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Strong Worker Remittances Boost Sri Lanka’s Economy, Strengthen Rupee and Reserves

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By: Staff Writer

November 11, Colombo (LNW): Sri Lanka’s economy saw a significant boost in October, as worker remittances continued to grow, reinforcing both foreign currency reserves and the value of the rupee.

Migrants working abroad sent back a total of US$ 587.7 million in October, surpassing both the previous month’s figure of US$ 555.6 million and the same period last year, when the country received US$ 517.4 million.

This upward trend in remittances provides crucial support for the country’s economy, particularly ahead of the year-end festive season, when remittance inflows typically rise even further.

For the year-to-date, total remittances have reached US$ 5.43 billion, marking an 11.7 percent increase compared to the same period in 2023.

This brings Sri Lanka closer to the goal of surpassing the US$ 7 billion mark in remittances, a milestone not achieved since 2020. The increase in remittances plays a vital role in bolstering foreign reserves and supporting the country’s currency.

This surge in remittances mirrors trends seen across the region, where countries have also benefited from growing remittance inflows. Sri Lanka, in particular, is seeing a dramatic rise in remittances, estimated at US$ 1.5 billion annually.

This trend reflects the ongoing migration of Sri Lankans seeking better job opportunities abroad, a pattern expected to continue in the coming years.

The Sri Lankan government, through the Central Bank, is closely monitoring the impact of these remittances on the national economy. 

Key areas of focus include the developmental benefits of these inflows, the high transaction costs associated with remittances, and the level of transparency in the remittance sector, especially in the informal channels.

While it is still early to predict the long-term effects of this trend, the current influx is being seen as a significant positive factor for the country’s foreign exchange stability.

In addition to remittances, the tourism sector has also contributed to strengthening Sri Lanka’s foreign currency reserves.

This has enabled the Central Bank to purchase US$ 189.5 million in the domestic foreign currency market in October, a substantial amount for a single month.

This purchase helped to increase the country’s gross official reserves to US$ 6.47 billion, up from US$ 5.99 billion in September.

The continuous inflow of remittances, along with other factors like tourism revenue, has supported the appreciation of the Sri Lankan rupee, which has gained 10.7 percent against the US dollar so far this year, adding to a 12 percent rise in 2023.

These developments have provided relief from inflationary pressures, particularly in reducing the cost of imported goods.

Looking ahead, Sri Lanka is on track to surpass the US$ 7 billion mark in remittances, driven by a growing number of migrant workers sending money back to their families, further stabilizing the country’s economy.

500k polling cards still await collection ahead of 2024 Polls?

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November 11, Colombo (LNW): Around 500,000 official polling cards for the upcoming 2024 general election remain uncollected at post offices across the country, Senior Deputy Postmaster General Rajitha Ranasinghe disclosed.

The unclaimed cards primarily belong to voters residing overseas or those who were unavailable at their homes during the distribution period.

Despite this, Ranasinghe highlighted that there has been significant progress in the collection of polling cards, with approximately 76,000 cards collected by voters over the past two days.

The distribution process officially concluded on November 07, 2024, marking the end of the final phase of delivering these essential election documents.

For those who have yet to collect their cards, the Senior Deputy Postmaster General assured the public that they can still obtain them on election day.

Voters will be able to collect their polling cards from the nearest post office, provided they present valid identification to confirm their identity.

This provision is intended to ensure that no eligible voter is left disenfranchised due to missed distribution.

Court to hear ex-Minister Lohan Ratwatte’s bail petition on Nov 19

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By: Isuru Parakrama

November 11, Colombo (LNW): The Court of Appeal has scheduled a hearing for the petition filed by former State Minister Lohan Ratwatte, requesting bail, for November 19, 2024.

The petition was presented this morning before a two-judge bench, consisting of President of the Court of Appeal, Nissanka Bandula Karunaratne, and Justice Shashi Mahendran.

During the hearing, the bench ordered that notices be issued to the relevant parties, including the Inspector General of Police (IGP), requiring them to present their responses to the petition on the scheduled date.

Ratwatte, along with his wife, is currently in remand custody following their arrest in connection with the unlawful possession of a luxury car. The vehicle in question had been illegally imported and assembled in Sri Lanka.

Both individuals are facing charges related to the car, which was discovered during a police inspection of a three-storey residence in the Embuldeniya area of Mirihana, owned by Shashi Prabha Ratwatte, the wife of the ex-minister.

The car, which lacked number plates, came to the attention of authorities following a tip-off received by the police headquarters.

Upon investigation, both Ratwatte and his wife stated that the property belonged to Ratwatte’s mother-in-law.

They further explained that the car had been brought to the house three weeks prior by Ratwatte’s private secretary, who was recently found dead under suspicious circumstances in the Katugastota area of Kandy, having sustained gunshot wounds.

Ratwatte and his wife have been remanded in custody by the Nugegoda Magistrate’s Court until November 18.

Change in voter finger marking to prevent double voting in 2024 Parliamentary Election

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By: Isuru Parakrama

November 11, Colombo (LNW): The Election Commission has introduced a significant change in the voter finger marking process to ensure the integrity and transparency of the upcoming Parliamentary Election set for November 14, 2024.

Accordingly, in an effort to prevent the possibility of double voting, voters will have their left index finger marked with a distinct sign instead of the little finger as they cast their ballots.

This precaution follows concerns raised during the recent Presidential Election, where issues around voter identification and the potential for confusion were highlighted.

The marking system is designed to ensure a clear and reliable method for verifying individual votes, thus minimising the risk of electoral fraud.

In the event that a voter’s left index finger is unavailable—whether due to injury, illness, or other circumstances—the Election Commission has clarified that the mark will be applied to a different finger on the same hand.

This adjustment aims to accommodate all voters, ensuring no one is excluded from the electoral process.

SL’s tenth Parliament to convene on Sep 21

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By: Isuru Parakrama

November 11, Colombo (LNW): The Parliamentary Communications Department has announced that Sri Lanka’s Tenth Parliament will officially convene on November 21, following the conclusion of the 2024 General Election scheduled for November 14.

This election will determine the 225 Members of Parliament, consisting of 196 representatives elected directly by public vote and an additional 29 appointed through the national list.

The first day of the new Parliament will be marked by a series of formal proceedings, beginning with the seating of all MPs in an open arrangement, as specific seating assignments are not yet established.

Following the ceremonial entry of the mace, the Secretary-General will present the Extraordinary Gazette Notification that officially calls Parliament to session.

One of the primary tasks on this day is the election of the Speaker, a position critical to the smooth functioning of parliamentary operations.

According to procedure, any MP may be nominated for the Speaker’s role, provided they are willing to accept the appointment.

If multiple candidates are nominated, a vote will take place, and in cases where more than two candidates are proposed, the voting rounds continue, eliminating candidates with the fewest votes until one achieves a majority.

Traditionally, the elected Speaker is escorted to the Speaker’s chair by the Members who proposed and seconded their nomination, symbolising their acceptance of the role.

Upon reaching the Speaker’s chair, the new Speaker will then take the oath of office before Parliament, thanking the Members for their confidence.

Should there be a need for a secret ballot, a standardised process will ensure the integrity of the election, with Members submitting their choices on signed ballot papers.

If a tie results in two rounds of voting, the Secretary-General is authorised to draw lots to determine the Speaker, a practice reserved for closely contested elections.

In addition to electing the Speaker, the first session will see the selection of the Deputy Speaker and the Deputy Chairperson of Committees, with similar procedures for nominations and voting.

Following these appointments, the first session typically concludes with an adjournment until the next scheduled parliamentary day.

However, if the President chooses to address Parliament to outline the government’s policy agenda, the session will only be temporarily adjourned before reconvening for the address.

Sri Lanka allegedly targeted in Iranian plot, says US: Tehran responds with denial and call for mutual respect

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By: Isuru Parakrama

November 11, Colombo (LNW): Iranian Foreign Minister Abbas Araghchi has dismissed allegations from the United States linking Tehran to a plot aimed at harming former US President Donald Trump and carrying out attacks on Israeli tourists in Sri Lanka.

In a statement made on social media, Araghchi labelled the accusations a “fabricated scenario” lacking credibility, attributing it to a larger attempt to fuel distrust between Iran and the US.

The allegations originated from a recent report by the US Department of Justice, which claimed that Farhad Shakeri, a 51-year-old Iranian national reportedly linked to Iran’s Revolutionary Guard, was involved in a conspiracy to assassinate Trump.

According to the Federal Bureau of Investigation (FBI), Shakeri is currently believed to be residing in Tehran and allegedly plotted a mass shooting against Israeli nationals in Sri Lanka set for October 2024.

The US claims Shakeri’s purported plans also included directives from Iran to orchestrate an attack on Israeli tourists visiting Sri Lanka.

Araghchi, addressing these allegations, called them part of a “third-rate comedy” crafted to undermine Iran’s international standing. In his remarks, he reiterated Iran’s commitment to diplomacy, urging both nations to seek mutual confidence-building measures rather than fuelling hostilities.

Araghchi maintained Iran’s stance that it has no interest in nuclear weapons, underscoring that Iran’s policies are grounded in Islamic teachings and strategic security calculations.

He called for a “two-way” approach to building confidence and emphasised Iran’s respect for the choices made by American voters in electing their leaders.

Meanwhile, Iranian Foreign Ministry spokesperson Esmaeil Baghaei condemned the accusations as part of an alleged campaign by Israel and exiled Iranian opposition groups aimed at deepening tensions between Iran and the US.

Analysts in Tehran have speculated that recent shifts in US politics could lead to potential secret talks between the two countries, should security threats against Iran be addressed.

The accusations come as Iran remains engaged in a complex regional environment, especially with its adversary Israel involved in ongoing conflicts with Iranian-aligned groups in Gaza and Lebanon.

Official exchange rates in SL today (Nov 11)

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By: Isuru Parakrama

November 11, Colombo (LNW): The Sri Lankan Rupee indicates slight fluctuation against the US Dollar today (11) in comparison to last week, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has increased to Rs. 288.16 from Rs. 288.13, and the selling price has reduced to Rs. 297.15 from Rs. 297.48.

Meanwhile, the LKR indicates appreciation against several other foreign currencies as well.

Disaster preparedness initiative in motion to ensure safety during Parliamentary Election period

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By: Isuru Parakrama

November 11, Colombo (LNW): The Disaster Management Centre (DMC) has announced a comprehensive preparedness initiative aimed at tackling potential emergencies during the forthcoming General Election.

The centre has mobilised a coordinated response involving the Department of Meteorology, the Department of Irrigation, the National Building Research Organisation (NBRO), the armed forces, and the police to ensure effective disaster management, according to DMC Director Pradeep Kodippili.

A dedicated command centre will begin operations tomorrow, remaining active from November 12 t0 16, with a focus on maintaining public safety and rapidly addressing any incidents.

The collaboration between these agencies highlights the government’s commitment to safeguarding citizens amid potential weather-related and other risks.

Kodippili further detailed that this temporary centre will be fully equipped to respond to a variety of situations, ensuring election-related activities proceed with minimal disruption.

He added that by establishing clear lines of communication and rapid response capabilities, the DMC aims to mitigate risks and reassure the public of the country’s preparedness during this critical period.

Excise Dept demands Rs. 1.8 bn in unpaid taxes from liquor firms, warns of legal action

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By: Isuru Parakrama

November 11, Colombo (LNW): The Excise Department has revealed that Sri Lanka’s liquor manufacturers owe a substantial Rs. 1.8 billion in unpaid taxes, covering liabilities from last year up to the present.

In a recent notice, the department instructed these companies to clear their outstanding dues by November 30, 2024, underscoring the urgency of resolving these arrears.

According to the Excise Department, the total tax debt owed by the liquor industry amounts to a staggering Rs. 8.5 billion, encompassing cumulative tax obligations not yet settled by numerous manufacturers.

Failure to meet this deadline, the department warned, would prompt strict legal action against any non-compliant companies.

The Excise Department has intensified its focus on ensuring that liquor firms fulfil their tax responsibilities, a move aimed at bolstering national revenue amidst economic challenges.

This directive aims to enforce fiscal accountability within the industry, with officials emphasising the importance of timely contributions to state coffers.

President pledges move to release Tamil political prisoners and unity initiatives

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By: Isuru Parakrama

November 11, Colombo (LNW): President Anura Kumara Dissanayake has announced the government’s readiness to facilitate the release of Tamil political prisoners, marking a significant step towards reconciliation in Sri Lanka.

Speaking at a political rally in Vavuniya yesterday (10), the President acknowledged the devastation caused by the prolonged civil war, which left lasting scars, including the detention of political prisoners.

President Dissanayake stated that the government is prepared to release Tamil detainees based on the guidance of the Attorney General, underscoring a commitment to addressing long-standing grievances of the Tamil community.

Additionally, the President affirmed the government’s intent to return lands in the Northern Province previously seized for security purposes, a gesture aimed at restoring local autonomy and trust.

Highlighting the divisions that persist within Sri Lankan society, President Dissanayake called for a united approach to move the country forward.

Sri Lanka remains deeply divided. If we want to progress, we must transcend these divisions,” he asserted, advocating for a collaborative movement that bridges ethnic and communal divides.

He emphasised that National People’s Power, a coalition representing Sinhala, Tamil, and Muslim communities, is at the forefront of these unity efforts.

Encouraging citizens to embrace this inclusive vision, President Dissanayake urged, “Let’s all come together to build a new nation—one that thrives on unity and shared purpose.