Economic & Market Bulletin
[November 22, 2005]

	Today's Stories
	FEATURE: Economic & Market Bulletin

A weekly publication of the Economic Affairs Division of the Ministry of Foreign Affairs
Volume 2:Issue 36 
18^th November, 2005 

Exports up 11.3%, Imports by 13.5% in 9 months 

• According to the Central Bank, exports and imports in the first 9 months of this year grew by 11.3% and 13.5% respectively over the corresponding period of last year.

• Exports earning reached the second highest monthly value of $ 561 million in 2005 but recorded a growth of 2.2% in September 2005 over and above the 19% growth recorded in September 2004.

• Agricultural exports dominated by tea led the overall growth in exports in September 2005. Cumulative exports for the first 9months of the year grew by 11.3% from $ 4,143 million in 2004 to $ 4,611 million in 2005.

• Imports grew at a significant high rate of 31.1% recording the highest ever monthly value of $ 862 million in September 2005. Of this, petroleum imports amounted to $ 202 million, recording a growth of 84%.

• Cumulative imports for the first 9 months grew by 13.5% to $ 6,488 million in 2005 from $ 5,714 million in 2004, which includes petroleum imports of $ 1,198 million, that grew by 40% compared with the petroleum imports of first 9 months of 2004.

• The trade deficit in September 2005 recorded $ 301 million. The cumulative trade deficit in the first 9 months of 2005 reached $ 1,876 million.

BOI introduces investor matchmaking service  

• The Board of Investment (BOI) has launched a matchmaking service via its website to promote business partnerships between Sri Lankan and overseas firms.

• Investors looking for business partnerships can enter their details and search for partners at the new website, www.boi.lk/partnership. Information relating to this site is being communicated to more than 5,000 investors in the current database. The BOI is also inviting other would be investors to utilise this facility to find potential joint venture partners.

• The BOI is the principal agency tasked with promoting, approving and facilitating foreign direct investment in Sri Lanka.

First ever Disaster and Emergency Warning Network pilot project launched 

• Dialog telecom with the Ministry of Public Security Law and Order launched the pilot project for the nation’s first Disaster and Emergency Warning Network (DEWN). SMS and Location Based Technologies have been used to provide this cost effective and reliable mass alert system.

• The aim of this project is to provide a multi-model mass alert system to give advance warnings to key stakeholders in disaster management and the general public about life threatening disasters.

• The DEWN pilot features the development of the system at the main police stations in Rathnapura and Galle and other key disaster management stakeholders in the surrounding areas. The 118 th centre in Colombo will function as the command centre for the pilot project.

Mobitel gives SMS banking with Sampath Bank

• Sri Lanka’s fastest growing national GSM network, Mobitel Ltd has recently introduced a new and improved range of banking facilities via Short Messaging Services (SMS) to its subscribers banking in collaboration with Sampath Bank.

• This new SMS service aims to provide;

• The option to check balance inquiry from multiple accounts

• Inquire about the clearance status of cheques by cheque number

• Access a mini statement of their last five transactions

• Inform the bank of a cheque number they wish to stop payment on

• Initiate a transfer of funds between their own accounts

• Change their existing passwords

• Request alerts on the basis of account balance changes

• And credit card transactions. 

EXCHANGE RATES ON NOVEMBER 18

EXCHANGE RATES OF GULF COUNTRIES                

 (Source: Financial Times 18 November 2005)