Gold price hits record after 'Sri Lanka purchase'

LONDON, November 6, 2009 (AFP) - The price of gold hit a record high above 1,100 dollars an ounce in trading here on Friday following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency.
"The Central Bank of Sri Lanka has announced that it is buying gold to diversify its reserves," industry body the World Gold Council (WGC) said in a statement issued before gold struck a record high of 1,101.42 dollars.

It later pulled back to stand at 1,092.65 dollars an ounce in late London trading.

Gold had struck a series of highs already this week after the IMF said it had carried out a massive sale of the precious metal to India.

"Over the past year central banks, which have been net sellers of gold are now a new and increasingly important source of demand," WGC chief executive Aram Shishmanian said in the council's statement.

"This latest announcement demonstrates that many central banks are reassessing their reserve asset management policies."

Gold had reached a record high of 1,087.80 dollars on Tuesday as the IMF said it had sold 200 tonnes of gold to India's central bank over a two-week period last month for 6.7 billion dollars to bolster its finances.

Gold and other commodity prices have surged in recent months amid a move away from the dollar, which has been slumping. The move accelerated last month on a report that Gulf states may stop using the greenback for oil trading.

The metal is also winning support from fears over a possible spike in inflation, as gold is widely regarded by investors as a safe store of value.

The sale to India was nearly half the 403.3 tonnes of gold that the IMF has targeted for sale over the coming years.

The Washington-based IMF, which currently holds 3,217 tonnes of gold, is the third-largest official holder of the precious metal after the United States and Germany.

India is the world's biggest consumer of gold, importing between 700 and 800 tonnes of the metal every year or 20 percent of global demand.

A senior IMF official said that the IMF was "lucky" in selling the 200 tonnes to India for roughly 1,045 dollars an ounce, compared with 850 dollars an ounce in April 2008.

Gold's price, which has risen more than 20 percent this year, has a bright future thanks to improving demand caused by the financial crisis, industry experts said this week.

"Although it's difficult to predict in the short term, the overall picture is very healthy," Mark Lynam, an executive for AngloGold Ashanti -- the world's third largest gold producer -- told the London Bullion Market Association annual conference in Edinburgh.

Plush London department store Harrods last month surprised the retail industry by starting to sell gold bars, with prices fluctuating according to the current market price.

(Information source :http://www.lankabusinessonline.com)

World Bank grants US$ 24 million to improve health care in Sri Lanka

June 24, Colombo: The lending arm of the World Bank on Tuesday approved a US$24 million credit to provide further support to improve the health care in Sri Lanka, especially to meet the health needs of the Internally Displaced Persons in the North and East.

Issuing a press release today the World Bank said with the end of the war the country is facing challenges in its efforts to resettle and reconstruct the region. Providing basic health services to the 285,000 displaced and to the conflict-affected people in the Northern and Eastern Provinces is an immediate challenge, it said.

According to the World Bank Country Director for Sri Lanka, Ms. Naoko Ishii half the amount, US$12 million will be allocated to meet the health needs of the conflict-affected population in the Northern and Eastern Provinces.

"This reflects the Bank's commitment to addressing consequences of the conflict whenever we can," Ms. Ishii said.

“An upcoming health needs assessment for the north and east will determine the specific activities the project will finance, but it could include mobile clinics at IDP camps, rehabilitation of disabled, treatment of traumatized persons, and other immediate priorities,” she added.

According to the World Bank, the project will continue to support decentralization of health service delivery, including strengthening of district and provincial capacity for planning and implementation of health programs. It will also support efforts to improve service delivery and renovate health facilities, provide training for health workers, and provision of medical supplies and equipment.

The US$24 million credit, which is an addition to the International Development Association (IDA) grant of US$60 million approved in 2004 to Health Sector Development Project (HSDP), has 20 years to maturity with a 10-year grace period.

End of 30 years curse in Sri Lanka

His Excellency Mahinda Rajapaksa , President of Sri Lanka and Commander in Chief of the Armed Forces has been officially informed about the successful task accomplishment by the country's top defence officials this evening (May 18).

Secretary Defence Gotabaya Rajapaksa, Chief of Defence Staff, Air Chief Marshal Donald Perera, Army Chief, Lieutenant General Sarath Fonseka, Navy Chief, Vice Admiral Wasantha Karannagoda, Air Force Chief, Air Marshal Roshan Goonathilake, Inspector General of Police Jayantha Wickramarathne and Director General of Civil Defence Force Sarath Weerasekara officially reported to the president that the task entrusted on them to liberate the nation from clutches of terrorism has been successfully accomplished and the nation is free from terror. The reporting was made at a charm ceremony held at Temple Trees.

Information Source : http://defence.lk

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Central Bank eases monetary policy stance

Since around October 2008, the Central Bank of Sri Lanka has taken a number of steps to promote market liquidity and thereby stabilise money and credit markets, in view of the implications of the turbulent conditions that have prevailed in financial markets the world over.
Since the beginning of this year, the Central Bank has also gradually eased its monetary policy stance, in view of the improving outlook on inflation with a considerable deceleration in monetary aggregates. Inflation, on an year-on-year basis, as per the Colombo Consumers’ Price Index (2002=100) reached a five-year low of 5.3 percent in March 2009.

The expansion in the money supply has decelerated to 9.9 percent together with a sharp deceleration in credit to the private sector to 5.6 percent by February 2009.

Given the continuing decline in the general price level and the demanding conditions facing the real sector, the Central Bank is of the view that its monetary policy stance should be eased further. Accordingly, the Monetary Board has decided to reduce the Penal rate of interest charged on reverse repurchase transactions with the Central Bank by 175 basis points to 13.0 percent.

The Monetary Board has also decided to reduce its Repurchase rate by 125 basis points to 9.0 percent to encourage commercial banks to lend their surplus funds to customers rather than entering into repurchase agreements with the Central Bank. Both these measures are to take effect immediately.

The Central Bank expects that these measures would result in more active lending by commercial banks supported by a reduction in their lending rates in accordance with the reduction in policy rates, thereby augmenting credit flows to the economy.

In view of the lower than expected inflation, moderation of growth prospects and the downward revision in the Statutory Reserve Ratio (SRR) in February 2009, the Central Bank has decided to revise its reserve money targets for the last three quarters of the year 2009.

Accordingly, the targeted growth in annual average reserve money has been brought down from 5 percent to 2.8 percent. The revised targets for the three remaining quarters of the year 2009 are given below. The revised reserve money targets would provide sufficient space for the Central Bank to relax the monetary policy further, if necessary.

Rescue mission becoming success, Several thousands of civilians rescued - Puthumathalan

Sri Lankan soldiers have been able to rescue several thousands of civilians held hostage by the LTTE terrorists in the government declared No Fire Zone this morning (Apr 20).

According to the defence sources , troops have been able to open up a safe route for the civilians to come out of the NFZ after the soldiers of 58 Division successfully destroyed the LTTE fortifications in the Puthumathalan area.

Troops of 11 Sri Lanka Light Infantry (11 SLLI), 9 Gemunu Watch (9 GW), 8 Gajaba Regiment (8 GR), Special Force (SF) and Army Commandos (CR) captured 2 1/2 Km long stretch of LTTE built earth bund in the Puthumathalan area early this morning destroying the terrorists' ability to attack the civilians seeking refuge with the armed force.

According to the latest information over 10,000 civilians are trying to seek refuge with soldiers.

Rs.600 million Grant from Japan

The Government of Japan has provided a grant of Japanese Yen 520 million (approximately Rs 600 million) under its food production grant aid program to purchase agricultural machineries and equipments of Japan for use by underprivileged farmers.

The agricultural machineries and equipments will be made available to the farmers through Agrarian Service Centres of the Department of Agrarian Development, Agrarian Service Centres and Government Seed Farms through the Department of Agriculture. This will facilitate improving the quality of agricultural products of the targeted farmers. Since 1977, Sri Lanka has been a recipient of grant assistance under the food production program annually.

Part of the value of the sales proceeds of the agricultural machineries and equipments will be deposited as counterpart funds which will be utilized for financing of projects aimed at economic and social development including the increase of food production.

The signing of Exchange of Notes pertaining to the above grant took place today at the Ministry of Finance and Planning. Mr. Kaoru Shimazaki, Chargè ď Affaires a.i. of the Embassy of Japan in Sri Lanka signed on behalf of the Government of Japan. A Grant Agreement was also signed between the Government of Sri Lanka and the Japan International Cooperation Agency (JICA). Dr. Atsushi Kaneko, Chief Representative of JICA Sri Lanka Office signed on behalf of JICA. Mr. Sumith Abeysinghe, Secretary, Ministry of Finance and Planning signed both the Exchange of Notes and Grant Agreement on behalf of the Government of Sri Lanka.

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