Business
Deficit in trade account widens to US dollars 6.5 bn
The deficit in the trade account widened to US dollars 6,497.9 mn during the ten months ending October 2021 from US dollars 4,845.7 mn in the corresponding period of 2020, Central Bank’s Weekly Economic Indicators show.
” The export unit value index increased by 28.3 per cent (Y-o-Y) in October 2021 due to higher prices,” the report further said.
Following are some excerpts from the report.
During the period under review (18.12.2021 to 24.12.2021), crude oil prices showed an increasing trend. Prices increased mainly
due to higher drawdown in US crude oil inventories. Price increases were also supported by the signs that the worst effects of
Omicron variant might be less severe and more containable than previously feared, even as countries imposed travel restrictions on surging infection levels. Overall, both Brent and WTI prices increased by more than US dollars 4.50 per barrel, during the period.
Weekly AWPR for the week ending 24th December 2021 decreased by 01 bp to 8.26 per cent compared to the previous week.
The reserve money increased compared to the previous week mainly due to the increase in currency in circulation and increase in deposits held by the commercial banks with the Central Bank.
The total outstanding market liquidity was a deficit of Rs. 455.549 bn by the end of this week, compared to a deficit of Rs. 421.669 bn by the end of last week.
By 24th December 2021, the All Share Price Index (ASPI) increased by 2.70 per cent to 12,070.68 points and the S&P SL 20 Index increased by 0.004 per cent to 4,253.83 points, compared to the index values of last week.
During the period from January to September 2021, government revenue increased to Rs. 1,050.8 bn compared to Rs. 1,028.9 bn recorded in the corresponding period of 2020.
During the year up to 24th December 2021, the Sri Lankan rupee depreciated against the US dollar by 7.2 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee appreciated against the Japanese yen by 2.9 per cent and the Euro by 0.8 per cent while depreciating against the Indian rupee by 4.9 per cent and the pound sterling by 5.6 per cent during this period.
Earnings from exports increased by 22.1 per cent (Y-o-Y) to US dollars 10,133.9 mn during the ten months ending October 2021 as a result of increased earnings from exports of textiles and garments (20.8%), rubber products (33.6%) and machinery and mechanical appliances (54.9%). Import expenditure increased significantly by 26.5 per cent (Y-o-Y) to US dollars 16,631.8 mn during the ten months ending October 2021 largely due to higher imports of fuel (40.1%), textile and textile articles (31.2%) and machinery and equipment (27.8%).
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.”
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