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lankan rupee rises on exporter dollar sales; stocks extend falls
The Sri Lankan rupee strengthened 0.5 percent on Friday, as inward remittances and exporters dollar sales surpassed mild importer demand for the greenback, while stocks declined for a fourth straight session and posted their lowest close in more than one week.
The rupee ended at 169.40/70 per dollar, compared with the previous close of 171.20/40. The rupee fell to an all-time low of 171.60 per dollar on Wednesday, surpassing the previous low of 171.00 hit on Tuesday due to foreign selling in government securities and exporter greenback sales, market sources said. The central bank surprised financial markets on Oct. 2 by leaving its key policy rates unchanged, despite heavy pressure on the rupee and foreign outflows from government securities. The central bank said on Oct. 2 it purchased 4 million dollars from the market in the previous day, but it has sold a net 184 million dollars in the market so far this year to defend the currency.
The rupee has weakened 0.3 percent so far this month after a 4.7 percent drop in September against the dollar. It has declined 10.5 percent so far this year.
The Colombo stock index fell 0.4 percent to 5,815.03, its lowest close since Oct. 3. It fell 3.6 percent last month and is down 8.7 percent so far this year.
Data from the central bank showed foreign investors sold government securities worth a net 1.8 billion rupees ($10.58 million) in the week ended Oct. 3. Sri Lanka has seen a net outflow of 74.3 billion rupees in securities so far this year.
Stock market turnover was 408.9 million rupees ($2.41 million) on Friday, more than half of this year’s daily average of 765 million rupees.
Foreign investors were net sellers of 311.5 million rupees worth of shares on Friday, extending the year to date net foreign outflow to 6.6 billion rupees worth of equities. 
Source-Adaderana& Reuters



Last edited by Miss-Sangeetha on Sun Oct 14, 2018 9:32 am; edited 1 time in total

Miss-Sangeetha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
US$ 184 Million spent to defend Rupee CBSL Governor
Source- Adaderana

ruwan326


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Miss-Sangeetha wrote:
US$ 184 Million spent to defend Rupee CBSL Governor
Source- Adaderana
ඔයා  පරණ NEWS නේ දාන්නේ  Wink

Yahapalanaya


Vice President - Equity Analytics
Vice President - Equity Analytics
[size=48]Sri Lankan currency fears are overblown, Mangala tells Nikkei
[/size]

[size]



Comments /  435 Views / Monday, 15 October 2018 01:09
 1  3[/size]




  • Says depreciation promotes goal of an export-led economy



[size=17]Nusa Dua, Indonesia (asia.nikkei.com): The sharp decline of Sri Lanka’s currency is “not as catastrophic as people make it out to be,” Finance Minister Mangala Samaraweera said in an interview this week, as the country looks to transform itself into an export-powered economy.

The Sri Lankan rupee has fallen by over 10% against the dollar this year, making it one of the worst performing currencies in emerging Asia. 



The country has imposed restrictions on vehicle imports, often the cause of balance of payments trouble for Colombo. Yet, Samaraweera said the currency depreciation - brought on by the Fed’s interest rate hikes and investor concerns about emerging market assets amid the US-China trade war - is a potential positive for his country.

“We have been trying to drive Sri Lanka toward an export-oriented economy,” said the finance minister, who was attending the International Monetary Fund and World Bank annual meetings in Bali. “And this crisis, in a way, makes people realise the need to do so even more vigorously. I don’t consider it a crisis at all.”



Samaraweera said the country’s underlying economic fundamentals are solid, with stable inflation and a primary balance surplus for 2017 - the first in 63 years. “The exports, last year, the numbers were record breaking. The FDIs are flowing in. If you actually look at the numbers, our growth rate ... [for] the last quarter has come up to 3.7%, we are just about to go 4% this year.”

While currency depreciation may be a blessing in disguise for Sri Lanka, Samaraweera, who chairs the G-24 - a group of developing nations from Africa, Asia, and Latin America and the Caribbean - said volatility stirred up by the trade war poses a risk to the emerging world.

For now, he stressed, “there is certainly not yet fear” among G-24 members that recent capital outflows from emerging markets will turn into full-blown capital flight. But he said developing nations need to “face this challenge together.”



“Emerging economies had to face several serious challenges because of the external volatility, and many countries are basically battling it alone,” Samaraweera said. “We feel if the crisis is going to get worse ... then I think we have to have a coalition of the willing, who will work out these strategies to meet these challenges.”

Sri Lanka has been in the news recently because US Vice President Mike Pence cited it as an example of China’s so-called “debt trap” diplomacy. Sri Lanka “took on massive debt to let Chinese state companies build a port with questionable commercial value,” Pence said, pointing to the port of Hambantota. Saddled with debt payments on Chinese loans extended under the Belt and Road Initiative, Colombo leased the port to a Chinese state-owned company for 99 years.

Samaraweera noted that when the current government took power in 2015, it renegotiated clauses in the original infrastructure deals with China that were “inimical to the interests” of Sri Lanka.



“Sri Lanka is more or less in control of all these projects and to now call these a Chinese debt trap is a bit unfair. We are very much on top,” the finance minister said.

“You have the Darwin harbour in Australia, which has been more or less given over to the Chinese. So many harbours and ports in Europe that the Chinese have invested in, but no one is calling them Chinese debt traps. Why is that word only being used on Sri Lanka? That gives a false image of the country.”

(Source: https://asia.nikkei.com/Editor-s-Picks/Interview/Sri-Lankan-currency-fears-are-overblown-finance-minister-argues)
[/size]

soileconomy


Vice President - Equity Analytics
Vice President - Equity Analytics

 Re: Meka Mahinda Rajapaksege Wadak on Fri Jan 15, 2016 2:11 am

Yahapalanaya


Vice President - Equity Analytics

Posts : 1328
Equity Stars : 2722
Reputation : 59
Join date : 2015-06-07
Location : North America
----
"Royal" billions in Dubai Bank unraveled







Local
Sandasen MARASINGHE

Appropriate legal measures will be taken in connection with the massive amounts of US dollars deposited in a Dubai Bank by a member of "royal" family during the previous regime soon after the details of the transactions of those accounts is provided by the Federal Reserves in the United States, said Cabinet Spokesman and Health Minister Dr. Rajitha Senaratne. He said that according to reliable details available so far USD 1.086 billion are lying in one account which is owned by one member of the previous government's VVIP family. He made this observation yesterday at the cabinet briefing held at the Information Department auditorium.
"In the account of another close associate of the same VVIP family, who was also a businessman a sum of USD 500 million has been deposited while a joint account of a Ministry Secretary of the previous regime and another person had USD 1.8 billion", Minister Rajith Senaratne said.
"All these monies are in the accounts of Dubai Banks and the money has been earned by illegal means. However every dollar that is transacted is recorded in the Federal Reserve". He said the government has requested details of these accounts from the Federal Reserve to support the investigations. He added that the Federal Reserve in the US has asked for a considerable time period to find out the details of the US dollars that had been transacted through those accounts as billions of US dollars are being transacted daily.
The Minister made these remarks when a media personnel queried a statement by Chathura Senarate that said he saw the money earned illegally by the VVIPs of the previous government. The Minister said that Chathura said he saw the documents pertaining to those illegal transactions. Mass Media and Parliamentary Affairs Minister Gayantha Karunathilake, Justice and Buddhasasana Minister Wijedasa Rajapaksa. and Army Spokesman Brigadier Jayantha Jayaweera also spoke at the occasion

soileconomy

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@soileconomy wrote:

 Re: Meka Mahinda Rajapaksege Wadak on Fri Jan 15, 2016 2:11 am




Yahapalanaya




Vice President - Equity Analytics

Posts : 1328
Equity Stars : 2722
Reputation : 59
Join date : 2015-06-07
Location : North America
----
"Royal" billions in Dubai Bank unraveled







Local
Sandasen MARASINGHE

Appropriate legal measures will be taken in connection with the massive amounts of US dollars deposited in a Dubai Bank by a member of "royal" family during the previous regime soon after the details of the transactions of those accounts is provided by the Federal Reserves in the United States, said Cabinet Spokesman and Health Minister Dr. Rajitha Senaratne. He said that according to reliable details available so far USD 1.086 billion are lying in one account which is owned by one member of the previous government's VVIP family. He made this observation yesterday at the cabinet briefing held at the Information Department auditorium.
"In the account of another close associate of the same VVIP family, who was also a businessman a sum of USD 500 million has been deposited while a joint account of a Ministry Secretary of the previous regime and another person had USD 1.8 billion", Minister Rajith Senaratne said.
"All these monies are in the accounts of Dubai Banks and the money has been earned by illegal means. However every dollar that is transacted is recorded in the Federal Reserve". He said the government has requested details of these accounts from the Federal Reserve to support the investigations. He added that the Federal Reserve in the US has asked for a considerable time period to find out the details of the US dollars that had been transacted through those accounts as billions of US dollars are being transacted daily.
The Minister made these remarks when a media personnel queried a statement by Chathura Senarate that said he saw the money earned illegally by the VVIPs of the previous government. The Minister said that Chathura said he saw the documents pertaining to those illegal transactions. Mass Media and Parliamentary Affairs Minister Gayantha Karunathilake, Justice and Buddhasasana Minister Wijedasa Rajapaksa. and Army Spokesman Brigadier Jayantha Jayaweera also spoke at the occasion
If ssomehow we can get this money.please Mr RAJITHA please help us

ruwan326

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@soileconomy wrote:
@soileconomy wrote:

 Re: Meka Mahinda Rajapaksege Wadak on Fri Jan 15, 2016 2:11 am










Yahapalanaya










Vice President - Equity Analytics

Posts : 1328
Equity Stars : 2722
Reputation : 59
Join date : 2015-06-07
Location : North America
----
"Royal" billions in Dubai Bank unraveled







Local
Sandasen MARASINGHE

Appropriate legal measures will be taken in connection with the massive amounts of US dollars deposited in a Dubai Bank by a member of "royal" family during the previous regime soon after the details of the transactions of those accounts is provided by the Federal Reserves in the United States, said Cabinet Spokesman and Health Minister Dr. Rajitha Senaratne. He said that according to reliable details available so far USD 1.086 billion are lying in one account which is owned by one member of the previous government's VVIP family. He made this observation yesterday at the cabinet briefing held at the Information Department auditorium.
"In the account of another close associate of the same VVIP family, who was also a businessman a sum of USD 500 million has been deposited while a joint account of a Ministry Secretary of the previous regime and another person had USD 1.8 billion", Minister Rajith Senaratne said.
"All these monies are in the accounts of Dubai Banks and the money has been earned by illegal means. However every dollar that is transacted is recorded in the Federal Reserve". He said the government has requested details of these accounts from the Federal Reserve to support the investigations. He added that the Federal Reserve in the US has asked for a considerable time period to find out the details of the US dollars that had been transacted through those accounts as billions of US dollars are being transacted daily.
The Minister made these remarks when a media personnel queried a statement by Chathura Senarate that said he saw the money earned illegally by the VVIPs of the previous government. The Minister said that Chathura said he saw the documents pertaining to those illegal transactions. Mass Media and Parliamentary Affairs Minister Gayantha Karunathilake, Justice and Buddhasasana Minister Wijedasa Rajapaksa. and Army Spokesman Brigadier Jayantha Jayaweera also spoke at the occasion
If ssomehow we can get this money.please Mr RAJITHA please help us
If both parties collected the stolen money(for last 70 years) as they say we can pay all the foreign debts and distribute the rest to people Razz Razz Razz Razz

janith123


Senior Equity Analytic
Senior Equity Analytic
CB cant intervene to stabilize doller in this extra ordinary economic condotion.USA is going to slash imports from china and distribute these to close allies. Like canada,japan mexico....
So Upto now China is loosing trade battle .
Srilanka is too little to face this better to grow important crops .,limit population growth .limit houses and make apartments to needy people.
Use every oppurtunity for agriculture and related undustries like dairy ,meat ...

Miss-Sangeetha

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lankan Rupee hits new record low

The Sri Lankan rupee dropped to a record low on Thursday as the currency continues to depreciate against the US Dollar, dented by political uncertainty.

The rupee dropped to a record low of 177.32 per dollar, surpassing the previous record low of 176.25 hit in the previous session.

The rupee dropped 1.5 percent since the political crisis unfolded.

The rupee weakened 3.7 percent in October after a 4.7 percent drop in September against the dollar. It dropped 14.3 percent so far this year.
Source-Adaderana

Miss-Sangeetha

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
SL currently facing non-righteous debt situ: CB Governor
The country is currently facing a non-righteous debt situation and it could lead to a debt crisis if not tackled early, Governor of Central Bank Indrajit Coomaraswamy said.
The Governor made these observations when he testified at the Presidential Commission of Inquiry (PCoI) on irregularities at SriLankan Airlines, SriLankan Catering and Mihin Lanka on Wednesday (7).
He told the Commission that his colleagues in the debt department were capable of managing the situation but highlighted that it is the duty of each citizen to be aware of government policy.
Mr. Coomaraswamy added that every citizen should act in line with government policy and people should elect MPs those who are cautious enough to handle financial matters as their representatives.
“I am not referring to any government, in particular, it’s been the case ever since we received independence,” Coomaraswamy said. (Yoshitha Perera)
Source-Dailymirror

Back to top  Message [Page 2 of 2]

Go to page : Previous  1, 2

Permissions in this forum:
You cannot reply to topics in this forum