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Sri Lanka will be enforcing several new taxes while revising some existing taxes in January next year.

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Sri Lanka’s inflation has come down slightly with Central Bank’s action of maintaining policy interest rates at their current levels at 7.25 per cent and 8.50 per cent, respectively.

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In the wake of rupee depreciation to a new high, Sri Lanka’s commercial banks have been restricted of excessive foreign currency borrowings and maintaining foreign exchange reserves with the aim of preventing unwarranted macroeconomic and financial stability concerns.

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Sri Lanka will be implementing worldwide brand promotion campaign with the aim of finding new markets and strengthening existing ones for Ceylon Tea.

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Reuters - The Sri Lankan rupee hit a record low for an eighth straight session on Friday, but closed the session firmer following intervention by the central bank, market sources said.

Saturday, 22 September 2018 09:01

The President orders to close down SEMA

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Sri Lanka’s Strategic Enterprises Management Agency (SEMA) set up to carry of public enterprise reforms in 2004 is to be closed down on a directive issued by President Maithripala Sirisena.

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Patients can now cut down medical expenses in addition to time spent in queues, germ filled waiting rooms and stressful trips to the doctor by subscribing to free unlimited medical consultations for the entire family on oDoc for Rs. 499 a month.

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The three global winners of the Study UK Alumni Awards 2018 were presented with their awards by the British Council’s CEO, Sir Ciarán Devane, at a celebratory lunch at the British Council’s headquarters in London.

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Sri Lanka Telecom after running without two directors of the board for almost a year has taken action at last to appoint Colombo Mayor Rosy Senanayake’s son Kanishka Senanayake as the Non -Executive Director to the SLT Board.

Friday, 21 September 2018 05:40

Crux of currency crisis!

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Central Bank Governor at FT-CICRA Cyber Security Summit reassures on currency
Says three exogenous factors largely forcing pressure on the rupee
Current account deficit countries like SL more vulnerable to external shocks
Says overly defending the rupee sans reserves in the past caused doublewhammy
Former CB regimes in 2011/12 spent $ 4.2 b to defend rupee yet currency depreciated by 13.5% and in 2015 spent
$ 2.1 b but failed to prevent 9% depreciation
Whilst pursuing flexible exchange rate policy will intervene aggressively if necessary
Insists stabilisation measures in progress; import tax on gold and introduction of 100% LC margin on vehicles import among measures
Says toolkit available for CB includes interest rate hike but Monetary Board reluctant as of now as growth of the economy is subdued though there was an uptick in 2Q
Stresses most effective solution to boost rupee and reserves is via more exports and FDIs
By FT News Desk

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