Business
Fuel price revision and electricity tariff hike among eight measures proposed by CBSL
By Hiran H.Senewiratne
Sri Lanka’s inflation level is very high and has exceeded the 13- year single- digit inflation level this year and is now more than 25 per cent. The Central Bank is quite keen on addressing this issue. Revising fuel prices and increasing electricity tariffs are among eight policy measures the CBSL has proposed to the government to enable the country to face the current economic challenges, Central Bank Governor Ajith Nivard Cabraal said.
” High food inflation of around more than 25 per cent and co-inflation have concerned the Central Bank in a major way and it has now introduced/recommended eight policy measures to the government to further tighten monetary policy to face these economic challenges, the Central Bank Governor told the media at the second monthly monetary policy review meeting for this year yesterday. The event was held at the Central Bank auditorium in Colombo.
Besides revising fuel prices and increasing electricity tariffs, the other policy measures in focus are; discourage supply of non- essential and non- urgent goods, incentivize foreign remittance inward funds, energy conservation, promote renewable energy, impose taxes to increase government revenue, mobilize foreign financing and non- debt inflow, monetizing non- strategic and under- utilized assets and postponing non- essential and non- urgent projects for the time being.
“These eight policy measures are much similar to the IMF recommendations, which sometimes could be worse than our recommendations, Governor Cabraal said.
Cabraal added: “It has been decided to increase both the deposit rate and the lending rate by 100 basis points each after carefully considering the current and expected macroeconomic developments both globally and domestically.
“The Monetary Board of the Central Bank at its meeting held on March 3, 2022, reinforcing its stance adopted in January 2022, has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) to 6.50 per cent and 7.50 per cent respectively. Statutory Reserve Ratio (SRR), meanwhile, remains unchanged at 4.00 per cent.
“It has been decided to revise upwards the caps imposed on interest rates applicable to credit cards to 20 per cent per annum, on pre-arranged temporary overdrafts to 18 per cent per annum and on pawning facilities to 12 per cent per annum. Directions to effect these regulated interest rates will be issued shortly.
“These measures will dampen the possible build-up of underlying demand pressures in the economy, which would, in turn, help ease pressures in the external sector, thus promoting greater macroeconomic stability.
“The Board is of the view that at the same time concerted efforts will need to be urgently taken by the government to complement the efforts taken by the Central Bank to overcome the present economic challenges.
“The CBSL will continue to closely monitor the emerging macroeconomic and financial market developments, both globally and domestically, and will stand ready to take further measures as appropriate with the aim of achieving stability in the fronts of inflation, the external sector and the financial sector, thereby supporting real economic activity on a sustained basis.”
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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