Business
Restore law and order ASAP: CBSL Governor tells President and parliament
Says will not hesitate to resign otherwise
By Sanath Nanayakkare
Central Bank Govenor Dr. Nandalal Weerasinghe told reporters in Colombo yesterday that the Executive President and the 225 MPs must work together to form a stable government that would pave the way for restoring law and order and peace in the country, so that the Central Bank can properly carry out the activities it has started in collaboration with the Treasury and the Ministry of Finance.
He warned that he would resign as Governor of the Central Bank if elected representatives of the people who should bear more responsibility for the wellbeing of the people than the Central Bank excruciatingly dilly dally in bringing political stability to the country.
He went on to say that he didn’t see anything productive coming out of the august assembly of parliament in the last two weeks other than debates irrelevant to the current political and economic crises.
“If political stability is not achieved as soon as possible, the economic revival would not be achieved only with Central Bank policy actions. To tackle issues on the fiscal side and advance our talks with IMF beyond technical level negotiations, the country needs to show to the world a functioning Executive, a robust Cabinet and a progressive parliament where necessary reforms can be formulated and democratically active institutions through which correct policies can be implemented,” he said.
The Central Bank chief condemned the attacks on peaceful protestors and the events that followed, including setting houses on fire, shootings, and looting.
“When a country is facing such a situation, economic revival is impossible,” he said noting that the situation would not help Sri Lanka rise economically. When I assumed office a month ago, there were signs of instability, but I expected them to dissipate with the right approach by the authorities and the people for solving them. As a result of the policy actions taken by the Central Bank and the Ministry of Finance the situation was starting to get better as people still had access to essential commodities, fuel and LP gas albeit with some inconvenience. However, if this situation of inactivity continues, there will be 10-12 hour power cuts and deeper shortages of essential items and also our talks with the IMF would be at risk, and therefore, I urge the President and the 225 MPs to arrive at an amicable settlement soon and create the right environment where we can address the issues at hand without any delay, ” he emphasized.
The Governor explained a number of measures the CBSL has taken to boost foreign liquidity in the banks that would help in financing critical imports to the country. He described how exporters can collaborate with commercial banks to prevent foreign exchange volatility and how their support will in turn help them to run their businesses smoothly without any shortages of raw materials and electricity.
“We are all in it together and we must all come out of it together without seeking personal advantages. The CBSL will soon introduce guidelines to the interbank daily operations to prevent the manipulation of the exchange rate by the informal money market,” 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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
