Business
Draft Central Bank Act could be revised to provide for its independence and accountability – CBSL Governor Dr. Nandalal Weerasinghe
By Hiran H. Senewiratne
The draft Central Bank Act could be revised to strengthen its provisions taking into account the independence of the entity, price stability, monetary policy and governance structure of the Central Bank, before the Act is passed in parliament, Central Bank Governor Dr. Nandalal Weerasinghe said.
“Some critics have pointed out the possibility of the proposed Central Bank Act deepening policy confusion involved in money and exchange policy conflicts, giving wide discretion to the Bank to trigger forex shortages, as has happened in the past and as many Third World central banks have done, the Governor said at a public forum at the Centre for Banking Studies, Rajagiriya, last Thursday.
Dr Weerasinghe added, among other things: ‘The Central Bank of Sri Lanka, from its inception more than 72 years ago, has failed to control inflation. This was mainly because the CBSL was wrongly influenced by successive governments to suppress the US dollar rate while not allowing market forces to determine the parity rate of the rupee against the dollar and even interest rates.
‘The proposed Act will promote accountability and the independence of the CBSL, which would enable it to take proper and right decisions for the betterment of the economy, subject to a framework.
‘Besides, bank interest rates were set by governments at their whims and fancies, which was detrimental to the entire economy.
‘The New Act will provide for two boards, namely, the Governing Board and Monetary Policy Board. This new Act will also take steps to control inflation and provide for the adoption of an international standard framework, called the Flexible Inflation Targeting Framework.
“When it comes to accountability, the Central Bank will be accountable to parliament through a sub- committee. That subcommittee will report to parliament. Further, the Central Bank Governor and other top officials will be appointed for a fixed term, which would create consistency in decision-making.
‘The new Act also will also enable the setting-up of a Macro-prudential Authority to regulate the banking system, set up a proper governance system and create proper coordination between the government and the Central Bank.
‘Besides, the Central Bank law should not be drawn-up by the central bank itself.
‘It has to be done in some independent way. This has been done by consulting the Attorney General, legal draftsman and experts. That is how it has been done.
‘When the Act is drafted and it comes to parliament, some shortcomings may be seen in it. We also see some small parts that should be changed.’
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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