Business

Measures in the offing to control informal for-ex reserve transfers out of SL

Published

4 years ago

2022/04/30

By Hiran H.Senewiratne

The government will issue a special gazette notification to prevent and control informal foreign exchange reserve transfers out of the country, Central Bank Governor Dr. Nandalal Weerasinghe said.

“At present many persons transfer US dollars and other foreign currencies through informal systems, such as the Undial and Hawala methods, which take large quantities of foreign reserves out of the country. With the introduction of a new gazette notification, only through the banks money/funds could be transferred. If one cannot prove the bank details, those imported items would be confiscated by the authorities, the Governor said.

‘The Department of Import and Export Control has been empowered by the Act to issue such gazette notifications to prevent and control such informal money transfers out of the country. This would enable the rupee to stabilize against the dollar, Dr Weerasinghe told a press conference yesterday at the Central Bank auditorium.

Weerasinghe added: ‘Measures include introducing regulations to encourage USD flows currently being transacted in the informal market to be channeled through the formal banking system. In my view, expenditure on imports will decline further to more sustainable levels with this new gazette notification.

‘While external debt restructuring remains a top priority for the Sri Lankan government, domestic debt in the form of government securities and Sri Lanka Development Bonds will not be restructured.

‘IMF negotiations and implementing sustainable economic policy reforms remain the main priorities.

‘IMF action will continue irrespective of the political landscape and all creditors will be treated equally in the debt-restructuring process. The assistance of the private sector is sought to successfully implement measures to stabilize the economy.

‘There is a need to strengthen the social safety net with the rising cost of living. To this end multilateral agencies, such as the World Bank, will be looking to reallocate funds committed to projects, towards assisting vulnerable segments of the population.

‘Encouraging progress had been made towards establishing a macro-fiscal policy framework and initiating structural reforms. A staff-level agreement with the IMF is likely to be reached within the next two months.

‘Additional measures will be implemented in order to address urgent economic concerns.’

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Business

Indo-Sri Lanka Chambers forge alliance to drive infrastructure and real estate investment

Published

5 hours ago

2026/09/14

Thilina Walpola

The exchange of the MoU between the two organisations

By Sanath Nanayakkare

In a major boost to bilateral economic ties, the Chamber of Construction Industry of Sri Lanka (CCISL) and the Indo–Sri Lanka Chamber of Commerce & Industry (ISCCI) have signed a strategic Memorandum of Understanding (MoU) to deepen cooperation in real estate, infrastructure, and urban development.

The agreement establishes a formal framework for both institutions to drive collaborative initiatives, including business delegations, high-level conferences, workshops, B2B matchmaking sessions, and technical site visits. Designed to bridge businesses, government institutions, and project stakeholders across the Palk Strait, the partnership aims to unlock new avenues for cross-border joint ventures and technology transfers.

A focal point of this newly minted partnership is the facilitation of an upcoming trade delegation from the National Real Estate Development Council (NAREDCO) of India. Comprising major Indian players in the real estate and infrastructure sectors, the visiting delegation will engage in targeted business meetings, workshops, and inspection tours of prominent construction projects in Sri Lanka.

Under the terms of the MoU, CCISL will serve as the principal host coordinator in Sri Lanka. In close consultation with ISCCI, the apex construction body will curate itineraries, identify viable projects for engagement, and facilitate high-level dialogues with key government agencies, regulatory bodies, and industry leaders.

With both nations prioritizing sustainable urban growth, modern construction technologies, and infrastructure expansion, industry leaders view the partnership as a timely catalyst for economic rejuvenation. The collaboration is anticipated to accelerate market access, knowledge exchange, and foreign direct investment into Sri Lanka’s burgeoning property and development sectors.

To ensure the success of the upcoming NAREDCO delegation, CCISL has issued an urgent appeal to statutory authorities and relevant project owners to come forward with viable investment proposals. Stakeholders holding projects seeking foreign investment or technical partnerships are invited to submit comprehensive details to the Secretary General and CEO of CCISL via email at secyces@gmail.com.

Both chambers emphasize that translating this foundational agreement into tangible partnerships and robust capital flows will significantly strengthen bilateral connectivity between the construction and real estate sectors of India and Sri Lanka.

Business

Hettich celebrates a decade in Sri Lanka with partner meet in Colombo

Published

5 hours ago

2026/09/14

Thilina Walpola

Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality

Hettich, the globally renowned German manufacturer of furniture fittings and architectural hardware known for its state-of-the-art manufacturing plants and magical interior solutions across the world celebrated a significant milestone in Sri Lanka, marking 10 years of presence in the country with its inaugural Partner Meet in Colombo.

The landmark event brought together Hettich’s key partners, stakeholders and industry leaders to celebrate a decade of growth, collaboration and shared success, while reaffirming the company’s long-term commitment to the Sri Lankan market.

Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality, contributing to the creation of contemporary and intelligently designed living and working spaces across the country.

The gala evening was graced by a distinguished delegation of senior leaders, including Dr. Andreas Hettich, Chairman, Hettich Group Advisory Board; S. K. Poddar, Chairman, Hettich India & Adventz Group; Mr. Akshay Poddar, Director, Hettich India; Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa; Rahul Thakkar, Director – Sales, Hettich India & SAARC; and Dinusha Bhaskaran, Managing Director, Vallibel One PLC.

Business

GS Evo Motors launches all-new JMEV EWIND

Published

5 hours ago

2026/09/14

Thilina Walpola

Priyantha Perera, Chief Executive Officer of GS Evo Motors (left), and Sunil Wettasinghe, Chairman of GS Evo Motors, introducing the latest JMEV Ewind Electric SUV to the local market

GS Evo Motors Limited, the authorized distributor of JMEV electric vehicles in Sri Lanka, has officially launched the JMEV EWIND, a next-generation compact electric SUV. The vehicle is designed to offer strong performance, intelligent technology, premium comfort, and high safety standards, marking another milestone in Sri Lanka’s growing electric mobility sector.

The EWIND features a sleek, aerodynamic exterior with penetrating LED daytime running lights, trapezoidal chain-inspired LED tail lamps, 19-inch alloy wheels, and a bold silhouette. Inside, it offers a spacious cabin with a panoramic moonroof and retractable curtain, an ultra-thin suspended instrument panel, a D-shaped multifunction steering wheel, multi-colour ambient lighting, premium finishes, and electrically adjustable front seats.

The SUV is available in single-motor front-wheel drive configurations, producing up to 108 kW and 210 Nm, with 0–100 km/h acceleration in 8.9 seconds.