Business
I came to serve the people and not any politician – CBSL Governor
By Hiran H.Senewiratne
“My intention is to maintain the Central Bank as a highly independent institution that could take decisions without any political interference and to also get the support of multi-lateral agencies in Sri Lanka’s efforts to overcome its economic difficulties. I came to serve the people and not any politician, newly appointed Central Bank Governor Dr. Nandalal Weerasinghe said at his first media briefing held at the Central Bank Head Office in Colombo after assuming duties last Friday.
The CBSL Governor said a virtual meeting had been requested for April 11 with the IMF. The Letter of Intent to the IMF is to be presented later, he said.
Dr. Weerasinghe said that he can’t reverse what has happened but will use all his experience, including his exposure to multi-lateral partners, such as IMF and World Bank, to serve the people.
Weerasinghe added: “I want to run the Central Bank independently without any external influence and I have been given the authority to do so by the President. I have been asked by him to expedite measures to get the country out of the current crisis.
‘Overcoming the crisis was not something that could be done overnight and would take some time, but political and social stability is essential to overcome the present crisis.
‘I would be taking a number of correct decisions without any political interference. I also pledge to work with transparency and truthfulness. I would not be hiding anything from the public and I hope to work independently.
‘The Monetary Board of the Central Bank of Sri Lanka has decided to increase policy interest rates by 7% to offset the imbalance in the country’s financial system. This is the first time in Sri Lanka that the interest rate has been raised so high.
‘The new rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible.
“We want to give a firm signal. We are serious in what we are doing and we are independent in what we are doing. We took the necessary and sufficient actions today immediately to address the situation. With this measure I expect to see some stability in the market and a positive reaction from it from Monday when it opens.
‘We met with the bankers soon after assuming duties and gave them a clear message that we will be very transparent in dealing with them. We will be open, transparent and truthful and we need their full support. I want to be very clear that this message is not one of blind positivity.
“Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the brakes to this vehicle before it crashes.
‘It won’t turn around immediately. The situation could get worse and take weeks or months. But the turnaround will happen at some point. I am very confident that we can turn it around but the necessary conditions for it are not only the economic policies but also the two key components; political stability and social stability.
‘What we expect is a stable government, evolved democratically and constitutionally, and the social unrest at present should come down sooner so that people can get into normal activity so that their actions will be much more effective.’
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
