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BUSINESS

CBSL to stop making payments for defaced currency notes

The Central Bank of Sri Lanka says that it will not make payments to mutilated, altered or defaced currency notes after December 31, 2017. In a statement issued today, the CBSL said that the mutilation, alteration or defacement of currency notes is an offence under the Monetary Law Act (MLA) …

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Cinnamon’s therapeutic value should be identified – Daya

Minister of primary industries Daya Gamage says the therapeutic value of cinnamon has to be identified in order to make proper commercial use of the spice. He was addressing a seminar at his ministry auditorium today (15) on increasing cinnamon export revenue to one billion dollars. The minister said public …

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Sri Lankan airlines board to be sacked?

Cabinet of ministers Tuesday lambasted the Sri Lankan airlines management for high handed action and Prime Minister Ranil Wickremesinghe reportedly promised to sack the entire board of directors of the national carrier. A senior government source said minister after minister criticised Sri Lankan airlines chairman Ajith Dias,, and demanded that …

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Livestock projects for Vavuniya – Daya Gamage

Vavuniya will be given 200 livestock projects under the Primary Industries Ministry’s development programme together with the World Bank, says minister Daya Gamage. Once they become successful, the country will no longer have to import milk, he said at the opening of an agricultural modernization project office for the northern …

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Sri Lanka has been living beyond its means: Governor

Sri Lanka has been living beyond its means, with recurrent expenditure higher than revenue, Governor of Central Bank Indrajit Coomaraswamy said, speaking at the Sovereign and Banking Forum hosted by Fitch Ratings.   “Due to concessional loans from World Bank and Asian Development Bank, with a grace period of 10 …

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Forex reserves reach US$ 6.8 billion

Sri Lanka’s foreign reserves had reached US $6.8 billion by this week, up from $5.0 billion in April, Central Bank Governor Indrajit Coomaraswamy said. The reserves were helped by a sovereign bond sale and Central Bank dollar purchases, he told a forum organized by Fitch, a rating agency. Sri Lanka …

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CAA warns errant traders raising price of sugar

Consumer Affairs Authority (CAA) warned the errant traders that the agency has strengthened the detection and will take stern action against the errant traders who raise price of sugar. Releasing a statement the CAA said as white sugar falls under the category of essential goods, permission must be obtained from …

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Diesel power plants used mostly instead of hydro power

Deputy Minister of Power and Renewable Energy, Ajith P. Perera says Diesel power plants had to be used in place of hydro power plants to fulfill the power requirements of the recent past. Even though rainfall was received, certain catchment areas did not receive the required amount of rainfall, the Deputy …

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Stepped-up foreign inflows at CSE

Colombo Stock Exchange (CSE) transactions ended yesterday with a slight improvement in foreign and institutional activities in the market. Foreign inflows helped to curb losses of many companies..   Analysts said investors are waiting to see the real impact of the floods and landslides caused by the worst torrential rains …

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