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Business News

The Monetary Board of the Central Bank of Sri Lanka decides to take regulatory actions in view of the weak financial performances of ETI Finance and Swarnamahal Financial Services

The Monetary Board of the Central Bank of Sri Lanka, having considered the weak financial performances of ETI Finance and Swarnamahal Financial Services, decided to take regulatory actions, as a temporary measure, under the provisions of the Finance Business Act No. 42 of 2011, with immediate effect.
This is in a bid to safeguard the interests of the depositors and other creditors of the two companies and to ensure safety and soundness of the financial system
The measures taken are;
1. The appointing of a panel to manage the affairs of both companies.
2. Restricting the withdrawal of maturing deposits and renewing such deposits for a period of six months.
and
3. The Payment of interest due for deposits, as per agreed terms and conditions.
In the meantime, the companies can finalize their negotiations with prospective investors. The Central Bank will facilitate suitable investors as per the applicable laws and regulations. The depositors of the above two companies are further informed that the Central Bank is taking further measures and is closely monitoring the operations of the companies to protect the rights of the depositors. Therefore, the depositors are kindly requested to co-operate with the Central Bank in its effort to ensure the stability of the two companies.

2500 million rupees has been released to grant the fertilizer subsidy to the farmers in the country

 

President Maithripala Sirisena says that 2500 million rupees has been released to grant the fertilizer subsidy to the farmers in the country. He added that the decision was made after that information he received that the funds were not received to the farmers. The Central Bank has made arrangements to transfer funds for the accounts of the respective farmers. The president made these remarks at a meeting held in Bendiwewa, Polonnaruwa.

The external sector of the economy exhibited a significant improvement in October 2017.

The Central Bank says the external sector of the economy exhibited a significant improvement in October 2017. A notable decline was observed in the trade deficit and inflows to the financial account of the Balance of Payment. Higher export earnings recorded a double digit growth for the fourth consecutive month. A deceleration in import expenditure assisted in a significant year-on-year decline in the trade deficit in October.

A maximum retail price has been imposed for the sale of local and imported Nadu Rice.

The Consumer Affairs Authority has imposed a maximum retail price for the sale of local and imported Nadu Rice. Accordingly, a kilo of this rice variety cannot be sold over 74 rupees per kilo. An extra ordinal gazette notification has been issued yesterday in this regard.

Essential commodities at subsidized prices from Sathosa outlets.

Essential commodities can be purchased for subsidized prices from Sathosa outlets during this festive season.
Thereby, a kilo of imported white rice will be sold for 62 rupees. A kilo of locally produced red rice will be priced at 73 rupees. A kilo of imported samba can be purchased at 71 rupees while a kilo of locally produced samba can be purchased at 82 rupees. A kilo of imported nadu rice will be priced at 70 rupees.
A kilo of bombe onions will be priced at 135 rupees while a kilo of potatoes will be 139 rupees.
A kilo of red dhal will be sold at 124 rupees. A kilo of white sugar is 100 rupees. Canned fish weighing 425 grams will be priced at 127 rupees. Consumers can purchase these items from other supermarkets for these or similar prices.

The demand for local handlooms is on the increase.

The demand for local handlooms is on the increase in local and foreign markets particularly from India and the western countries. Director Mrs. J. Krishnamoorthy of the textile department says that the department is introducing new technology and new markets for handloom manufacturers.

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The prices of medicines could be reduced again if the rupee appreciates

 

Health Minister Rajitha Senaratne says the prices of medicines could be reduced again if the Sri Lanka rupee appreciates against the US dollar. He said at the opening of a Lanka Sathosa outlet at Payagala that the five per cent increase in the prices would remain in force for one year duration only.

Constructions of the Bentara-Dedduwa tourism zone will commence next year

 

Minister Gayantha Karunathilake says the construction work of the Dedduwa tourism zone will begin in March next year. Bids will be called from international investors to start ventures in this zone. This is considered as the Sri Lanka’s biggest tourism construction project so far. The Dedduwa project will focus heavily on conservation of the natural eco-system and new laws will be formulated to protect the environment in the area, during construction.

The government has a plan to convert this 1800-acre area into the best tourism destination in South Asia. The project will further enhance the natural beauty of the area.
The government will carry out this significant tourism development project in collaboration with the private sector.

The government is to continue its programme to provide essential food items at the reduced rates

 

The government is to continue its programme to provide essential food items at the reduced rates. Acting Chairman of the Lanka SATHOSA Mohammed Rizvan Hamin says that 7 essential commodities including rice, dhal and sugar are being sold at the reduced price at present. These items will be made available at the reduced rates even after the festive season.

In addition, more varieties of food items are being sold at lower and concessionary prices. Meanwhile, a special teams have been deployed to nab errant traders who sell food items at higher rates and selling substandard items. Lanka SATHOSA is to maintain 300 SATHOSA outlets islandwide. Several more outlets will be opened for the public from today.

A special discussion will be held in Russia regarding the removal of temporary ban imposed of Sri Lankan tea

 

A special discussion will be held in Russia on Wednesday regarding the removal of temporary ban imposed of Sri Lankan tea. Commissioner of Sri Lanka tea Board Jayantha Edirisinghe told the SLBC that a delegation headed by him-self will leave the country tomorrow to Russia for this discussion. He added that it is a good sign that Russia has given an opportunity to discuss this matter. Sri Lanka expects to remove the temporary ban by 15th of January.
Meanwhile, the Chairman of the Sri Lanka Tea Board Rohan Pethiyagoda told the SLBC that the price for the Sri Lanka Tea has not been changed at the International Tea Auction held early this week. The said Beetle at the stock of Sri Lankan tea exported to Russia has not reported from Sri Lanka. The Agricultural department has directed a full report regarding this incident to Russia. Sri Lanka export tea to 140 countries. 300 million kilograms are exported annually. The highest buyers of Sri Lankan tea are Russia and Iran. He said the contribution to the national income by exporting tea during this year has exceeded 240 billion rupees.

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