Economic Capsule - November 2010

ECONOMIC CAPSULE November 2010 Research & Development Unit

C O N T E N T S Financial Sector News ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Economic & Business News

FINANCIAL SECTOR NEWS Back to Contents

CBC PERFORMANCE - First 09 months results, 2006-2010 Research & Development Unit Back to Contents

More Awards & Accolades for CBC… ,[object Object],Research & Development Unit Overall Winner – Gold Award Banking Sector – Winner Extra Large Category – Winner Excellence in Performance Management Practices –Winner 12 th ‘BEST BANK’ Award from Global Finance National Business Excellence Awards 2010 Back to Contents

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],News from Commercial Bank… CBC Introduces Margin Trading ,[object Object],[object Object],CBC Launches Money Transfer Services In Malaysia Research & Development Unit Back to Contents

News from Commercial Bank (Cont…) ,[object Object],[object Object],[object Object],Commercial Bank launches Chip Card with VISA Research & Development Unit Back to Contents ,[object Object],[object Object],Commercial Bank’s Paymaster Demo Attracts Corporates

ECONOMIC & BUSINESS NEWS Back to Contents

Summary of the BUDGET 2011 BUDGET 2011 ,[object Object],[object Object],[object Object],[object Object],Broad-based Tax Reforms Across All Key Sectors Back to Contents Research & Development Unit 2010 Revised 2011 Budget Total Revenue and Grants (1) 828.3 986.1 Total Revenue 812.1 963.5 Tax Revenue 720.0 862.1 Non Tax Revenue 92.0 101.4 Grants 16.2 22.6 Total Expenditure (2) 1,275.0 1,419.9 Recurrent 926.0 1,017.0 Public Investment 359.0 413.7 Other (10.0) (10.8) Budget Deficit (1) - (2) (446.7) (433.7) Budget Deficit/GDP (%) (Excluding Grants) (8.0) (6.8)

Broad-based Tax Reforms Across All Key Sectors (Cont…) BUDGET 2011 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Banking and Finance ,[object Object],Construction Back to Contents Research & Development Unit

[object Object],[object Object],[object Object],Telecommunications Broad-based Tax Reforms Across All Key Sectors (Cont…) ,[object Object],[object Object],Tourism ,[object Object],[object Object],[object Object],[object Object],[object Object],Trade ,[object Object],Agriculture and Plantations BUDGET 2011 Back to Contents Research & Development Unit

[object Object],[object Object], Broad-based Tax Reforms Across All Key Sectors (Cont…) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Public Investment to Foster Inclusive Growth and Drive Infrastructure Development Vehicles BUDGET 2011 Back to Contents Research & Development Unit

[object Object],[object Object], More Budget Highlights…. Relaxation of Foreign Exchange Regulations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Corporate Debt Regulations BUDGET 2011 Back to Contents Research & Development Unit Beneficiary Facility w.i.f. November 22,2010 Foreigner Can invest in Rupee denominated debentures Sri Lankan company Can borrow from foreign sources Foreign company Can open places of business in Sri Lanka Foreigners on tour or Business in Sri Lanka Can open accounts in foreign currency in Sri Lanka Staff of foreign embassies Can open foreign currency accounts in Sri Lanka Importers Advanced payment on imports increased from USD 10,000/= to USD50,000/= Importers and indirect Exporters of gems and jewellery Can open foreign currency accounts in Sri Lanka. w.i.f. January 01,2010 Sri Lankan residents Can invest in equity of overseas companies & pay for setting up places of business outside Sri Lanka. Insurers Can invest up to 20% of long term fund & technical reserves abroad.

[object Object],Research & Development Unit External Trade Performance – September, 2010 Inflation – November, 2010 ,[object Object],[object Object],[object Object],Back to Contents Category Jan - Sep 2009 US$ mn Jan - Sep 2010 US$ mn Change % Exports 5,119.49 5,703.30 11.4 Imports 7,136.59 9,742.44 36.5 Balance of Trade -2,017.09 -4,039.14 100.3 Workers’ Remittances 2,481.40 2,814.50 13.4

SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS ,[object Object],Sri Lanka gets USD 416.39 mn Indian Credit for Railways Sri Lanka gets more Indian Aid for Coal Power Plant ,[object Object],[object Object],[object Object],[object Object],Sri Lanka, India Free Trade Talks to Resume in December Back to Contents Cont..>>>

SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS - SNIPPETS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Guarantee Scheme for Cultivation Loans Sri Lanka Beachfront Investment Rs. 1.6 b Grant from Japan to Rebuild Bridges in the East Back to Contents

The views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC The information contained in this presentation has been drawn from sources that we believe to be reliable. However, while we have taken reasonable care to maintain accuracy/completeness of the information, it should be noted that Commercial Bank of Ceylon PLC and/or its employees should not be held responsible, for providing the information or for losses or damages, financial or otherwise, suffered in consequence of using such information for whatever purpose. It is the mark of an educated mind to be able to entertain a thought without accepting it. - Aristotle -

Economic Capsule - November 2010

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