Textile & Apparel Exports
Sri Lanka's Textile & Apparel
exports for first nine months of 1998 has reached Rs. 116
billion as against Rs. 95 billion during the same period
of 1997 and has shown a remarkable growth of 21 per cent.
In dollar terms the exports for the period
January/September 1998 was US$ 1807 million as against
US$ 1628 million during the same period of 1997. The
growth rate is 11.0 percent.
The country's total exports during
this period January /September 1998 was Rs. 225 billion
as against Rs. 195 billion during the same period of 1997
and has shown a growth of 15 percent. Industrial Exports
with Rs. 167 billion with a growth of 16 percent
accounted for 74 percent of total exports. Textile &
Apparel exports accounted for 69 percent of Industrial
Exports, and 51 percent of total exports during the
period January/September 1998.
One of the major problems in the
Apparel Industry is that the industry is heavily import
dependent. The net foreign exchange earnings in the
apparel industry is only 30-35 percent
Consumer Prices in 1998
The Colombo District
Consumers’ Price Index (CDCPI, base October 1996 to
September 1997=100) computed by the Central Bank of Sri
Lanka indicates a lower annual average inflation rate of
7.3 per cent for the year 1998, slightly lower than 7.4
per cent recorded in 1997. Generally, improved supply of
food items helped to decelerate price increases during
the year. The point to point increase of the Index
(December 1998 over December 1997) at 4.0 per cent was
substantially lower than 8.3 per cent for December 1997.
In December 1998 the CDCPI rose by
1.1 per cent to reach 113.8 mainly due to the seasonal
increase in food prices in that month. The sub index for
food rose by 1.5 per cent in December following a 4.9 per
cent increase in November. Prices of all varieties of
rice, dried chillies, onions, potatoes, coconut and a few
varieties of vegetables increased due to both supply
factors and greater demand on account of the festival
season. However, contrary to normal seasonal increases,
prices of several food items such as vegetables, eggs,
fish and lime declined. The sub index for liquor and
tobacco group increased by 3.3 per cent due to the full
impact of higher taxation.
The Colombo Consumers’ Price
Index (CCPI base 1952=100) published by the Government
Department of Census and Statistics for the month of
December was 2336.6. This represents a monthly increase
of 1.2 per cent over the level of the previous month.
Reflecting a similar trend to the Colombo District
Consumer Price Index, the annual inflation for 1998 as
measured by the CCPI at 9.4 per cent was slightly below
the corresponding figure for 1997 which was 9.6 per cent.
According to the latest figures
available for the Greater Colombo Consumers’ Price
Index (GCPI, base January to June 1989=100) which is an
alternative price index computed by the Department of
Census and Statistics, the annual average inflation was
7.3 per cent in November compared with 7.4 per cent in
previous month.
Central bank of
sri lanka
Asbestos Cement Industries
awarded the ISO9002 certification
The Asbestos Cement Industries Ltd.
(ACIL) Sri Lanka’s largest manufacturer of Asbestos
Cement Roofing and Ceiling Sheets was recently awarded
the ISO9002 certification for the Elephant Brand
Masconite corrugated and flat sheets. The ACIL was formed
in 1955 and pioneered the production of Asbestos Cement
Roofing and ceiling sheets in 1956 and has since
maintained its market leadership by focusing on key
issues, namely quality, customer focus, employed welfare
and the environment.
The quality systems of ACIL was
audited by the Sri Lanka Standards Institution and was
found to be well in place, in order to be awarded the
prestigious certificate immediately.
"The employees and the
management of Asbestos Cement Industries Ltd. are
extremely committed to the quality of our product and
this was the key factor in achieving our goal", said
a spokesperson for the company.
The Central Bank's Spot Rates for
transactions with Commercial Banks announced on the
morning of January 06th, 1999 were as follows:
| |
Buying |
Selling |
| 100 US Dollars |
Rs.
6710.96 |
Rs.
6846.54 |
The approximate middle exchange rates
of following currencies calculated on the basis of cross
rates quoted by Gulf International Bank, Bahrain as it
appeared in Reuters Financial Information System on
January 06th, 1999 were as follows:
| Saudi Arabia Riyal |
Rs.
18.07 |
| Bahrain Dinar |
Rs.
179.82 |
| Kuwait Dinar |
Rs.
224.87 |
| Qatar Riyal |
Rs.
18.63 |
| UAE Dirham |
Rs.
18.46 |
| Oman Riyal |
Rs.
176.08 |
Average rates at which the following
currencies were quoted by Commercial Banks in Colombo for
Telegraphic Transfers at mid-day on January 06, 1999 were
as follows:
| |
Buying |
Selling |
| 100 US Dollars |
Rs.
6808.80 |
Rs.6846.20 |
| 100 Sterling
Pounds |
Rs.
11239.93 |
Rs.
11361.37 |
| 100 Deutsche Marks |
Rs.
4060.74 |
Rs.4129.21 |
| 100 French Francs |
Rs.
1209.53 |
Rs.1230.62 |
| 100 Japanese Yen |
Rs.60.54 |
Rs.
61.50 |
Average Weighted Prime Lending
Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR)
during the week ended December 31st, 1998 was 14.9 per
cent for all banks. The Lowest Prime Rate among banks
during this week was 12.0 per cent.
Average Weighted Deposit Rate
of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of
Commercial Banks for the month ended November 31st 1998
was 9.2 percent.
National
Equity Fund
| Manager's
Selling Price |
Rs. 8.07 (per unit) |
| Managers
Buying Price |
Rs. 7.57 (per unit) |
|
Namal
Growth Fund
| Manager's
Selling Price |
Rs. 9.37 (per unit) |
| Managers
Buying Price |
Rs. 8.76 (per unit) |
|
Namal
Income Fund
| Manager's
Selling Price |
Rs. 10.66 (per unit) |
| Managers
Buying Price |
Rs. 10.54* (per unit) |
| |
Rs. 10.65* (per unit) |
|
| * After deducting exit fees |
Ceybank
Unit Trust
| Manager's
Selling Price |
Rs. 6.05 (per unit) |
| Managers
Buying Price |
Rs. 5.66 (per unit) |
|
Ceybank
Century Growth Fund
| Manager's
Selling Price |
Rs. 8.58 (per unit) |
| Managers
Buying Price |
Rs. 8.41 (per unit) |
|
Pyramid
Unit Trust
| Manager's Selling
Price |
Rs. 6.04
(per unit) |
| Managers Buying Price |
Rs. 5.63
(per unit) |
|
