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* Sri Lanka's economy will grow next year - Central Bank chief
Thu, Dec 28, 2017, 10:40 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 28, Colombo: Sri Lanka's economy will grow steadily next year, the governor of Central Bank Dr. Indrajit Coomaraswamy says.

At a media briefing today, the Central Bank Governor said when considering the total economy of Sri Lanka, a positive economic progress in the coming year can be expected.

"I think it's fair to say that the economy continues to stabilize in broad terms. In addition we have seen money continuing to flow in to the government securities account. Money has come into the stock market…Hambantota deal has gone through and that money has come in now."

The Governor said the international sovereign bond that was issued in May 2017 at a cost of 620 basis points is now trading tighter at 550 basis points.

"All this means that the degree of confidence in the Sri Lankan economy seems to be increasing as far as international capital markets, rating agencies and investors," he said

However, this year the economy will grow under 4% dragged down by the decline in agricultural output due to the two years of drought and flooding, Dr. Coomaraswamy said. He said both agriculture and agro-processing sectors had been hurt by the drought.

 

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