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Tourism earnings top USD 331.7 Mn-by Mahinda Aluthgedara   Source:Dailynews The tourism industry has succeeded in earning an income of Rs.102 billion (US Dollars 331.7 million) during the first two months of this year boosting the economy of the country. The Central Bank (CB) sources said that it is an increase of 3.3 percent when compared to the earnings from tourism during the first two months of 2022, which was US Dollars 321.1 million. The income from the tourism industry in February of this year is recorded as US Dollars 169.9 million and the overall earnings from tourism during 2022 was US Dollars 1136.3 million. This amount in 2021 was recorded as US Dollars 506.9 million. These statistics are based on a report issued by the Central Bank of Sri Lanka. ...

Mar 12, 2023 Posted by In Articles Tagged , ,
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Debt-driven suicides continue unabated in Sri Lanka-by Piyumi Fonseka Source:Dailymirror Despite microfinance loans represent only 3% of the total loan portfolio of the sector, the impact it has made on low-income families is immense. According to Movement for Land and Agricultural Reform (MONLAR), more than 200 people had committed suicide, during the last three years  Women are pressured by thugs and debt collectors who come to villagers, utilizing all types of recovery methods including sexual favours. He also revealed there are cases of borrowers who tried to sell their kidneys to repay the loans.  “Some of whom had no option, have committed suicide.”  ...

Apr 4, 2021 Posted by In Articles Tagged ,
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SRI LANKA NEWS(JANUARY 2021)Compiled by Victor Melder. The Central Bank had printed a record Rs. 650 billion in 2020 to help manage with the country’s monetary and fiscal challenges.  As per Bank data, as at 31 December 2020, the face value of CBSL holding Government securities amounted to Rs. 725.19 billion whilst at the beginning of 2020 it was Rs. 74.7 billion. In contrast, the net figure of money printed in 2019 was Rs. 4 billion. The Central Bank also began the New Year by printing Rs. 13.2 billion as per its data.  Today the Central Bank will unveil its key strategy document Roadmap for 2021 and beyond. (Daily Financial Times, 4.1.2021) Four persons, aged 82, 47, 84 and 65 died from COVID triggered pneumonia and other complications on Tuesday, the Government Information Department said. The deceased are residents of Colombo 13, Wellampitiya, Hanwella and Matale.  The four deaths increase the death ...

Feb 1, 2021 Posted by In Articles, Victor Melder Tagged ,
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Sri Lanka to issue new Rs.2, 000 currency note Source:Dailymirror The Central Bank is to introduce a new Rs.2, 000 currency note this year as a part of the existing 11th note series. The Central Bank Governor Prof. W.D. Lakshman said the new currency note would have improved security features. “In 2020, the Central Bank celebrated its 70th anniversary. To mark this event, an uncirculated commemorative coin with a value of Rs. 20 was issued, and a circulation standard commemorative coin will be issued soon. A new currency note for Rs. 2,000 will be introduced in 2021, as part of the existing 11th note series with improved security features,” Prof. Lakshman said. ...

Jan 10, 2021 Posted by In Articles Tagged ,
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CBSL expects Rupee to appreciate within next few days Source:Ceylontoday The Central Bank of Sri Lanka (CBSL) has issued a press release in the light of recent increase in the volatility of the exchange rate. It states that the CBSL expects the Rupee to appreciate within the next few days and reach a level where the USD is lower than Rs. 185 The CBSL has stated that the official reserves remain at sufficient levels and that at present, the gross official reserves are at USD 5.6 billion. ...

Dec 29, 2020 Posted by In Articles Tagged
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Legitimate caveats under threat in Sri Lanka?-By Raj Gonsalkorale There is speculation that caveats, the one thing that protects genuine private land owners from fraudsters who manage to sell their land with bogus land titles, and protects genuine third parties from exploitation by land owners, is under threat and that legislation is being drawn to change land registration laws that permit caveats on land titles. This matter is something that may concern many Sri Lankans living overseas who own land in Sri Lanka and have registered legitimate caveats.  It is unclear whether lawyers and notaries were consulted on this development. If not, it may seem that they are gradually being sidelined on law reform in Sri Lanka. If this indeed is an evolving trend, lawyers have to take some of the blame for this as they do not seem to have been engaged in furthering law reform   in the country ...

Dec 27, 2020 Posted by In Articles, Raj Gonsalkorale Tagged , , ,
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