MonetaBrief

Intelligence on the political economy

[MonetaBrief @MonetaBrief]

The memorandum indicated that the #SriLanka-based MAS group's investments will go to expand apparel, textiles and wearable technology manufacturing across multiple districts, creating 7,000 jobs
https://t.co/hKp5VKOLc7

[MonetaBrief @MonetaBrief]

Ceylon Guardian Investment Truist bought 3.334 million, shares in CT Holdings, Ceylon Investment Plc 3.334 million, Rubber Investment Trust 3.334 million, Carsons said in a stock exchange filing.
#SriLanka's Lion Brewery bought 5.06 million shares, Ceylon Beverage Holdings 3.167 million while Carsons Cumberbatch itself bought 1.9 million shares. https://t.co/yar1YRciK7

[MonetaBrief @MonetaBrief]

Sri Lanka's vehicle registrations fell to 53,221 from 58,151 with mobikes and three wheelers taking the biggest hit after the rupee collapsed from wrong central bank policy and trade restrictions were slapped instead of holding the agency accountable.
Motorcycle registrations fell 38,216 units in July from 40,007 in June and 43,842 in May.
Three wheelers fell to 3,741 in July from 4,962 in June and 5,669 in May.
https://t.co/1HTrSouO7w

[MonetaBrief @MonetaBrief]

#SriLanka will give a million dollar for humanitarian work in #Nepal after devastating debris avalanches and mudslides killed more than 300 and left around a 1,000 missing. Scientists have traced a flood in Nepal last July to pond that formed on top of a glacier (supraglacial pond) that got bigger and burst sending a destructive debris avalanche down down in a phenomeon now called Glacial Lake Outburst Flood (#GLOF).

https://t.co/afVU97qxnI

[MonetaBrief @MonetaBrief]

Inflation and instability, or stability and prosperity through a constrained central bank in #Srilanka?
The essay examines the conditions underlying the assumption of neutrality and argues that the conditions necessary for the neutrality of money in the long term do not hold in practice.
The costs that arise if the neutrality assumption is lifted are heavy: the redistribution of wealth and distortions to the production structure and investment.
In addition, credit growth that arises from a policy of creating positive inflation leads to disruptive fluctuations in real output that manifest in small open economies with reserve-collecting central banks as balance-of-payments crises.
https://t.co/mGYySFMa5E

[MonetaBrief @MonetaBrief]

A deadly #debrisavalanche, believed to have been triggered by an earthquake in the Tibet-Nepal border, has killed and left missing hundreds including foreign tourists from India and other countries, media reports said.
https://t.co/86DcGS6YAG

[MonetaBrief @MonetaBrief]

#SriLanka's CT Holdings has disclosed the sales of shares by its Managing Director Ranjith Page and his two children, in a stock exchange filing, as well as separate transaction in Cargills Ceylon.
Ranjith Page was the driving force behind making Cargills Ceylon, a Colonial era department store in to a household name. https://t.co/QImd3eWOvJ

[MonetaBrief @MonetaBrief]

#SriLanka is offering four oil exploration in the Mannar Basin to investors starting from August 25, Director General of the Petroleum Development Authority Neil de Silva said.
The four blocks in the North West and West of Sri Lanka running from Mannar to around Galle covering 33,964 square kilometres.
"We believe these blocks represent a frontier exploration opportunity in the Indian Ocean," Petroleum Minister Aruna Karunathilaka said.

https://t.co/Y1GtIKKIHU

[MonetaBrief @MonetaBrief]

A key member of the Page family that owns Sri Lankas Ceylon Theatres group sold a stake in CT Holdings Plc, market sources said, while Carsons Group bought into the firm. https://t.co/ZZjvWGiX4k

[MonetaBrief @MonetaBrief]

#SriLanka's central bank has allowed marginal appreciation of the currency, after strongly resisting currency strengthening over almost two months as foreign investors continued to buy rupee bonds in a 'positive' external shock. https://t.co/cA9U9NKjAM

[MonetaBrief @MonetaBrief]

Former #SriLanka President Maithripala Sirisena carried out a mini-Cabinet reshuffle in 2017 to address a serious management problem at Lake House, the state-owned publishing company, according to one of those involved. https://t.co/VtFdQOh3cI

[MonetaBrief @MonetaBrief]

Most #ElNiño events have coincided with IndianOceanDipole positive phases for SriLanka
"In an #IOD positive event the Western Indian Ocean becomes warm, creating low pressure and drawing air across the island," #SriLanka Chief Wijemannage said.
In an IOD negative event the Eastern Indian Ocean becomes warm.
"If the IOD becomes positive during the North East monsoon, air flows from that areas is enhanced. So more air is drawn across the Bay of Bengal. When the air moves up after hitting there central hills, there is precipitation. https://t.co/TJE1Xl3eR2

[MonetaBrief @MonetaBrief]

"Cuisine is an important part of culture and identity," Vietnam Ambassador Trinh Thi Tam who is the Chair of the ASEAN Diplomatic missions in Colombo said.
"Each ASEAN country has its own flavours and traditions. Through this event, we hope to bring the people of ASEAN and Sri Lanka closer, promote mutual understanding and create new opportunities for tourism, trade and investment."

[MonetaBrief @MonetaBrief]

"Food and culture have a unique ability to transcend borders and bring people together," #SriLanka Foreign Minister Herath said Friday at the start of the festival Friday at Cinnamon Lakeside in #Colombo.
"Through sharing our culinary traditions and cultural heritage, we gain a deeper understanding and appreciation of one another."
"As the Minister responsible also for #Tourism, I particularly welcome initiatives of this nature. https://t.co/xAR80aiclD

[MonetaBrief @MonetaBrief]

The capacity expansion for exports at #SriLanka's Sierra Cables expected to be completed towards the end of this financial year and commercial production is expected from April 2027. https://t.co/bTHYkIXHbw

[MonetaBrief @MonetaBrief]

#SriLanka based C R Exports (Pvt) Ltd, has made the first #export shipment of #pineapples to #Pakistan, the island's Export Development Board said.
Efforts are also underway to explore opportunities for introducing other agricultural products, including avocados and oranges, to Pakistan, the @EDB_SriLanka said. https://t.co/F1yDPeVycy

[MonetaBrief @MonetaBrief]

The #SriLanka rupee closed at 329.45/55 to the US dollar in the spot market Friday down from 330.10/20 a day earlier, dealers said as the central bank allowed the currency to appreciate. https://t.co/le69Np9fcl

[MonetaBrief @MonetaBrief]

Prime Minister Harini Amarasuriya delivered an eulogy, followed by Opposition Leader Sajith Premadasa, who admitted that a former United National Party (UNP) government led by his father had moved to ban her songs on state radio.
"We must point a finger at ourselves for that wrong action," Premadasa said.
Nanda Malini was known for her highly popular 'Pawana' concerts, which inspired many young men and women to join the JVP-led insurrection in the late 1980s.
https://t.co/ooFYFm0jMN

[MonetaBrief @MonetaBrief]

#SriLanka's monetary regime involving building up excess liquidity from monetizing foreign exchange assets of banks and buying dollars and then dishonoring them, has emerged as a top inflating regime amid the US-Iran war, data show.
https://t.co/Jm9y3gXH2L

[MonetaBrief @MonetaBrief]

The #SriLanka rupee closed at 330.10/20 to the US dollar in the spot market stronger from 331.05/15 a day earlier, dealers said as the central bank allowed the currency to appreciate.
Forward premiums have also fallen in recent days https://t.co/N777KreN6P