March 25, Colombo (LNW): The Sri Lankan Rupee continues to remain appreciated against the US Dollar, with the rate below Rs. 300, as revealed by the official exchange rates of the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 298.45 from Rs. 298.99, and the selling price to Rs. Rs. 307.99 from Rs. 308.69.
The Sri Lankan Rupee indicates similar pattern of appreciation against several other foreign currencies as well.
In a jubilant celebration of excellence and camaraderie, the Mercantile Table Tennis Association (MTTA) recently hosted its Colors Night Ceremony 2023, commemorating the outstanding achievements of its members. Among the luminaries honored at this prestigious event was Nirmala Jayasinghe, a stalwart from MAS Holdings, whose unwavering dedication has left an indelible mark on the table tennis landscape.
Under the dynamic leadership of President Chanaka Perera, MTTA continues to thrive as a beacon of sporting prowess and community spirit. The Colors Night Ceremony, graced by the distinguished guest Mr. Lalith Priyantha, former National Champion, National Selector, National Coach, and former President of the Table Tennis Association of Sri Lanka, provided a fitting platform to recognize Nirmala’s exceptional contributions.
Amidst a gathering of peers and patrons, Nirmala Jayasinghe received a heartfelt token of appreciation from Mr. Lalith Priyantha, symbolizing the deep admiration and gratitude felt by all present. This poignant moment underscored Nirmala’s invaluable role in elevating the standards of table tennis within the mercantile sector and beyond.
As the echoes of applause filled the air, MTTA reaffirmed its commitment to fostering sporting excellence, camaraderie, and fair play. The Colors Night Ceremony served as a poignant reminder of the collective strength and spirit that define the association, inspiring all to strive for greatness both on and off the table.
In honoring Nirmala Jayasinghe and his peers, MTTA pays homage to the dedication, passion, and sportsmanship that embody the essence of table tennis. As the association looks towards the future with renewed vigor, it is individuals like Nirmala who continue to inspire and uplift, shaping a brighter tomorrow for the sport and its community.
March 25, Colombo (LNW): Prime Minister Dinesh Gunawardena has departed for Beijing at the invitation of the Government of China, marking an official visit aimed at bolstering bilateral relations and development cooperation between the two nations.
During his stay in Beijing, Prime Minister Gunawardena is scheduled to hold meetings with President Xi Jinping, Prime Minister Li Qiang, senior Ministers, and key officials of the Chinese Communist Party (CPC).
Discussions will encompass various issues of mutual interest and collaboration.
Additionally, Prime Minister Gunawardena will serve as the Chief Guest at China’s prestigious annual international conference in Boao, Hainan.
The conference theme, “Asia and the World: Common Challenges, Shared Responsibilities,” underscores the importance of regional and global cooperation.
The event will witness the participation of numerous heads of state and high-level foreign delegates.
In Beijing, Prime Minister Gunawardena’s agenda includes substantive discussions with Prime Minister Li Qiang and Zhao Leiji, Chairman of the National People’s Congress of the CPC.
These meetings aim to explore avenues for enhancing bilateral relations and fostering closer ties between the two countries.
Furthermore, Prime Minister Gunawardena will visit several prominent institutions and facilities in China, including the China Harbour Headquarters, Huawei, Zhongguancun Environmental Protection Park, and the National Satellite Meteorological Centre in Beijing.
In Hainan, he will tour the Academy of Tropical Sciences. Additionally, in Shanghai, he is scheduled to visit Alipay, CTripp, Dilmah Tea, and Universal Energy, alongside meetings with local officials.
Accompanying Prime Minister Gunawardena on this significant visit are State Ministers Shehan Semasinghe and Ashoka Priyantha, Member of Parliament Yadamini Gunawardena, Chinese Ambassador Qi Zhenhong, Secretary to the Prime Minister Anura Dissanayake, and other senior officials.
March 25, Colombo (LNW): The Sri Lankan Rupee continues to appreciate against the US Dollar as per leading commercial banks in the country.
Accordingly, the Rupee has appreciated against the US Dollar today (25) in comparison to last week’s Friday.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 297.38 from Rs. 297.87, and the selling price to Rs. 307.45 from Rs. 307.96.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 296.77 from Rs. 297.51, and the selling price to Rs. 306.50 from Rs. 307.25.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 298 from Rs. 299, and the selling price to Rs. 307 from Rs. 308.
March 25, Colombo (LNW): Belarusian President Aleksandr Lukashenko conveyed warm wishes to President Ranil Wickremesinghe of Sri Lanka on the occasion of his 75th birthday, reported the press service of the Belarusian leader.
In his message, President Lukashenko commended Sri Lanka’s ongoing economic reforms aimed at enhancing the well-being of its citizens, affirming Belarus’s steadfast support for these endeavors.
Acknowledging the existing potential for bilateral cooperation, President Lukashenko expressed confidence in elevating Belarusian-Sri Lankan relations to greater heights.
He highlighted Belarus’s expertise across various sectors, including mechanical engineering, metallurgy, wood processing, electric power, petrochemicals, and pharmaceuticals.
President Lukashenko underscored Belarus’s readiness to collaborate with Sri Lanka in bolstering food security, providing agricultural machinery, and sharing technological advancements.
The congratulatory message underscores the mutual commitment of both nations to strengthen ties and explore new avenues for cooperation, reflecting a shared vision for sustainable development and prosperity.
March 25, Colombo (LNW): The Central Bank (CB) is set to reevaluate the regulatory sandbox framework, considering adjustments to ease certain stringent regulations, following a lack of significant engagement from fintech players over the past four years.
Manisha Wimalasuriya, Additional Director of the CB Payments and Settlements Department, revealed that the CB has received approximately six applications thus far, with the most recent one focusing on artificial intelligence (AI).
Speaking at the BankTech Asia 2024: Colombo Series event last week, Wimalasuriya highlighted challenges faced by fintech firms, noting that the requirement for an audit report posed financial burdens.
Fintechs were hesitant to invest in costly audits without certainty of market release for their products.
The CB initially introduced the regulatory sandbox as a platform for fintech experimentation, aiming to facilitate innovative financial solutions that could be deployed to the market after thorough testing and approval.
Objectives included fostering efficient financial intermediation, enhancing financial inclusion, promoting digitisation to reduce cash reliance, improving accessibility and security of financial services, and mitigating regulatory uncertainties for fintech firms.
Acknowledging that certain requirements, such as third-party audit reports, hindered fintech participation, Wimalasuriya emphasised the need for adjustments to encourage experimentation in the sandbox.
Participants are presently mandated to provide verification of test results conducted by a reputable independent third-party auditor alongside their sandbox application.
This requirement ensures that the proposed solutions have undergone comprehensive testing.
Considering alternative approaches, Wimalasuriya mentioned India’s Reserve Bank (RBI), which only necessitates Proof of Concept (POC) from participants.
She suggested that the CB may consider a similar approach, taking cues from India’s successful emergence as a hub for fintech innovation and entrepreneurship facilitated by its FinTech Sandbox in recent years.
March 25, Colombo (LNW): Sri Lanka’s official unemployment rate fell to 4.3 per cent in the final quarter of last year, down from 4.7 per cent in the preceding quarter, as the economy experienced growth during the last three months of the year, according to data released by the Census and Statistics Department.
The fourth-quarter growth rate, expanding at roughly three times the pace of the third quarter, marked a significant rebound for Sri Lanka’s Gross Domestic Product (GDP). GDP grew by 4.5 per cent in the final quarter of last year, compared to a modest 1.6 per cent growth in the third quarter.
This upturn followed a period of economic strain exacerbated by a foreign currency shortage reaching critical levels in early 2022.
With the country now generating $825 million monthly from both remittances and tourism, signs of recovery suggest that the worst of the economic crisis may be behind.
Individuals who had remained on the sidelines due to pandemic-induced economic disruptions and subsequent financial challenges over the past two years are beginning to find opportunities in the labour market.
Many companies, which had either downsized their workforce or halted hiring activities during the recent crises, are now resuming recruitment efforts as economic conditions improve.
However, over the past two years, Sri Lanka experienced significant emigration, particularly among professional categories, a trend not as pronounced before the economic crisis of 2022.
Consequently, companies restarting their hiring processes may encounter a talent shortage in the job market.
An official unemployment rate of 4.3 per cent indicates near full employment and suggests tight labor market conditions.
Additionally, the Labour Force Participation Rate (LFPR), representing the proportion of people employed or actively seeking work relative to the working-age population, declined further to 47.1 per cent by the end of the fourth quarter of last year, down from 48.8 per cent in the third quarter and 49.8 per cent in 2022.
Comparatively, in the Organisation for Economic Co-operation and Development (OECD), the Labour Force Participation Rate (LFPR) stands above 60 per cent.
March 25, Colombo (LNW): In a significant development, the Justice Minister has issued an extraordinary gazette notification authorising the use of the English language for all record-keeping and proceedings within the Commercial High Courts.
This decision, which has received approval from the Cabinet of Ministers and is in line with Article 24(4) of the Constitution, was announced by Justice Minister Wijeyadasa Rajapakshe through the gazette notification.
It grants permission for all legal matters, including those related to commerce, companies, admiralty, and arbitration, to be conducted in English within the Commercial High Court.
The decision was made in consideration of the predominant use of the English language in commercial activities and transactions, as noted by the Cabinet.
Recognising the significant costs and time associated with translating commercial content into Sinhala, this move aims to streamline proceedings and enhance efficiency within the Commercial High Courts.
March 25, Colombo (LNW): In response to concerns regarding the potential disruption of the current programme with the International Monetary Fund (IMF) in the event of a change in government, officials are devising a strategy to enact an economic transformation law.
This legislative measure aims to safeguard the sustainability of the project despite any political transitions, as stated by a minister.
The international community, notably Western nations, has stressed the significance of maintaining continuity with the economic reform programme supported by a 4-year Extended Fund Facility (EFF) arrangement.
Approved by the IMF Executive Board on March 20, 2023, the EFF arrangement entails a total allocation of US$3 billion.
In its latest assessment, the IMF, which conducted a mission, acknowledged the authorities’ commendable progress in implementing an ambitious reform agenda under the EFF.
This progress has yielded notable outcomes, including rapid disinflation, robust reserve accumulation, and initial signs of economic growth, all while preserving financial system stability.
However, the two primary opposition parties, the National People’s Power (NPP) and the Samagi Jana Balawegaya (SJB), have pledged to renegotiate the IMF agreement if they secure power in future elections.
With the Presidential election scheduled for later this year and ongoing discussions about a possible snap general election, there is heightened political uncertainty.
State Minister of Finance Shehan Semasinghe disclosed plans to introduce the new bill to Parliament in May of this year.
Describing it as an economic transformation law, Semasinghe emphasised that its enactment would provide legal backing to the programme, ensuring its sustainability.
Once enacted, the law would be binding on any ruling party, mandating its implementation regardless of political changes.
