Business
Use of unauthorized money remittance schemes costing SL USD 2 billion annually
By Hiran H.Senewiratne
Sri Lankans remit around US $ 7.5 billion annually to Sri Lanka but due to some of them channeling these remittances through unauthorized money schemes, Sri Lanka loses US$ 2 billion of these funds. “This is the reason why the Central Bank introduced ‘SL Remit’, CBSL Governor Ajith Nivard Cabraal said.
“SL Remit is a very cost-effective App for Sri Lankan expats and increases remittances to the USD 9 billion mark, Governor Cabraal said at the launch of the new App.
The Payments and Settlements Department of the Central Bank of Sri Lanka organized the launch of the Lanka Remit National Remittance Mobile App yesterday at the Atrium, located at the CBSL, Head Office building, Colombo 01.
Cabraal added: “We do not see our remittances as being threatened; alternative methods are being adopted to remedy the issue. The Central Bank together with the banking industry had felt the magnitude of this situation. And the government has made a total commitment to stem the situation.
“We were able to set up a new scheme to address this problem. I am confident as we go on, we will be able to take the necessary steps as an industry to respond to this situation.
“Around USD 60 billion worth transactions take place at the official rate of exchange and imports amounting to nearly USD 20 billion take place at that rate; exports of about USD 20-30 billion occur at that rate as well and remittances of around USD 5.5-6 billion are sent at the same rate.
“Export of services take place at the identical rate. The government and private sector transactions, which include taking loans, paying back loans, take place at that rate. This whole host of transactions of around USD 60 billion for a year takes place at this official rate of exchange.
“However, there is a certain number of transactions that take place outside that exchange rate as well. If those transactions were to be given an estimate, it would be in the region of about USD 1-1.5 billion. Sometimes we are confronted with this contention that the exchange rate is the gray market exchange rate and therefore we should transfer all other transactions that take place to that exchange rate. That’s a fallacy which I think also needs to be addressed.”
Minister of Youth and Sports, Development Coordination and Monitoring and State Minister of Digital Technology and Enterprise Development Namal Rajapaksa said that the government has laid the foundation to digitalize the entirety of Sri Lanka.
Rajapaksa said that though Sri Lanka has a high usage of Facebook and other social media accounts and high use of smartphones, the adaptation to using money transfers via these channels was unfortunately low. While the world is bracing to digitalize payment methods, most Sri Lankans still prefer the traditional way of paying from cash, he added.
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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