News
CB further tightens import restrictions to preserve stability of rupee
100 per cent cash margin deposit imposed on non-essential imports
The Monetary Board of the Central Bank of Sri Lanka imposed a 100% cash margin deposit against the import of selected goods of non-essential or non-urgent nature category including mobile phones, televisions, watches, refrigerators, fruits, air conditioners, wine and beer.
Issuing a statement the CBSL said yesterday that the decision had been taken at a meeting held on Wednesday (08). Imports mentioned above, made under Letters of Credit and Documents against Acceptance terms with Licensed Commercial Banks and National Savings Bank, will be affected with immediate effect.
“The decision to impose the cash margin deposit requirement is expected to support the ongoing efforts to preserve the stability of the exchange rate and foreign currency market liquidity, particularly by discouraging excessive imports of speculative nature,” the CBSL said.
A summary of product categories that are subjected to cash margin deposit requirements are: Telecommunication devices (such as mobile telephones and fixed telephones), home appliances (such as fans, TVs, refrigerators, washing machines, digital cameras, hair clips, heaters, lamps, ovens), clothing and accessories (such as babies’ garments, hosiery, jerseys, nightdresses and pyjamas, overcoats, shirts and blouses, suits, track suits and swimwear, T-shirts, underwear, footwear, watches, sunglasses, other accessories), household and furniture items (such as furniture, lamp and lighting fittings, ornamental products, tableware and kitchenware, bed linen), rubber tyres, air conditioners, fruits (such as fresh apples, grapes, oranges and dried fruits, fruit juices), cosmetics and toiletries (such as perfumes, makeup preparations), beverages (such as beer, wine, mineral water and other beverages), other food and beverages (such as cereal preparations, starches, chocolates, malt, fish fillets, cheese, butter) and other non-food consumables (such as musical instruments, tobacco products, toys, stationery).
The total import cost of these items in 2019 was USD 1.05 billion in 2019, USD 871.2 million in 2020 and USD 753.4 million between January and July 2021.
News
Prime Minister highlights the importance of recognising Women’s Unpaid Care Work
Prime Minister Dr Harini Amarasuriya participated in the International Women’s Day Flagship Event hosted by the Asian Development Bank (ADB) on 10 March at the ADB Headquarters in Manila, Philippines. The event brought together senior ADB leadership, representatives of the diplomatic community, and development partners to mark International Women’s Day and to reaffirm global commitments to gender equality.
Delivering the keynote address, the Prime Minister highlighted the critical role of education in empowering women and girls, emphasising that equitable access to quality education remains one of the most powerful tools for achieving social and economic transformation. She underscored Sri Lanka’s longstanding commitment to education and noted the importance of strengthening inclusive learning systems that enable women to fully participate in national development.
The Prime Minister also drew attention to the significant contribution of women’s unpaid care work, noting that it remains largely unrecognised despite its vital role in sustaining families, communities, and national economies. She emphasised the need for policies and social protection mechanisms that acknowledge and support care work, thereby enabling women to participate more fully in economic life.
Addressing broader structural challenges, the Prime Minister stressed the importance of increasing women’s participation in political decision-making and the labour force, noting that inclusive governance and economic participation are essential for sustainable and equitable development.
She highlighted the need for continued collaboration between governments, international institutions, and development partners to remove barriers that limit women’s opportunities.
During the event, Prime Minister was honoured with the Shireen Lateef Women’s Leadership Award in recognition of her commitment to advancing women’s leadership and empowerment.
The event was opened by the President of the Asian Development Bank and senior ADB leadership, followed by a high-level discussion on advancing gender equality across the region. The Prime Minister’s participation reaffirmed Sri Lanka’s commitment to strengthening partnerships with international institutions to promote women’s empowerment and gender-responsive development policies.
(Prime Minister’s Media Division)
News
CEBEU warns of operational disruptions amid uncertainty over CEB restructuring
The Ceylon Electricity Board Engineers’ Union (CEBEU) yesterday warned that uncertainty surrounding the ongoing restructuring of the Ceylon Electricity Board (CEB) had forced many employees to refrain from performing their regular duties, raising concerns about potential disruptions to electricity sector operations.
The engineers’ union said the current situation had arisen due to what it described as either deliberate actions or extreme negligence in implementing the restructuring process, which has created significant confusion among staff who previously served under the CEB.
According to the union, although the state power utility has been formally restructured and new companies established, a large majority of former CEB employees have yet to receive official appointment letters, confirming their positions in the newly formed entities.
“The reality is that the institution, previously known as the Ceylon Electricity Board, no longer exists in its earlier form, yet most employees, who served under it, have not been issued proper appointment letters, or related documentation, assigning them to the newly established companies,” the CEBEU said.
The union said that while some workers had been issued “assignation letters”, those documents merely indicate the institution to which an employee has been attached and do not clearly define employment conditions, responsibilities, authority, or reporting structures.
“As a result, employees currently lack the necessary legal framework confirming their employment status, their duties, the authority under which they operate, and who they are accountable to within the new institutions,” the CEBEU said.
The engineers’ union emphasised that the current crisis was not created by employees but was the direct result of, what it called, shortsighted and questionable actions taken by those responsible for implementing the reforms.
It also expressed concern that the relevant Minister, appointed through the National List, had failed to hold meaningful discussions with employees, despite having previously advocated strongly for workers’ rights.
The union said trade union action had been launched only after months of unsuccessful attempts to resolve the issues through verbal requests and written communication with the authorities.
“Despite repeated appeals made over several months, there has been no satisfactory response. Decisions appear to have been taken under the assumption that a government with a strong mandate can proceed without proper consultation,” the union said.
However, the CEBEU stressed that employees engaged in essential operations—including power generation, transmission, and distribution—continue to work in order to ensure electricity supply to the public.
“These staff members are continuing their duties under considerable risk to prevent major disruptions to the electricity supply,” the union noted.
Nevertheless, the union warned that the prevailing uncertainty could affect certain operational activities, and restoration work following breakdowns may take longer than usual.
The CEBEU appealed to the public to understand the situation and expressed regret for any inconvenience that may arise.
“We request the public to understand the situation and cooperate with us during this difficult period. We sincerely regret any inconvenience that may be caused,” the union added.
By Ifham Nizam
News
Remittances up compared to last year before outbreak of war, but the economic picture is not rosy
Sri Lanka Bureau of Foreign Employment (SLBFE) yesterday said that foreign remittances, during January and February this year, had been 32% higher than the corresponding period in the previous year.
According to a press release issued by the SLBFE, Sri Lanka received Rs 1,480.1 mn during January and February this year, whereas in 2025 the country received Rs1,121 mn during the corresponding period. During the first two months of this year, 47,819 Sri Lankans had left the country for employment abroad.
However, Prof. Priyanga Dunusinghe has warned that Sri Lanka could face a catastrophic situation due to a rapid and sharp drop in revenue caused by the escalating Gulf war. Fighting erupted on February 28 following a joint US-Israel attacks on Iran.
Appearing on Derana ‘Big Focus’ on Monday, the Professor in Economics in the Department of Economics, and Head – Department of Information Technology, University of Colombo, Dunusinghe said that that the drop in remittances from the Middle East, as well as exports, should be examined against the backdrop of runaway oil prices.
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