Business
‘Foreign exchange market remains volatile despite helping hand from China’
by Sanath Nanayakkare
Sri Lanka’s foreign exchange market has been volatile even after China has generously extended its helping hand to Sri Lanka with a US$ 500 million loan recently, market participants said yesterday.
This US dollar infusion by China through a loan which pushed down the spot rate of the US dollar to around 190 levels as the markets opened this week. Later we saw the US dollar getting quoted around 198/205 levels despite the state banks selling around $ 65 million on 19 April, in addition to doing the same late last week,” they said.
However, Central Bank yesterday quoted USD/LKR spot buy rate at Rs.195.10 with sell rate at Rs.200.90.
According to Economy Next financial news website Sri Lanka rupee was quoted at 203/208 in the one month forward contracts yesterday though spot market trading had not been active. And in later trade the rupee was quoted around 198/205 levels, it said.
Given the uncertainty, the spread between the banks’ buying and selling rate of the US dollar has varied adding confusion to the market, they said.
Meanwhile following state banks and private commercial banks had announced their currency notes encasement and selling rate as follows.
Samagi Jana Balawegaya (SJB) MP Dr. Harsha de Silva said on April 20 that businesses were confused as commercial banks quoted different rates for the US dollar.De Silva told the parliament that despite State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal tweeting on Monday that the rupee had appreciated, the market behaviour proved otherwise.”When the market opened on April 20, the rupee was 192, but by 3:21 p.m. HNB quoted Rs. 208, Commercial Bank quoted Rs. 206 and state-owned People’s Bank quoted Rs. 206.50. This goes into history of Sri Lanka as an era where rupee depreciated drastically,” Dr. de Silva said.
Meanwhile, Minister of Trade Bandula Gunawardena said in parliament on April 20 that the country is in a debt trap as the previous government’s two finance ministers raised money for financing government programmes, paying down old debt, paying interest on debt and other government spending needs in an irresponsible way.
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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