Business
Inflation will be down to single digits before year’s end – CBSL Governor
By Hiran H. Senewiratne
Sri Lanka’s inflation level will come down to single digits of between 4 to 6 percent before the end of the year. Consequently, food inflation and non-food inflation will gradually decline from next month, Central Bank Governor Dr Nanadalal Weerasinghe said.
“The Monetary Board noted that the disinflation trend is continuing, with headline inflation reaching single digit levels and domestic economic activity is expected to recover in the second half of 2023 and gradually reach a potential level of economic growth over the medium term, Dr Weerasinghe told the monthly monetary policy review meeting yesterday, held at the Central Bank auditorium, Colombo.
Dr. Weerasinghe added: ‘However, the impact of weather disruptions and modest external demand conditions could weigh on expected growth in the near term.We have decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 11.00 per cent and 12.00 per cent, respectively.
We arrived at this decision following a careful analysis of current and expected developments in the domestic as well as global economy, while noting significant easing of monetary conditions since June 2023.
The external sector remains resilient, allowing a gradual relaxation of balance of payments restrictions. The trade deficit decreased notably during the seven months ending July 2023, with a significant decrease in merchandise imports.
We have decided to adopt targeted administrative measures to reduce specific lending interest rates that are considered to be excessive and direct licensed banks to reduce overall rupee lending interest rates by an appropriate margin in the period ahead.Accordingly, policy interest rates are maintained at their current levels, while measures are introduced to accelerate the reduction of market lending interest rates.
The Monetary Board took note of the downward adjustment of market interest rates in response to monetary policy easing measures implemented thus far and realize the need to allow space for further adjustment of market interest rates swiftly.
However, the Board observed that market interest rates of certain lending products remain excessive and are not in line with the current monetary policy stance.Moreover, the Board anticipates a faster reduction in overall market lending interest rates in line with the recent monetary policy easing measures.
The government has almost met the quantitative targets when it comes to the Domestic Debt Restructuring process recommend by the IMF but there is a slight delay in structural reforms but those issues will be resolved on time.The IMF delegation is due to come to Sri Lanka in September to assess the issue.
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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