Colombo (LNW): The Sri Lankan Rupee today (04) indicates somewhat a fluctuation against the US Dollar in comparison to last week as revealed by the official exchange rates list issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 313.93 from last week’s Rs. 314.19, but the selling price has increased to Rs. 326.28 from last week’s Rs. 325.86.
Meanwhile, the Sri Lankan Rupee has also appreciated against several other foreign currencies, including Gulf currencies.
Public Security Minister Tiran Alles springs into action as Cabinet approves visa scheme for key tourism segment
1-year visa at $ 500 and extendable if applicant shows monthly income of $ 2,000
In a proactive move to bolster the tourism sector and attract a new wave of remote workers, the Cabinet of Ministers has given its seal of approval to a range of visa programs, including a novel offering known as the “Digital Nomad Visa” (DNV).
Under the Digital Nomad Visa program, applicants are required to demonstrate a minimum monthly income of $ 2,000, which must be channelled through the Sri Lankan banking system. This visa is renewable annually, subject to certification of the requisite funds. The application fee for the DNV is set at $ 500, and it encompasses the visa holder’s spouse and dependents.
This initiative comes in response to a noticeable shift in people’s attitudes towards online business and the newfound ability to work remotely, anywhere with an internet connection. Several factors have driven this change, including technological advancements, the flexibility of work-life balance, global connectivity, and evolving work cultures.
The breakthrough move was proposed by and secured Cabinet approval by Minister of Public Security Tiran Alles.
Sources said notably, many countries in the region and beyond have introduced DNV to attract a distinct type of tourism. For instance, Germany offers a freelance visa tailored for self-employed individuals. Malaysia has its “DE Rantau Nomad Pass,” which also mandates a monthly income of $ 2,000. New Zealand refers to its visa as a “Working Holiday Visa,” requiring proof of $ 2,700 in funds. Norway’s Digital Nomad Visa spans two years and necessitates a monthly income of $ 3,140. Portugal’s version is initially valid for one year and can be extended up to four years, with a monthly income requirement of $ 2,950. Spain’s Digital Nomad Visa calls for a monthly income of $ 2,215.
Thailand’s Digital Nomad Visa entails an annual income of $ 80,000 and grants a 10-year stay. Additionally, numerous countries, including the United Arab Emirates, Taiwan, Seychelles, Romania, Saint Lucia, Panama, Montserrat, Namibia, Mexico, Mauritius, Malta, Latvia, Iceland, Grenada, and Hungary, have introduced Digital Nomad visas or similar programs to stimulate their tourism sectors by attracting remote workers and digital nomads.
“By promoting these initiatives proactively and effectively, Sri Lanka can position itself as an appealing destination for remote workers, freelancers, and digital nomads, harnessing their economic contributions to bolster its foreign exchange reserves and boost the overall economy,” sources said. “This strategic approach can help the country diversify its revenue streams, reducing its vulnerability to external economic fluctuations and contributing to long-term economic stability,” they added.
Colombo (LNW): The Sri Lankan Rupee (LKR) after a series of appreciations over the past few days once again displays a slight depreciation against the US Dollar at leading commercial banks of the country today (04) in comparison to yesterday.
Accordingly, Peoples Bank reveals that the buying price of the US Dollar has increased to Rs. 312.39 from Rs. 311.42, and the selling price to Rs. 327.07 from Rs. 326.05.
However, at Commercial Bank, the buying price of the US Dollar has dropped to Rs. 312.26 from last week’s Rs. 313.72, and the selling price to Rs. 324.50 from Rs. 326.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 314 from last week’s Rs. 312, and the selling price to Rs. 325 from Rs. 323.
Colombo (LNW): The Chinese energy solution SINOPEC recently joined hands with the government of Sri Lanka will invest in the proposed oil refinery to be established in Hambantota, announced Power and Energy Minister Kanchana Wijesekara, speaking to reporters yesterday (03).
The project proposal in this regard will be submitted within next week, Wijesekara told media, after attending a meeting with the local distributors of SINOPEC and the representatives of the SINOPEC Refinery yesterday.
Treasury recommends that the system to allow SL migrant workers to import electric vehicles on concessionary terms be scrapped as it is not viable: says the Forex remittances gained through the scheme were not adequate and taxes imposed on the imports were insufficient.
Peradeniya University Economics Professor Wasantha Athukorale says the value of pawned Gold has shot up from Rs.250bn to Rs.650bn by the middle of 2023: also says that indicates people are using their savings to meet their daily consumption expenditure.
Finance Ministry says a pledge loan scheme under a concessional interest rate for small and medium scale paddy millers has been implemented from 1st September for paddy purchasing in 2023 Yala Season: also says the move will help to maintain a reasonable price to farmers and strengthen the SME paddy millers.
National Building Research Organisation issues landslide warnings for the districts of Kegalle, Kalutara, Ratnapura and Galle.
State Ministers complain to President Ranil Wickremesinghe that they have no functions to discharge due to their Ministerial colleagues usurping them: also complain that they have not been issued with good vehicles or other facilities they are entitled to.
Exporters to be required to pay VAT upfront and claim their respective taxed funds after proceeds are brought back and declared in the country, according to a proposed Bill: the new law will replace the existing Simplified Value Added Tax (S-VAT) scheme whereby the state bears the tax cost temporarily until the proceeds are declared voluntarily by the exporter: the new Bill is a part of the IMF programme which the Ceylon Chamber of Commerce has strongly supported.
Sources close to MP Nimal Lanza says dissident SLPP MP Anura Priyadarshana Yapa is set to head a new Alliance initiated by MP Lanza: the proposal to hand over all responsibilities to MP Yapa including the power of carry out discussions with various parties was made by MP Lanza and Minister Susil Premajayanth.
Former President Maithripala Sirisena says there could be a “Maithri era” once again, and that the SLPP is no match for the SLFP: Sirisena has already declared himself a Candidate at the next Presidential election which is due in less than an year.
Central Bank’s Weekly Indicators show that credit to Govt from the banking system had increased by an alarming Rs. 288bn in July’23: analysts express grave concern about this development in the light of the unilateral debt default and huge increase in tax rates.
Schools Rugby League Champions St. Peter’s College beat St. Joseph’s College by 16-11 in the 2nd semi-final of the Schools Rugby President’s Trophy Knock-out Tournament: accordingly, St. Peter’s College will meet Isipathana College in the final.
Colombo (LNW): Janatha Vimukthi Peramuna (JVP) former Provincial Council member of the Central Province Michael Ecculas De Silva was killed by electrocution as he trampled on a live wire laid by him to protect his vegetable farm.
Father to one child, Silva, 62 and a resident of Shanthapura, Nuwara Eliya, was nominated in 2023 to contest the upcoming Local Government Election for the Nuwara Eliya Pradeshiya Sabha from the National Peoples’ Power (NPP) and served as the Pradeshiya Sabha team leader. Silva also served as an Executive member of the Party.
The ex JVP Provincial Council member had also been the Principal of a government school before leaving his job to politics. Following separation from his wife, Silva had been living alone in the house. His son had gone abroad.
The live wire that ended up in Silva’s demise had directly been connected to the main switch of the house, Police said, and the officers who arrived at the scene recovered the body on Saturday evening (02).
Investigations determine that Silva may have been electrocuted resulting in his death on the morning of Saturday.
The accident site was visited by Nuwara Eliya Acting Magistrate Jayamini Ambagahawatta, and preliminary magisterial inquiry was held yesterday (03) morning. The body was referred to the Judicial Medical Officer (JMO) of the Nuwara Eliya General Hospital expecting an autopsy report as per the order of the Magistrate.
The Nuwara Eliya Police are conducting further investigations.
Meanwhile, the funeral rites of Mr. Silva will be performed at the public cemetery in Shanthipura Kalapura tomorrow (05).
Colombo (LNW): Former Governor of the Central Bank of Sri Lanka (CBSL) Dr. Indrajit Coomaraswamy highlighted the macro-economic stress as the main reason for the regression in Sri Lanka’s socio-economic indicators during the past 75 years of the country.
Addressing a virtual event to launch the policy report ‘Understanding Multidimensional Vulnerabilities: Impact on People of Sri Lanka’ prepared by the UNDP, he welcomed efforts taken to address interference on the work of the Central Bank via the passing of the New Central Bank Act.
“I am not talking about the last 5, 6 or 10 years. Over the last 75 years we have regressed. And the main source for this regression has been macro-economic stress in my view.”
Commenting further, Dr. Coomaraswamy emphasized that the main cause for these macro-economic issues has been the government’s fiscal operation, adding that the negative effects of that has been amplified by fiscal dominance in monetary policy.
“They have been interference in the work of the CBSL from time to time”, he stressed.However, he also mentioned that he is pleased to see the new Central Bank of Sri Lanka Act and the tight fiscal operations currently underway within the country.
Meanwhile, the former CBSL chief alleged that in the past, nobody has taken interest on macro-economic issues, except to complain.
“All are complaining on the depreciated exchange rates, higher interest rates and the increasing inflation”, he said, adding that “nobody asks the question as to why this is happening”.
This is another part of the governance failure. It’s not the governance failure only on the politicians but the entire country. Nobody takes enough interest in these issues.”
Furthermore, Dr. Coomaraswamy claimed that all the depreciated exchange rates, higher interest rates and increasing inflation are symptoms only, mentioning that all the people have to look at the causes of these issues and exert pressure for those causes to be addressed.
Sri Lanka faces an economic crisis partly resulting from its twin deficit economy. A twin economy indicates that its domestic expenditure exceeds its national income, making it prone to external debt and reliance on foreign capital flows
The Government has, for several years, acquired multiple loans from other countries and international organisations to finance the provision of public services.
Several issues have also been hitting tourism in the country. Initially, a series of extremist attacks on churches and hotels started affecting the industry (which accounted for 5.6% of the country’s gross domestic product).
The COVID-19 pandemic, which prevented travel, followed in 2020. Finally in 2022 came the war between Russia and Ukraine, two of the countries that accounted for the majority of tourists in the country
Sri Lankan Government also introduced a fertiliser ban that significantly reduced the production of rice and tea, two of its main export products.
Colombo (LNW): The fortified warehouse of the Old Dutch fort referred to as a Dutch prison functions today as the Maritime Museum of Colombo Ports Authority is set be demolished making way for the construction of the Port Access Elevated Highway (PAEH), informed sources divulged.
This only surviving Dutch period building within the port premises which has been constructed in 1676 will become a victim of Colombo Port City being built by reclaiming sea area of 269 ha (660 acres) adjacent to the Galle Face Green In Colombo.
The project cost was slated to be US$ 15 billion and it is part of China’s Belt and Road initiative and the reclamation was carried out by China Harbor Engineering Corporation.
The Sri Lanka Ports Authority Maritime Museum was officially established in August 2003. The museum displays various historical items related to the ports of the country, its maritime industry and the ocean around Sri Lanka.
One can also witness various Sculptures of King Vijaya and many other characters. There are other artworks and models on display symbolizing the equipment used in Port operation as well as the timely and orderly development of the Colombo Port.
The Urban Development Authority (UDA) will carry out the demolition of the iconic Dutch era-building, defying impassioned appeals for it to be preserved as a historical monument by All Ceylon General Ports Emplyees Union.
The Archaeology Department has given its consent on August 15 to Urban Development Authority to demolish this over 350 year old building with a length of 217 feet and a width of 93 feeet, the union said.
This attempt of historical damage has been brought to the notice of Cultural Affairs Minister Vidura Wickremanayake in writing urging immediate action to preserve Dutch era building with immense archaeological value.
The Minister of Transport, Highways and Mass Media, Bandula Gunawardena, says that the construction of the Port Access Elevated Highway (PAEH) will be completed by September 2024.
Minister further added that an expenditure of US$ 60.2 million will have to be incurred by the government to conclude the entire project.
The Colombo Port Access Elevated Highway Project implemented under the Asian Development Bank assistance constructs a 5.27 kilometer long road connecting the New Kelani Bridge to the Colombo Port. The four-lane highway is 25 meters wide.
PAEH that will connect to the New Kelani Bridge at the Ingurukade intersection and from there onward to the Colombo Port City, will be connected by 22 bridges which will be built entirely on pillars.
The estimated investment for that is 360.2 million US dollars, for which the Asian Development Bank will provide a concessional loan amount of 300 million dollars and the Sri Lankan government will provide the remaining amount of 60.2 million dollars.
Since the New Kelani Bridge will directly connect to the Colombo-Katunayake Expressway on the north side and extend to the Orugodawatta intersection on the south side, connecting it with the PAEH is expected to allow travel to the outskirts of Colombo without much congestion.
