Business
Measures in the offing to control informal for-ex reserve transfers out of SL
By Hiran H.Senewiratne
The government will issue a special gazette notification to prevent and control informal foreign exchange reserve transfers out of the country, Central Bank Governor Dr. Nandalal Weerasinghe said.
“At present many persons transfer US dollars and other foreign currencies through informal systems, such as the Undial and Hawala methods, which take large quantities of foreign reserves out of the country. With the introduction of a new gazette notification, only through the banks money/funds could be transferred. If one cannot prove the bank details, those imported items would be confiscated by the authorities, the Governor said.
‘The Department of Import and Export Control has been empowered by the Act to issue such gazette notifications to prevent and control such informal money transfers out of the country. This would enable the rupee to stabilize against the dollar, Dr Weerasinghe told a press conference yesterday at the Central Bank auditorium.
Weerasinghe added: ‘Measures include introducing regulations to encourage USD flows currently being transacted in the informal market to be channeled through the formal banking system. In my view, expenditure on imports will decline further to more sustainable levels with this new gazette notification.
‘While external debt restructuring remains a top priority for the Sri Lankan government, domestic debt in the form of government securities and Sri Lanka Development Bonds will not be restructured.
‘IMF negotiations and implementing sustainable economic policy reforms remain the main priorities.
‘IMF action will continue irrespective of the political landscape and all creditors will be treated equally in the debt-restructuring process. The assistance of the private sector is sought to successfully implement measures to stabilize the economy.
‘There is a need to strengthen the social safety net with the rising cost of living. To this end multilateral agencies, such as the World Bank, will be looking to reallocate funds committed to projects, towards assisting vulnerable segments of the population.
‘Encouraging progress had been made towards establishing a macro-fiscal policy framework and initiating structural reforms. A staff-level agreement with the IMF is likely to be reached within the next two months.
‘Additional measures will be implemented in order to address urgent economic concerns.’
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
