スリランカの金融市場4

２月の国債金利は、９０日T-Billが15.76%、364日T-BILLが17.73%と、1月に比べると6ヶ月超で小幅金利上昇、イールドカーブはややスティープ化しました。消費者物価も、11月から連続前月比マイナスが続いており、当面金利低下傾向が続きそうです。

T-BILL 090226.bmp

為替は対円での下落が一服し、1月末の1円＝1.27SLRから1.17SLRまで上昇（円安）しました。一方、対米ドルでは1ドル＝114ＳＬＲから115ＳＬＲとじり安傾向が続いています。

Foreign Exchange Market

　　　　　　　　　　　US $　　　　　　 Sterling 　　　　　　 Euro 　　　　　　　Yen
　　　　　　　　Low 　　　High 　　Low　　　 High 　　Low　　 High 　　Low　　 High
20-Feb-09 113.560 115.140 161.180 164.310 142.790 145.890 1.2011 1.2302
24-Feb-09 113.630 115.260 164.820 168.090 143.870 147.060 1.1937 1.2231
25-Feb-09 113.700 115.330 164.890 168.160 145.630 148.850 1.1704 1.1994
26-Feb-09 113.990 115.620 162.100 165.320 144.590 147.790 1.1611 1.1879
Source: : Central Bank of Sri Lanka

Sri Lanka announces liquidity support for finance sector
Sri Lanka's government is offering four billion rupees in bonds and guarantees to improve
liquidity in registered finance and leasing companies facing liquidity problems, central bank
governor Nivard Cabraal said.
The government is giving a 2.0 billion rupee facility against land for finance companies through
state-run Lankaputhra Bank. Finance companies having difficulty in selling land in their portfolio
could transfer them to Lankaputhra Bank and get 2-year bonds in return. The bonds could then
be discounted in the secondary markets to raise cash. Lankaputhra Bank will do its own
valuation of the land and give 67 percent of their value as bonds, Cabraal told reporters
Thursday.
Licenses commercial and specialized banks that had cut funding lines or reduced their holdings
of securitized assets to the finance and leasing sector would also get state guarantees to restore
them to the level seen in September 30, 2008.
(20th February 2009, LBO)
Sri Lanka cuts reserve ratio again
Sri Lanka has cut the statutory reserve ratio (SRR) or percentage of deposits commercial banks
must keep with the central bank, by 75 basis points to 7.0 percent releasing 9 billion rupees of
cash to the system.
Sri Lanka has cut the reserve ratio by a total of 225 basis points in October and again in
November releasing tens of billions rupees to banks, but the liquidity disappeared swiftly in the
face of a soft-peg defence exercise. But lower reserve ratios allow banks to lend more of the
deposits they collect improving the efficiency and profitability of the banking system.
"It is expected that this measure, together with the measures adopted by the Central Bank in
the recent past, would mitigate the negative consequences of the global credit crunch on the
domestic economy," the Central Bank said in a statement.
(25th February 2009, LBO)

Sri Lanka Commercial Bank seeks clarity on derivative deals
Sri Lanka's Commercial Bank says the 'ambiguity' behind a suspension of payments on oil
derivatives sold to state-run Ceylon Petroleum Corporation (CPC) is causing uncertainty, and
leaving it in a tight position. The island's top court cleared CPC to honor derivative payments to
five local and foreign banks on January 27, when it dismissed public interest petitions which had
resulted in a temporary halt on payments by the petroleum utility. But the banking regulator,
the Central Bank, said later in the day, that a December 16 letter to banks asked them not to
proceed with the transactions. "I saw a press release…but Commercial Bank has not been
written to after the court directive," says Commercial Bank Chief Executive Amitha Gooneratne.
"Much more clarification is needed directly to the banks as to where we stand. "The inference
we can draw from the court directive is that the suspension of CPC making payments to the
banks has been lifted," he says. Central Bank says it is probing the CPC's derivative deals with
Citi, Standard Chartered, Deutsche, Commercial and People’s Bank offered as a hedge on crude
oil prices.
(3rd February 2009, LBO) Sri Lanka commercial Bank.....
Sri Lanka govt. to help troubled financial firms: Central Bank
Sri Lanka is developing a policy support package for registered finance and leasing companies
that are facing liquidity problems, the Central Bank said. "It is a joint Treasury and central bank
policy package," Central Bank Governor Nivard Cabraal said.
"We are working on it and it will be announced in a matter of days." Following the collapse of
two unregistered finance firms, depositors of Sri Lanka's registered finance companies have
seen higher levels of withdrawals. Central Bank said it had observed "stresses" in registered
finance companies and leasing companies. The government was now working on a "suitable
policy support package to address the potential risks to the financial system that may arise due
to any illiquidity in the regulated financial and leasing sectors," on Central Bank advise, the
regulator said Tuesday.
(3rd February 2009, LBO) Sri Lanka Government...