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Sri Lanka trade deficit in July lowest in 17 months
Wednesday, 12 September 2012 - 10:32 PM SL Time
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Responding to strict policy measures implemented in the first quarter of 2012 to curb import expenses, Sri Lanka`s trade deficit declined in July to the lowest in 17 months, the Central Bank said Wednesday in its External Sector Performance review for the month of July.
The year-on-year deficit in the trade balance declined by 33.8 percent, to US$ 535 million in July 2012.
Import expenditure declined 24.9 percent in July 2012 and amounted to US$ 1.329 billion while income from exports also declined 17.4 percent to US$ 794.4 million.
The cumulative import expenditure for the first seven months of the year grew 0.6 percent to US$ 11.113 billion and earnings from exports declined 4.6 percent to US$ 5.763 billion.
The trade balance from January to July 2012 grew 6.7 percent to US$ 5.35 billion compared to the same period of previous year.
Sri Lanka earlier this year took drastic measures to contain the growing trade balance which stood at US$ 9.7 billion in 2011 by limiting the high growth of both credit and imports.
Decline in import of motor vehicles significantly contributed to the lower trade deficit, the Bank said. Expenditure on imports of motor vehicles has declined by 62.4 percent, year-on-year, in July.
Sri Lanka`s export earnings have also slowed down in recent months due to the weaker global demand and decline in the prices of commodities, the performance review noted.
Earnings from tourism and workers` remittances continued to cushion the current account of the Balance of Payments.
Income from tourism in July 2012 grew by 23.6 percent, year-on-year, to US$ 100 million, while during the first seven months of 2012, earnings from tourism have grown at a rate of 24.2 percent, year-on-year, to US$ 560 million.
Workers` remittances grew by 14.4 percent, year-on-year, to US$ 475 million in July 2012, while cumulative inflows during the first seven months of 2012 increased by 17.0 percent to US$ 3.417 million.
With foreign currency inflows to the financial market and Foreign Direct Investment (FDI) inflows, gross official reserves amounted to US$ 7.1 billion by end of July 2012, the Central Bank said.
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Damed
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 12 Sep 2012 21:19:35 GMT Report for Abuse
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Over 2,000 cops, 500 commandos
fail to arrest Mervyn's son, Malaka
Reality of a Failed system.
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Damed
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12 Sep 2012 21:23:28 GMT Report for Abuse
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Police spokesman SSPAjith Rohana said two special police teams had been deployed to arrest Malaka and one of them had visited the suspect s house but he had not been there at that time.
The police were expected to arrest Malaka either last evening or latest by today and drastic action would be taken against the police personnel concerned if they failed to do so, the SSP said.
Malaka is moving about freely surrounded by bodyguards including Ministerial Security Division personnel, according to sources. On Tuesday he visited the Kelaniya Raja Maha Viharaya, paid homage to the Kapilavastu Relics there and walked away despite the presence of 500 Special Task Force (STF) commandos and over 2,000 police personnel providing security to the temple. There were also more than a dozen high ranking police officers overseeing the security operations.
Police spokesman, asked whether there had been 2,500 police men at the Kelaniya temple on the days when the relics exposition was held, answered in the affirmative.
Hora Police !
Edited By - Damed - 12 Sep 2012 21:24:10 GMT |
Damed
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12 Sep 2012 21:34:23 GMT Report for Abuse
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In most countries, a highly educated, exemplary minister is assigned education related ministries. However, the trade union action by FUTA has shown beyond doubt that we are burdened not only with a minister that does not portray any of these qualities, but actively renounces strategies that would benefit the entire education sector in this country.
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Damed
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12 Sep 2012 21:43:59 GMT Report for Abuse
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Defence secretary Gotabhaya Rajapaksa today (Sept. 12) laid the foundation stone for a seven-storied car park capable of accommodating 100 vehicles at the Central Bank premises in Colombo.
The first of the two-phase project will cost Rs. 131 million and is expected to be completed within one year, defence.lk reports.
Speaking at the event, the defence secretary said the development of the roads network enables the free flow of vehicular traffic.
The working public spend less time on the roads and could arrive at their workplaces on time, and as a result the efficiency of the workplace would greatly increase, he said.
Central bank governor Ajith Nivard Cabraal, transport ministry secretary Dhammika Perera and Navy commander Vice Admiral Somathilake Dissanayake were among those present.
Busy with parking !
Edited By - Damed - 12 Sep 2012 21:44:40 GMT |
Damed
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12 Sep 2012 21:45:58 GMT Report for Abuse
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Malaka gone Abroad !
Malaka Hospitalized !
Malaka Cannot Remember what went around after the Birthday party !
hikz !
Edited By - Damed - 12 Sep 2012 21:49:13 GMT |
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12 Sep 2012 20:32:19 GMT 
12 Sep 2012 20:53:16 GMT