The Governor of the Central Bank of Sri Lanka, Dr. Indrajit Coomaraswamy said yesterday he was optimistic that pressure on Sri Lanka’s external trade account and the exchange rate will ease following the government’s recent fiscal policy decisions to contain imports of vehicles and gold.In April this year, the government re-imposed a 15 percent tax on gold after a five-year hiatus while a tax hike on smaller cars was announced last week to arrest the sharp spike in imports.
Excise duty hike on small cars was aimed at curtailing the ever increasing imports of 1000 cc or less engine capacity cars and easing the pressure on balance of payments and trade deficit as well as preventing the outflow of foreign exchange, the Central Bank announced on Friday.
Central Bank Governor Dr. Indrajith Coomaraswamy said he expressed concerns at the most recent monthly meeting with Bank Chief Executive Officers (CEOs) that the bank deposit and lending rates need to come down. The Governor made this comment at a press conference at the Central Bank auditorium yesterday.
When the number of academics in a country increases, answers to a range of issues in the areas of economic, social and political could be found easily, said President Maithripala Sirisena. The government has commenced a massive transformation in the education sector to build the children of the country as an educated generation, who are ready to take the future of the country.
He made these remarks participating in the Annual Prize Giving Ceremony of the Anuradhapura Swarnapali Balika Vidyalaya, today (03). Addressing the students, the President further said that civilization and discipline in man are produced through education. The President also emphasized that the Government is committed to provide every possible facility for the education sector.
The 142 year long journey of the Anuradhapura Swarnapali Balika Vidyalaya with a long history commencing in 1876, was also appreciated by the President. The students of the school warmly received the President when he arrived at the school. President Sirisena presented certificates and prizes to the students who showed outstanding performance at the schoo
Sri Lanka's Central Bank releasing the monetary policy review on Friday said based on the current developments and outlook for key macroeconomic variables, the Monetary Board of the Central Bank was of the view that the continuation of the current monetary stance is appropriate.Accordingly, the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) remain at 7.25 percent and 8.50 percent, respectively, while the Statutory Reserve Ratio remains at 7.50 percent.
The Ministry of Agriculture has decided to provide a fertilizer subsidy of Rs. 18,000 per hectare for the farmers using organic fertilizer for their cultivations. Minister of Agriculture Mahinda Amaraweera has taken this decision in order to encourage the farmers using organic fertilizer and accordingly, has given necessary instructions to the officials to proceed with the measure.
Everyone should get-together to the make the Singapore - Sri Lanka Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP) a success, irrespective of political differences without spreading unfounded fears, National Policies and Economic Affairs State Minister Dr. Harsha de Silva said yesterday.
The Finance Ministry announced the increase on excise duty on cigarettes by Rs.3.80 per stick with effect from midnight yesterday, the Finance Ministry said. The duty on the cigarettes would be determined according to their length, the source said.Prices of cigarettes which are 72 mm and 84mm long would be increased.
The Petroleum Resources Development Secretariat (PRDS) has prepared an initial draft of the ‘National Policy on Natural Gas’ as the Government moves to commercialize already discovered gas deposits in the Mannar basin through International Competitive Bidding.
Construction work on the last stage of the Outer Circular Highway (OCH), the expressway around Sri Lanka capital that connects the Southern Expressway to the Colombo-Katunayake Expressway, is about 65 percent complete, according to the Road Development Authority (RDA).
The 29.5-kilometer OCH starts from Kerawalapitiya along the Colombo - Katunayake Expressway to link Southern Expressway crossing A-4 highway at Kottawa and the main A-1 Colombo-Kandy highway at Kadawatha.