Business
Sri Lanka to maintain healthy reserve position throughout Year 2022
The Central Bank of Sri Lanka (CBSL) said on Wednesday that measures being taken at present would ensure that by end of 2021, official reserves would remain above US dollars 3 billion. Thus the government and the Central Bank remain confident that expected inflows will materialise and the reserve position will remain at comfortable level throughout the year 2022.
The full text of the CBSL statement is as follows.
Despite the headwinds of the economic impact of COVID-19 and challenges posed by adverse developments in the external sector, the Sri Lankan economy showed resilience throughout 2021.
Also, Sri Lanka successfully met its debt obligations by repaying foreign loans, including the payments of the International Sovereign Bonds. Since the beginning of the year both the Central Bank and the Government have been actively pursuing possible avenues to replenish official reserves, with an emphasis on encouraging non-debt flows, so that the existing foreign debt could be managed in a sustainable manner. These efforts were accelerated since October 2021 with the announcement of the Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability, which set out envisaged targets for build up of official reserves in the near term.
As articulated in the Six-Month Road Map, number of foreign exchange inflows are envisaged in the very near term. Major foreign exchange inflows to the Central Bank include SWAP facilities with Middle Eastern and other regional central banks amounting to about US dollars 2.0 billion.
The government is also in the process of securing government to government financing, syndicated loans as well as loans from multilateral organisations. In addition, the expected foreign exchange facilities that were negotiated during the high-level visits abroad made by authorities are also progressing well.
Further, the interventions made by the Central Bank on several facets of the foreign exchange market, such as incentive scheme introduced for workers’ remittances, and the repatriation and conversion requirements on account of exports proceeds will improve the liquidity in the domestic market, thereby enabling the Central Bank to build up official reserves further.
With the recent rise in departures for foreign employment and exponential growth observed in tourist arrivals, the external sector is expected to recover well in the period ahead and the pressures observed at present are expected to moderate with increased inflows to the economy.
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CBSL extends additional incentives for inward workers’ remittances
The Central Bank of Sri Lanka (CBSL), having considered the requests made by Sri Lankans
working abroad, has decided to continue the payment of additional Rs. 8.00 per US dollar for
worker remittances, paid in addition to the incentive of Rs. 2.00 per US dollar under “Incentive Scheme on Inward Workers’ Remittances”, for such workers’ remittances channelled through Licensed Banks and other formal channels and converted into Sri Lankan rupees, until 31.01.2022.
The decision to continue this additional incentive of Rs. 10.00 per US dollar is in response to the favourable developments observed in workers’ remittances so far during December 2021.
Further, CBSL has also decided to bear the transaction cost incurred by Sri Lankans working
abroad up to a defined limit when remitting their money to Sri Lanka through exchange houses and / or banks.
Accordingly, a large segment of Sri Lankans working abroad would now be able to remit their money to Sri Lanka without any charges. The operating instructions in this regard including the date of commencement will be issued by CBSL in due course. -CBSL
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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