The Lanka Academic

AUGUST 19, 2008 EST, USA
VOL. 9, NO. 136


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Headline Summary
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Sri Lanka Keeps Key Interest Rate Unchanged at 10.5%
bloomberg, august 20. Aug. 20 (Bloomberg) -- Sri Lanka's central bank kept its benchmark interest rate unchanged for an 18th straight meeting after inflation eased for the first time in seven months.

The Central Bank of Sri Lanka held its repurchase rate at 10.5 percent, the Colombo-based bank said in a statement today. All 11 analysts surveyed by Bloomberg predicted the decision.

Policy makers across Asia have been combating price pressures by raising interest rates. Sri Lanka's central bank has been relying instead on reducing money in circulation to tackle inflation, and last month lowered its 2008 target for reserve-money growth to 11.75 percent from 12.5 percent.

``Given its recent performance we believe the central bank will be able to achieve the new aggressive targets, implying slightly weaker growth and over time a reduction in price pressures,'' said Prakriti Sofat, an economist at HSBC Holdings Plc in Singapore.

Consumer prices in the capital Colombo rose 26.6 percent last month from a year earlier, after increasing 28.2 percent in June. Asia's second-highest inflation rate may decline as tight monetary policy damps consumer spending, central bank Governor Nivard Cabraal said Aug. 8. More...Discuss this story
Published: Tue Aug 19 23:13:25 EDT 2008

Tamil Tigers tacitly admit losing ground to Sri Lankan govt, august 19. COLOMBO (AFP) Sri Lanka's Tamil Tiger rebels Tuesday tacitly admitted they were losing ground in the face of a major military offensive by warning that thousands of civilians in the north were at risk.

In their first public acknowledgement that government forces were moving deeper into areas previously held by them, the Tigers said civilians have had to move several times because of the military onslaught. More...Discuss this story
Published: Tue Aug 19 13:11:09 EDT 2008 Back to the top

Toronto non-profit group raised millions for Tamil Tigers, August 18, 2008. TORONTO -- A Toronto non-profit group wired more than $3-million to overseas bank accounts, some of them linked to the Tamil Tigers, before it was shut down by the government in June for alleged terrorist financing, says an RCMP report released yesterday.

The report, marked "Secret" but unsealed by order of a Federal Court judge, provides the first detailed look at the banking activities of the World Tamil Movement (WTM), a Toronto-based group accused of bankrolling Sri Lanka's Tamil Tigers guerrillas.

Most of the money, $1.9-million, went to an account at the Bumiputra Commerce Bank in Kuala Lumpur, Malaysia, that the RCMP report says "is utilized as a vehicle to forward money to the LTTE [Liberation Tigers of Tamil Eelam] from Canada." More...Discuss this story
Published: Mon Aug 18 21:55:52 EDT 2008 Back to the top

Sri Lanka PM says troops near rebel headquarters, 2008-08-19 21:47:40. COLOMBO, Aug. 19 (Xinhua) -- Sri Lankan Prime Minister Ratnasiri Wickramanayake has said that the government troops are nearing the Tamil Tiger headquarters located in the island's north. Addressing an election rally on Tuesday in the southeastern Sabaragamuva province's Kuruwita area, Wickramanayake said, "My friends, our forces would soon take Kilinochchi, although I can't predict a date, it could happen soon"... Back to the top

Sri Lankan military says 21 rebels killed
Associated Press, Tue August 19, 2008 07:12 EDT . COLOMBO, Sri Lanka - (AP) Scattered battles between the government forces and Tamil Tiger rebels across Sri Lanka - 's embattled northern region killed 21 rebels, the military said Tuesday... Back to the top

Sri Lankan military kills 32 rebels in northern offensive
Associated Press, Mon August 18, 2008 05:43 EDT . - - Colombo (dpa) - Government troops intensified an offensive in northern Sri Lanka - , killing at least 32 rebels and losing eight soldiers, the Defence Ministry said Monday... Back to the top

Sri Lanka beats India by 8 wickets in ODI
Associated Press, Mon August 18, 2008 09:53 EDT . KRISHAN FRANCIS - Associated Press Writer - DAMBULLA, Sri Lanka - (AP) Sri Lanka - thrashed India by eight wickets Monday in the first one-day international with captain Mahela Jayawardene scoring an unbeaten 61... Back to the top

Thousands displaced by Sri Lanka fighting: UN, august 18. COLOMBO (AFP) Thousands of people have been forced to flee their homes in northern Sri Lanka, joining thousands of others displaced by a government push into Tamil rebel-held territory, the UN said Monday... Back to the top

Sri Lankan military says 27 killed in fighting
Associated Press, Mon August 18, 2008 01:50 EDT . COLOMBO, Sri Lanka - (AP) The Sri Lankan military says fighting in the north has killed 23 rebels and four soldiers... Back to the top

Sri Lanka wins 1st one-day match against India
Associated Press, Mon August 18, 2008 07:08 EDT . DAMBULLA, Sri Lanka - (AP) Sri Lanka - beat India in the first one-day international by eight wickets to take a 1-0 lead in the five-match series... Back to the top

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