August 01, Colombo (LNW): The Sri Lankan Rupee indicates steadiness against the US Dollar today (01) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 296.89 from Rs. 297.14, and the selling price to Rs. 307.54 from Rs. 307.80.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 296.69 from Rs. 296.67, and the selling price remains unchanged at Rs. 306.50.
At Sampath Bank, the buying and selling rates of the US Dollar remain unchanged at Rs. 298 and Rs. 307, respectively.
August 01, Colombo (LNW): The Government is planning to pass a law implementing vehicle import standards to prevent malpractices and irregularities in the current process before removing the present restrictions finance ministry sources said.
The state authorizes are compelled to take this decision in the wake of directives issued by a parliamentary committee on present scheme of importing e-vehicles for foreign expatriate workers.
The gradual increase in dollar reserves and the rise in the value of the rupee will allow the import of vehicles at least by next year, Finance State Minister Ranjith Siyambalapitiya said.
The committee appointed to carry out a comprehensive study to systematically remove restrictions on the import of vehicles has already made its recommendations, he added.
Cabinet of ministers have recently approved the extension of an electrical vehicle import license scheme, for Sri Lankan expatriates, till June 30.
The Chairman of the Committee on Public Finance Dr. Harsha de Silva noted that there is no transparency in the scheme of providing fully electric vehicle licenses to Sri Lankans working abroad.
He issued directive to the Ministry of Finance, the Central Bank, Sri Lanka Customs and the Ministry of Labor and Foreign Employment carryout a full analysis one e-vehicle importation as it appears that there are many issues pertaining to the matter.
Dr de Silva further instructed that a report be submitted within two weeks on this issue. Furthermore, until the analysis is received, it is not possible to give approval to the relevant gazette extending the period of licensing, he added.
Instructions have been given to find out whether foreign remittances, which is the desired objective is received at a significant level through this system.
The committee also stated that through this, vehicles with a tax relief amounting to Rs. 100 million have been imported. It was disclosed that 1,019 licenses have been granted so far and $109.8 million remittances have been received through this.
The officials also said that the value of the licenses granted so far amounts to $46 million, According to Sri Lanka Customs, the Ministry of Foreign Employment has appointed facilitators to import electric vehicles on behalf of migrant workers.
These fraudsters have undervalued the vehicle by registration and deregistration in another country after importing it from the country of manufacture and thereby evade the luxury tax when the vehicle is imported to Sri Lanka.
The President’s Secretary instructs the Public Security Ministry to ensure adequate police personnel for the upcoming Presidential Election following a request from the Election Commission: Concerns arose after a Supreme Court order restrained Deshabandu Tennakoon from acting as IGP: The ministry assured the Election Commission of necessary security measures after discussions with Senior DIG Asanka Karawita.
Opposition Leader Sajith Premadasa raises concerns that the government may be attempting to disrupt the upcoming elections by withholding allowances from Grama Niladhari officers: commends their essential grassroots work and criticises the lack of progress in addressing their pay and service issues: Despite a planned pay increase by the Election Commission for their service at elections, Premadasa doubts its implementation, fearing it could be a tactic to undermine the election process.
The Central Committee of the Sri Lanka Freedom Party (SLFP) declares its support for President Ranil Wickremesinghe in the upcoming presidential election: During a meeting on July 31, the SLFP’s Politburo and Central Committee resolved to back Wickremesinghe, with MP Duminda Dissanayake stating that Wickremesinghe was the only candidate to formally request their support: Additionally, 92 MPs, including Ministers and State Ministers, have recently pledged their backing for Wickremesinghe, despite the Sri Lanka Podujana Peramuna (SLPP) deciding to field their own candidate.
The Election Commission urges presidential candidates to make their cash deposits promptly for the upcoming election: By August 01, six candidates, including Ranil Wickremesinghe, Sarath Keerthirathne, Oshala Herath, ASP Liyanage, Sajith Premadasa and Wijeyadasa Rajapakshe had made their deposits: Nominations close on August 15, with the election scheduled for September 21.
Shantha Weerasinghe, Secretary to the Ministry of Industries, submits the “National Industry Policy” and 2023-2027 strategic plan to boost Sri Lanka’s manufacturing sector: The plan targets increasing the sector’s GDP contribution from 16% to 20% by 2030, enhancing entrepreneurship, and industrial exports: Initiatives include regulatory amendments, online registration, and financial support for SMEs: Revitalised state enterprises and a growing gem and jewellery sector are also key highlights.
In Q124’, Sri Lanka’s insurance sector reported a 7.39% increase in Gross Written Premium (GWP) to Rs. 78,589 mn: Long-Term Insurance GWP grew by 19.26% to Rs. 40,230 mn, whilst General Insurance GWP declined by 2.75% to Rs. 38,358 mn: The sector’s total assets rose by 10.88% to Rs. 1,098,988 mn, with significant growth in PBT by 35.06% to Rs. 12,332 mn.
Controversy sparks as President Ranil Wickremesinghe appoints U.D. Chandana Jayalal as the new Chairman of the Central Environment Authority (CEA), effective 30th July, replacing Venura Fernando without explanation: CEA unions oppose Fernando’s removal, praising his integrity and questioning the timing amidst elections: The matter has been reported to the Election Commission and PAFFREL amidst concerns of political motives.
Public Security Minister Tiran Alles says passport issuance in Sri Lanka will be limited over the next two months as the country prepares to roll out its first e-passports: This adjustment is due to various technical and logistical challenges that need to be addressed before the arrival of e-passports in mid-October: During this period, the immigration department will continue to issue passports for urgent travel needs, maintaining a daily issuance of 1,000 passports: Alles notes historically, only 30% of passports issued were used for travel, with the rest obtained for safekeeping: adds if the e-passport system is not ready by mid-October, the issuance of regular passports will continue.
The Ceylon Petroleum Corporation (CEYPETCO) announces the monthly fuel price revision will not take place in August, and the prices of fuel, therefore, will remain unchanged for the month of August.
Sri Lanka Cricket captain Charith Asalanka expresses disappointment in the team’s batting performance after their 3-0 T20I series defeat to India: Despite strong starts from the openers, the middle order faltered, leading to a series sweep by India: criticises poor shot selection and late-order struggles, though he praised the bowlers: hopes for improvement in the upcoming ODIs and stressed the need for better mental and physical preparation.
August 01, Colombo (LNW): Shantha Weerasinghe, Secretary to the Ministry of Industries, announced the submission of the “National Industry Policy” and the 2023-2027 strategic plan to the Department of National Planning.
This initiative aims to boost Sri Lanka’s manufacturing sector, increasing its GDP contribution from 16 per cent to 20 per cent by 2030, and enhancing entrepreneurship and industrial exports.
During a recent press briefing, Weerasinghe detailed the Ministry’s efforts, including amendments to the Industrial Promotion Act, the introduction of new vehicle assembly regulations, and the establishment of an online industry registration system.
Significant financial support has been allocated to small and medium enterprises through various loan schemes.
Revitalised state enterprises, like the Valaichchenai and Embilipitiya Paper Mills, have resumed production, while Lanka Mineral Sands Limited and Lanka Phosphate Limited have reported substantial sales.
The gem and jewellery sector has also seen growth, with significant contributions to the national economy.
Plans for a cinnamon processing centre in Karandeniya and the successful hosting of national and international industry exhibitions were highlighted.
The Ministry’s initiatives aim to foster industrial growth, innovation, and international trade, contributing to Sri Lanka’s economic development.
August 01, Colombo (LNW): Former Justice Minister Wijeyadasa Rajapakshe has submitted his deposit to the Election Commission to stand as a candidate in the 2024 Presidential Election.
Representing the National Democratic Front, Rajapakshe announced his candidacy on 25th July and subsequently resigned from his roles as Minister of Justice, Prisons Affairs, and Constitutional Reforms on July 29 to focus on his campaign.
The former Minister confirmed today (01) that he has tendered deposit to the Commission ahead of the polls.
The total count of candidates placed deposit at the Commission has now increased to seven.
August 01, Colombo (LNW): In June 2024, Saudi Arabia ascended to the third spot as a key market for Sri Lankan tourism, according to the Sri Lankan Embassy in Riyadh.
Data from the Sri Lanka Tourism Development Authority (SLTDA) previously ranked Saudi Arabia as the 23rd source of tourists to Sri Lanka.
Sri Lanka recently participated in the Travel Fair 2024 at the Riyadh International Convention & Exhibition Centre.
The event was organised by the Sri Lankan Embassy in Riyadh and the Sri Lanka Tourism Promotion Bureau (SLPB), featuring eighteen Sri Lankan destination management companies, hotels, and Sri Lankan Airlines.
The travel fair facilitated networking opportunities among tour and travel operators and bolstered Sri Lanka’s image as a desirable destination for Arab tourists.
With an ambitious target of attracting five million tourists by 2026, Sri Lanka is focusing on affluent tourists from the Middle East.
The high spending capacity of Saudi visitors has solidified Saudi Arabia’s position as a crucial market for Sri Lankan tourism.
August 01, Colombo (LNW): Port City Colombo has officially gazetted two key regulations, Offshore Banking and Offshore Banking – Prudent Management and Confidence, on 26th July 2024 (Gazette Notifications 2394/66 and 2394/67), marking a significant step in its development as a regional offshore financial centre in South Asia.
These regulations facilitate commercial operations within the Colombo Port City Special Economic Zone, aiming to attract global investors by offering a business-friendly environment with robust safeguards.
Investors can transact in foreign currencies and enjoy benefits like higher trading freedom, capital repatriation, and tax exemptions, similar to those in Singapore and Dubai.
Xiong Hongfeng, Managing Director of CHEC Port City Colombo, highlighted that this regulatory framework will boost investor confidence and increase Foreign Direct Investment (FDI) inflows into Sri Lanka.
Eligible entities for offshore banking licenses include:
Sri Lankan companies licenced under the Banking Act.
Offshore companies registered in Sri Lanka and licensed under the Banking Act.
Offshore companies registered in Sri Lanka and licensed to engage in banking under foreign laws, but not under the Sri Lankan Banking Act.
The regulations allow permitted offshore banking activities, such as foreign currency transactions, accepting deposits from non-residents, borrowing in foreign currency, and other authorised transactions with the Central Bank’s concurrence.
Port City Colombo aims to become a major regional offshore economy and commercial hub, enhancing Sri Lanka’s economic stature.
August 01, Colombo (LNW): Inflation in Colombo District increased to 2.4 per cent in July, up from June’s 1.7 per cent, as favourable base effects diminished.
Monthly prices declined by 0.5 per cent in July due to softening food prices and lower non-food prices, driven by significant cuts in power tariffs and earlier reductions in fuel prices.
The Central Bank of Sri Lanka (CBSL) expressed confidence in managing medium-term inflation risks and maintained its 5 per cent target, while cutting rates by 25 basis points, seeing room for economic growth without igniting inflationary pressures.
Despite recent lower inflation, Sri Lankan consumers remain strained from over 70 per cent inflation in 2022 and substantial tax hikes.
Image: Daily Mirror
July saw food prices rise by 1.5 per cent year-on-year, slightly up from June’s 1.4 per cent. Monthly food price increases slowed to 0.1 per cent, from 2.8 per cent between April and May.
Price rises in staples were largely offset by declines in other staple prices.
Non-food prices, which softened July’s inflation reading, rose 2.8 per cent year-on-year, up from 1.8 per cent in June.
Notably, the non-food index dropped by 0.7 per cent, mainly due to reductions in electricity tariffs, fuel, and gas prices.
Authorities announced no further gas price revisions for August.
Core inflation, excluding volatile items like food, energy, and transport, remained steady at 4.4 per cent year-on-year in July, unchanged from June.
August 01, Colombo (LNW): The Election Commission (EC) has called on presidential candidates to make their cash deposits for the upcoming election as soon as possible.
Election Commission Chairman, R.M.A.L. Rathnayake, advised candidates to submit their deposits early to prevent any last-minute issues.
As of July 31, five candidates have made their deposits. Ranil Wickremesinghe and Sarath Keerthirathne have entered as Independent candidates, while Oshala Herath from the ‘Abhinawa Niwahal Peramuna’, and ASP Liyanage from the Sri Lanka Worker’s Party, have also placed their deposits.
Opposition Leader Sajith Premadasa is the latest to make his deposit.
Nominations will be accepted until August 15, with the Presidential Election set for September 21.
Additionally, the EC met with the Secretary to the Ministry of Public Security and Senior Deputy Inspector of Police (SDIG) Asanga Karavita to address issues related to the Inspector General of Police (IGP).
August 01, Colombo (LNW): The President’s Secretary has instructed the Public Security Ministry, following the President’s directive, to ensure adequate police personnel are available for the forthcoming Presidential Election.
This follows a written request from the Election Commission on July 30, seeking the appointment of an Inspector General of Police (IGP) or Acting IGP for the election.
Election Commission Chairman, R.M.A.L. Rathnayake, confirmed that a meeting was held on July 31 with the Public Security Ministry Secretary and the Senior Deputy Inspector General of Police (SDIG) to discuss police duties for the election.
Rathnayake noted that the National Election Commission lacks the authority to nominate an IGP.
Concerns about the election, scheduled for September 21, arose after a Supreme Court order restrained Deshabandu Tennakoon from acting as IGP.
Public Security Ministry Secretary Viyani Gunathilaka has assured the Election Commission that all necessary security measures will be in place.
This assurance came after discussions with the Election Commission and Senior DIG Asanka Karawita.
