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Sri Lankan Airline restructuring plant on the way

The SriLankan Airlines will submit a restructuring plan to the government this week, which could be implemented by the government, if there is no foreign partner to come under the proposed public-private partnership (PPP) by July 31. The plan is likely to emphasize on the areas such as downsizing the …

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Current monetary policy stance is appropriate-CB

Central Bank releasing the monetary policy review on Friday said it has decided to maintain current policy interest rates as the current monetary policy stance is appropriate. Accordingly, the Monetary Board has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the …

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Daya to emulate NZ’s primary industries ministry

Minister Daya Gamage is emulating New Zealand’s ministry of primary industries which contributes the most towards economic development of that country. Addressing the INCO exhibition today (23) at the Sirimavo Bandaranaike Memorial Conference Hall in Colombo at its primary industries ministry day, he said he would aim to adopt that …

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Inflation decelerates in May 2017

Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics (DCS), decelerated to 7.1 per cent in May 2017 from 8.4 per cent in April 2017, on year-on-year basis. This deceleration is mainly due to the …

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Foreign inflow reduces in stock market

The demand for blue chip stocks at the CSE yesterday came down significantly due to a reduction in the foreign flow to the market, ahead of the Central Bank’s policy review later in the week where interest rates are expected to hold steady.   The Colombo stock indices, ie, the …

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‘Most foreign tourists to SL are backpackers’

Sri Lanka should promote high end tourists into the country because most tourists who arrive in the country do not even occupy a normal hotel. They are mainly backpackers, Chief Executive Officer, The Hotels Association of Sri Lanka Laleenie Hulangamuwa said.   “At this juncture we are in the process …

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Rupee plummets to record low

For the first time in history the rupee has plunged below 155 to the dollar. The exchange rates published by the Central Bank show the US dollar’s selling price rising to Rs. 155.01 while the buying rate of a US dollar remains at Tuesday’s value of Rs. 154.85.

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Sri Lanka to abolish import control levee for imported tea

The government has received the cabinet approval to abolish the import control levy charged on tea imported for re-export in line with 2017 budget proposals. The government earlier charged a 1 percent import control levy on imported tea. Instead of the levy the government has proposed charging a license fee …

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President calls for report on SriLankan directors’ salaries

President Maitripala Sirisena is reported to have asked for a report on the salaries paid to the members of the board of directors of SriLankan airlines. The Cabinet yesterday summoned the airline’s board of directors to inquire into the alleged irregularities in operating and managing SriLankan. At this meeting, it …

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