Business
Inflation increased to 14% in December 2021
NCPI based headline inflation (Y-o-Y) increased to 14.0 per cent in December 2021 from 11.1 per cent in November 2021 due to increases of prices of items in both Food and Non-food categories. Meanwhile, Food inflation (Y-o-Y) and Non-food inflation (Y-o-Y) recorded at 21.5 per cent and 7.6 per cent, respectively, in December 2021, according to the weekly economic indicators of the Central Bank.
The report further said: Furthermore, the NCPI measured on an annual average basis, increased to 7.0 per cent in December 2021 from 6.2 per cent in November 2021.
Sustaining the expansion on a M-o-M basis, the Purchasing Managers’ Indices for both Manufacturing and Services activities increased in December 2021, recording 58.1 and 62.4 index values, respectively.
During the period under review (15.01.2022 to 21.01.2022), crude oil prices showed a mixed performance. The crude oil prices increased to 7-year highs at the beginning of the week as investors were concerned that geopolitical tensions involving major oil producers could worsen the already tight supply outlook. However, prices declined later on data that there was a significant weekly buildup of gasoline inventories in US and on the White House’s statement that there are ‘tools continue to
remain on the table’ to address the commodity price surge. Overall, Brent prices decreased by US dollars 0.92 while WTI prices increased by US dollars 2.33 per barrel, during the period.
On 20th January 2022, the Central Bank decided to increase its Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 bps each, to 5.50 per cent and 6.50 per cent, respectively. The Bank Rate, which is linked to the SLFR with a margin of +300 bps, automatically adjusted to 9.50 per cent.
Weekly AWPR for the week ending 21st January 2022 increased by 7 bps to 8.65 per cent compared to the previous week.
The reserve money increased compared to the previous week mainly due to the increase in currency in circulation.
The total outstanding market liquidity was a deficit of Rs. 543.367 bn by the end of this week, compared to a deficit of Rs. 459.932 bn by the end of last week.
By 21st January 2022, the All Share Price Index (ASPI) increased by 0.25 per cent to 13,371.61 points and the S&P SL 20 Index increased by 1.10 per cent to 4,604.99 points, compared to the index values of last week.
During the period from January to October 2021, government revenue increased to Rs. 1,154.8 bn compared to Rs. 1,133.6 bn recorded in the corresponding period of 2020.
During the period from January to October 2021, overall budget deficit increased to Rs. 1,575.2 bn compared to Rs. 1,317.2 bn recorded in the corresponding period of the previous year.
During the ten months ending October 2021, total expenditure and net lending increased to Rs. 2,731.7 bn compared to Rs. 2,453.7 bn recorded in the corresponding period of 2020.
During the period from January to October 2021, domestic financing increased to Rs. 1,717.4 bn compared to Rs. 1,669.4 bn in the corresponding period of 2020. Foreign financing recorded a net repayment of Rs. 142.2 bn during the period from January to October 2021 compared to a net repayment of Rs. 352.2 bn recorded in the corresponding period of 2020.
Outstanding central government debt increased to Rs. 17,343.9 bn by end October 2021 from Rs. 15,117.2 bn as at end 2020.
Since end 2020, total outstanding domestic debt increased by 19.4 per cent to Rs. 10,827.5 bn, and the rupee value of total outstanding foreign debt increased by 6.6 per cent to Rs. 6,516.4 bn by end October 2021.
During the year up to 21st January 2022, the Sri Lankan rupee depreciated against the US dollar by 1.1 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Japanese yen by 2.2 per cent, the
pound sterling by 1.8 per cent, the Euro by 1.1 per cent and the Indian rupee by 1.1 per cent during this period.
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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