Business
Dr. Nandalal Weerasinghe comments on CB independence and anticipated favourable price adjustments
By Sanath Nanayakkare
Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka said on Friday that independence of the Central Bank is a vital factor for a country to ensure its economic development on a steady path without deviating from it for political reasons.
He made this remark at the press conference, after announcing the monetary policy rates determined by the Monetary Board of the Bank.
“We all know that Central Bank independence is an important factor for any country to succeed in economic development. It is a historically proven fact. If you look at our experience in the past couple of years of Monetary Expansion, the Modern Monetary Theory and the reversal of the Inflation Targeting Regime – those were the reasons that led us to the current situation. All the countries that have been able to successfully control the inflation have had independence of their Central Banks. And in contrast, when you look at countries such as Zimbabwe, Venezuela- they have hyper-inflation. One of the main reasons for that is they don’t have the required independence. It is clearly a proven fact that Central Bank should be independent to conduct its duties to ensure stability and steady economic growth. There should be no room left for monetary policy decisions to become popular decisions. Such critical decisions should not be decisions made by the elected people. They should be made by unelected, independent institutions which are accountable to the parliament and the general public in conducting the country’s monetary policy. That is why the Central Bank needs to be independent. In such circumstances, we will be able to make decisions independently from the parliament and the elected representatives because they have an ‘incentive’ to make popular decisions, but the Central Bank doesn’t. The Central Bank is not prone to making popular decisions and it’s supposed to make the right decisions as the situation demands without considering the popularity or unpopularity of those decisions. This is the fundamental reason why the Central Bank needs to be independent. This is my view and others may have different views about it; which are fine,” he said.
The Governor also said that the exchange rate has a direct impact on inflation and the cost of living.
“With the rupee strengthening against the USD, there should be favourable adjustments on essential imports in the time ahead,” he said.
“Prices need to reduce going forward. The exchange rate should reflect a positive impact on oil and LP gas imports which are done periodically. These numbers should reflect on the cost of these key imports and thereby on the cost of living,” he said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
