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Subsidized fertilizer from today

The supply of subsidized fertilizer will begin today, says the Agriculture Ministry. The state-owned Lanka Fertilizer Company and Colombo Fertilizer Company will sell through their agents. The fertilizer will be available at a concessionary price of Rs. 1,500.

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Presidential Commission on SriLankan to begin recording evidence

President Maithripala Sirisena says that the commission appointed on SriLankan Airlines will commence the recording of evidence within the next two weeks. He revealed this during a discussion held with representatives of trade unions affiliated to the airline, at the Presidential Secretariat in Colombo today (25), the President’s Media Divisions …

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Sri Lanka rupee hits record low

The Sri Lankan rupee slipped to a fresh all-time low of 157.40 per dollar on Wednesday for a third straight session, pressured by persistent importer dollar demand, dealers said. The selling price reached 159.04 per dollar while the buying price reached 155.26. Two dealers confirmed that the rupee was traded …

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Developing natural gas; contract to be signed

The government has received several proposals to develop natural gas found in the block M2 of the Mannar basin and a contract would probably be signed at the end of this year, said D. T. K. Preeni Withanage, Director Benefits at the Petroleum Resources Development Secretariat.   Studies conducted so …

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CBSL buys $146.46 million from Treasury

The Central Bank of Sri Lanka (CBSL) bought US$ 146.46 million (Rs 22,903 million) from the Treasury yesterday (20), which helped it to retire Rs 18,442 million of its face value money printing (FVMP) holdings, thereby helping to defray inflationary pressure by keeping demand on check. This $ 146.46 million …

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CPC receives overhaul to boost efficiency

The Ceylon Petroleum Corporation’s (CPC) Sapugaskanda Oil Refinery successfully completed a 35-day overhaul and renovation programme recently, aimed to boost efficiency, reliability and productivity of the refinery.   The 50-year-old facility, which is the only oil refinery in Sri Lanka, refines imported crude oil to supply 30 percent of the …

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IMF pegs bail out on fuel price formula

The International Monetary Fund has agreed to keep funding Sri Lanka’s bailout subject to the government implementing its long-delayed fuel price formula aimed at reducing losses at the state-owned Ceylon Petroleum Corporation.   The IMF in a statement said it had reached a “staff level”  agreement on the fourth review …

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Government should decide raising fuel prices

Minister of Petroleum Resources Development Arjuna Ranatunga says that the final decision on whether to increase fuel prices should be taken by the Prime Minister and the President. He expressed this view addressing a function held today (19) to extend New Year wishes to the employees of the Ceylon Petroleum …

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CBSL says no to Bitcoin, Litecoin and Ethereum

The Central Bank of Sri Lanka (CBSL) has not given licence or authorisation to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies, and has not authorized any Initial Coin Offerings (ICOs), CBSL said in a statement warning public that they may pose significant risks in terms …

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Sri Lanakan achieves record revenue of US$ 830 mn in 2017/18

Sri Lanka’s national carrier, SriLankan Airlines on Monday said it had achieved a record un-audited annual passenger revenue of Rs. 126.9 billion (US Dollars 830.7 million) for its just ended financial year of 2017/18 – the highest ever in the Company’s 38-year history. The revenue comes on the back of …

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