Business
Domestic financing increased by Rs. 147 billion in first five months of 2022
During the five months ending May 2022, domestic financing increased to Rs. 742.7 bn compared to Rs. 595.7 bn in the corresponding period of 2021. Foreign financing recorded a net repayment of Rs. 106.0 bn during the period from January to May 2022, compared to a net borrowing of Rs. 39.2 bn recorded in the corresponding period of 2021, according to Weekly Economic Indicators of the Central bank
The report further said:
Outstanding central government debt increased to Rs. 21,696.6 bn by end March 2022 from Rs. 17,589.4 bn as at end 2021.
The reserve money decreased compared to the previous week mainly due to decrease in the deposits held by the commercial banks with the Central Bank and decrease in the currency in circulation.
The total outstanding market liquidity was a deficit of Rs. 614.942 bn by the end of this week, compared to a deficit of Rs. 634.381 bn by the end of last week.
During the five months ending May 2022, government revenue increased to Rs. 811.9 bn compared to Rs. 630.1 bn recorded in the corresponding period of 2021.
During the five months ending May 2022, overall budget deficit increased to Rs. 636.7 bn compared to Rs. 634.8 billion recorded in the corresponding period of 2021.
During the period from January to May 2022, total expenditure and net lending increased to Rs. 1,449.4 bn compared to Rs. 1,265.6 bn recorded in the corresponding period of 2021.
During the first seven months of 2022, tea production decreased in comparison to the corresponding period of the previous year due to the unavailability of required fertilisers. Rubber production also decreased due to the combined result of adverse weather conditions in rubber growing areas, the spread of fungal disease and fertiliser shortages. However, coconut production increased considerably due to the lagged effect of favourable weather conditions that prevailed throughout 2021.
NCPI based headline inflation (Y-o-Y) increased to 66.7 per cent in July 2022 from 58.9 per cent in June 2022 due to increases of prices of items in both food and non-food categories. Meanwhile, food inflation (Y-o-Y) and non-food inflation (Y-o-Y) recorded at 82.5 per cent and 52.4 per cent, respectively, in July 2022. Furthermore, the NCPI measured on an annual average basis, increased to 25.9 per cent in July 2022 from 20.8 per cent in June 2022.By 26th August 2022, the All Share Price Index (ASPI) decreased by 2.03 per cent to 8,793.39 points and the S&P SL 20 Index decreased by 3.38 per cent to 2,863.75 points, compared to the index values of last week.
During the period under review (20.08.2022 to 26.08.2022), crude oil prices largely showed an increasing trend. Prices increased mainly due to Saudi Arabia’s warning that OPEC could cut output to correct the recent drop in crude oil futures prices. However, prices decreased later due to expectations on possible return of Iranian oil to the global market and on concerns of rising US interest rates. Overall, during the period under review, Brent and WTI prices increased by US dollars 4.92 per barrel and US dollars 3.66 per barrel, respectively.
Weekly AWPR for the week ending 26th August 2022 increased by 8 bps to 25.76 per cent compared to the previous week.During the year up to 26th August 2022, the Sri Lankan rupee depreciated against the US dollar by 44.5 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 40.5 per cent, the Euro by 37.0 per cent, the pound sterling by 36.7 per cent and the Japanese yen by 34.1 per cent during this period.
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
