Sri Lanka’s January inflation at near record high

Updated 01 February 2013
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Sri Lanka’s January inflation at near record high

COLOMBO: Sri Lanka’s year-on-year inflation rate in January accelerated to a near record high due to a spike in vegetable prices after floods but the central bank said inflation would start to ease after March, government data showed.
Annual inflation in January hit 9.8 percent, its highest since January 2009 when it hit a record high of 10.4 percent year-on-year under a new index.
It gained from 9.2 percent in December, data released by the Department of Census and Statistics showed.
“This increase is temporary. It is largely due to the increase in vegetable prices due to floods,” Swarna Gunarathne, the central bank’s chief economist, said.
Vegetable prices shot up in January following flash floods in December in the island nation’s major cultivation areas.
Gunarathne said annual inflation would remain about 9 percent until the end of the first quarter due to the high food prices.
The central bank kept policy rates unchanged on Jan. 17, saying it expected inflation to moderate soon.
Gunarathne said easing supply shocks and an improved harvest would bring inflation down to the 7 percent range.
“So there won’t be any immediate changes to rates,” he said.
Annual average inflation, measured on a 12-month moving average, rose to a record high of 8.1 percent, from 7.6 percent in December.


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.