Business
Govt has not lost sight of senior citizen FD rates:State Minister
By Sanath Nanayakkare
Minister of State for Finance Shehan Semasinghe said on Monday that the government is aware of the low deposit interest rate senior citizens are earning on their savings as the policy rates are taking a downward trajectory amid declining inflation and expanded economic activity.
He, however, said that interest rate relief cannot be given to senior citizens right now because of the tight fiscal conditions of the government.
“Once the revenue of the government increases and the budget deficit is controlled within our targets, we should be able to look at an alternative option in this regard. But it is still too early to give a timeline for this,” he said.
The state minister made the following comment during a political chat show on Hiru TV responding to a query.
“In 2022, Sri Lanka underwent an economic contraction of almost 10% followed by six persistent quarters of contraction – all four quarters in 2022 and two quarters in 2023. We recorded growth of 1.6% and 4.6% in the third and fourth quarters of 2023 respectively. The benefit of these economic indicators is flowing down to the people. It would be better if people could accrue more benefit from this situation. Anyway, we are doing our best to ensure that happens. This endeavor will take more time. Let’s now look at the interest rate scenario. Just a few months ago, there was a lot of uproar about high lending rates because it went up to 25%- 30%. Taking out startup or business expansion loans were shunned by the people because of that and driving the economy through commercial activity had come to a halt. At that time, depositors received high yields. Now, with the economy reviving and with inflation expectations well-anchored, the interest rates are behaving in a corresponding manner. With the monetary policy decisions and expansion in economic activity, the interest rates are adjusting downwards and the government can’t interfere with it and artificially increase the deposit interest rates. Some politicians take up this issue and shout from the rooftop that senior citizens who depend on their savings can’t live on the current low deposit rates. They do that to gain political mileage. Those who were vociferous about high lending rates in the immediate past have done a complete roundabout and clamour against low yields received by senior citizens on their lifetime savings.”
“As a responsible government, we can’t implement what is said by the Opposition on election platforms and put the country at risk. We need to make sure how our senior citizens can be helped in a sustainable manner. For this, we need our macro economy to be in a robust manner. We are working on it on several fronts while the economy is in recovery mode. Once we can be sure that the State’s financial conditions are in right shape, we will consider an alternative option for this,” he said.
Semasinghe said that the ban imposed on the importation of vehicles for personal use will remain till the end of this year.
According to the minister there are no plans yet to reduce the PAYEE tax.
“If we implement non-pragmatic proposals preached by Opposition politicians from the election platforms, the country will get bogged down in another economic crisis soon,” 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.”
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