Business
Central Bank reserves poised to top USD 5 billion: State Minister
‘Commencement of loan repayments won’t make a dent in reserves’
By Sanath Nanayakkare
The amount of foreign reserves possessed by the Central Bank of Sri Lanka is now poised to exceed U5D 5 billion, and the commencement of foreign loan repayments in the coming months won’t make a dent in current reserves, State Minister of Finance Ranjith Siyambalapitiya told the media yesterday.
Responding to a query from the media whether the commencement of foreign debt repayments could see an immediate dip in the reserve levels, the state minister said that the whole objective of debt restructuring is to avert a significant depletion of foreign reserves.
“The debt restructuring process agreed with bilateral creditors and commercial creditors is being designed to ensure effective management of our foreign reserves. It is all about adjusting our loan repayments in line with the Central Bank’s foreign reserves. The Balance of Payment (BOP) transactions which consist of imports and exports of goods, services, remittances as well as transfer payments will be executed in a way that won’t put pressure on foreign reserves,” he said.
However, he mentioned that the government would not completely remove its ban on importing vehicles any time soon as it is a key measure of keeping tabs on foreign exchange outflows.
“The Central Bank acquired this desired level of foreign reserves by purchasing US dollars from the market. This is a favourable development. All import bans and restrictions have now been lifted except for vehicle imports. That too, we are opening according to emerging requirements. For example, we have allowed the importation of 750 vans and 250 buses to be deployed for tourist transportation as the requirement for it was justified. In a similar manner, vehicle imports will be allowed in accordance with the requirements. So, in future, vehicle imports will be allowed only if the government sees the genuine need for that,” he said.
When the Island Financial Review contacted Ranjith Sudasinghe, vice president of Sri Lanka Chauffeur Tourist Guide Lecturers Association, he said that members of their Association would be at risk when they don’t get new vehicles for tourist transportation while only select big companies in the industry would get them.
“We have made repeated appeals to Sri Lanka Tourism authorities pointing out that our vehicles are old and tourists won’t find them appropriate for a round-tour of Sri Lanka. Even Destination Management Companies (DMCs) would reject our vehicles when they get new vehicles. So, the authorities should create a level playing field for all tourist transportation stakeholders. The government should consider allowing us to import vehicles at a concessional duty rate after an assessment of the conditions of our vehicles. Farmers get fertilize subsidies, fisher folks get facilities from the government. But the chauffeur guides are receiving a step-motherly treatment from the authorities which is not fair. We are only asking to replace our old tourist vehicles with news ones at a concessional duty rate. At present we are charging less than what a three-wheeler charges per kilometer because we are told to be competitive with fares in the regional countries. Now with the new tourist vehicles coming in and we have been left out of the process, we are going to be squeezed out of our livelihoods,” 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
