Business
Earnings from exports remained robust in September 2022
Financing of essential imports exhausts liquid level of gross official reserves
Earnings from exports remained robust in September 2022, while import expenditure declined for the seventh consecutive month, on a year-on-year basis, reflecting the significant reduction in imports of non-food consumer goods and investment goods, according to External Sector performance – September 2022.The Central Bank continued to provide forex liquidity to finance essential imports, exhausting the liquid level of gross official reserves, the report said.The following are some excerpts from the External Sector performance released by the Central Bank of Sri Lanka.
“Merchandise trade deficit recorded a notable contraction in September 2022, (y-o-y). Workers’ remittances increased marginally in September 2022, (y-o-y). Earnings from tourism recorded an increase in September 2022, compared to the same period in 2021. Foreign investment in the government securities market and the Colombo Stock Exchange (CSE) recorded a notable net inflow during September 2022. Meanwhile, the weighted average spot exchange rate in the interbank market remained around Rs. 362 per US dollar during the month.”
“The balance in the merchandise trade account recorded a deficit of US dollars 206 million in September 2022, compared to the deficit of US dollars 492 million recorded in September 2021 and US dollars 261 million recorded in August 2022. Meanwhile, the cumulative deficit in the trade account during January-September 2022 narrowed to US dollars 4,104 million from US dollars 5,999 million recorded over the same period in 2021.”
“Terms of Trade deteriorated by 1.1 per cent in September 2022, compared to September 2021, as the increase in import prices surpassed the increase in export prices. Earnings from merchandise exports grew by 4.3 per cent in September 2022, over September 2021, to US dollars 1,079 million. However, merchandise exports in September 2022 recorded a decline compared to August 2022 (US dollars 1,224 million). An increase in earnings was observed in industrial and agricultural exports, while a marginal decline was recorded in mineral exports. Cumulative export earnings during January-September 2022 increased by 11.7 per cent over the same period in the last year, amounting to US dollars 9,981 million, which was mainly driven by the improvements in industrial exports.”
“The export volume index declined by 6.7 per cent (y-o-y) while the unit value index improved by 11.8 per cent (y-o-y), in September 2022, indicating the increase in export earnings in September 2022 could be attributed to higher export prices. Expenditure on merchandise imports declined by 15.8 per cent to US dollars 1,284 million in September 2022, compared to US dollars 1,526 million in September 2021 and US dollars 1,486 million in August 2022. A decline in import expenditure was observed in investment goods and non- food consumer goods, mainly resulted from the measures to compress imports. However, an increase was recorded in imports of intermediate goods and food and beverages. On a cumulative basis, import expenditure from January to September 2022 amounted to US dollars 14,085 million, compared to US dollars 14,938 million recorded in the corresponding period in 2021.”
“Expenditure on the importation of consumer goods declined by 35.3 per cent in September 2022, compared to September 2021, led by lower expenditure on non-food consumer goods. Expenditure on the importation of intermediate goods increased by 7.7 per cent.”
Business
BOC Maldives Celebrates 45 Years of Banking Excellence and Unveils New Digital Banking Initiative
Established in 1981, BOC Maldives has grown steadily over the years, building a reputation as a trusted banking partner. BOC Maldives forms an important part of Bank of Ceylon’s international network, connecting the bank’s operations in London, Chennai, Seychelles, Malé and Hulhumalé. Within this network, BOC Maldives occupies a unique position due to its presence in a tourism-driven economy and its role in facilitating banking relationships associated with trade, investment, foreign currency transactions, and broader regional business activities.
Bank of Ceylon (BOC) Maldives recently celebrated its 45th anniversary, marking a significant milestone in the bank’s longstanding contribution to the Maldivian banking sector and its commitment to fostering economic growth and financial inclusion in the Maldives. A special customer felicitation ceremony was held to recognise long standing relationships with key customers and business partners with the participation of Bank of Ceylon’s Chairman Mr. Kavinda de Zoysa, General Manager/CEO Mr. Y.A. Jayathilaka, Acting Senior Deputy General Manager/Head of Global Markets Mr. G.A. Jayashantha, and Chief Manager of the Overseas Branches Division, Mr. Harischandra Hewage together with Country Manager Ms. Manjula Herath and the staff of BOC, Maldives.
The ceremony reflected the bank’s appreciation for the trust and confidence placed in BOC Maldives over the years and underscored the importance of maintaining strong and mutually beneficial partnerships. Addressing the gathering, senior representatives of the bank highlighted the institution’s journey over the past 45 years and emphasized the branch’s contribution towards strengthening economic ties between Sri Lanka and the Maldives. They also acknowledged the invaluable support extended by customers, stakeholders, regulatory authorities, and employees who have contributed to the branch’s success throughout the years.
One of the key highlights of the event was the announcement of the upcoming launch of Internet Banking services in the Maldives. This initiative represents another significant step in the bank’s digital transformation journey and its ongoing efforts to enhance customer convenience and accessibility. The branch has consistently embraced advancements in banking technology to improve customer service and operational efficiency. Notably, BOC was the first bank in the Maldives to introduce Automated Teller Machines (ATMs), demonstrating its pioneering approach to banking innovation within the country.
The anniversary also offered an opportunity to reflect on the legacy built by BOC Maldives since its establishment. Over the years, the bank has been associated with financing and supporting projects in government, infrastructure, tourism, resort development, construction, real estate, wholesale and retail trade, housing, fisheries, and aviation. Earlier milestones in the bank’s Maldivian operations have also recognized its role in supporting major national and sectoral projects, including airport-related development, government sector financing, and the Hulhumalé Reclamation Project Phase II.
Business
Blue Lanka Tours launches employee mental health and wellness programme
Blue Lanka Tours recently launched a mental health and wellness initiative aimed at promoting employee wellbeing and fostering a healthier workplace culture.
The programme, titled Compass, was held at the ITC Ratnadeepa in Colombo, bringing together employees for a series of sessions focused on mental health awareness, healthy living and personal development.
Addressing the event, Blue Lanka Tours Founder and Managing Director Dinesh N. Perera said the company’s responsibility extended beyond serving international visitors to ensuring the wellbeing of its employees.
“When we say we are a responsible company, it also means we are a responsible employer who recognises workplace pressures, personal responsibilities and the demands of modern life,” he said.
Wellness Facilitator and Mindset Coach Tanuja Perera Raymond conducted a session on building confidence, emotional balance and workplace performance through practical daily habits. Counselling Psychologist and Mind Leap Counselling Services Founder Dulari Ranasinghe discussed strategies for managing stress, overcoming emotional challenges and developing healthier personal relationships.
Fitness and Nutrition Coach Shane Ramenaden led the final session, highlighting the relationship between physical health and workplace productivity through posture improvement, mindful decompression, nutrition and healthy lifestyle practices.
Business
ICAO Asia-Pacific Director joins NGAP aviation awareness programme in Kandalama
The Civil Aviation Authority of Sri Lanka (CAASL) conducted the Next Generation of Aviation Professionals (NGAP) Sri Lanka Programme at D.S. Senanayake Maha Vidyalaya, Kandalama, recently bringing together around 400 school students to promote awareness of aviation-related careers.
The programme, organised through the CAASL Civil Aviation Promotion Unit under the leadership of Director General of Civil Aviation and Chief Executive Officer Captain Daminda Rambukwella, aimed to inspire students to explore opportunities in the aviation sector.
ICAO Asia and Pacific Regional Director Tao Ma attended the event as chief guest, reaffirming the International Civil Aviation Organization’s support for initiatives that encourage youth participation in aviation and contribute to the sustainable growth of the global industry.
Students from D.S. Senanayake Maha Vidyalaya and several schools in the Galewela Education Zone participated in the programme, which featured interactive sessions, presentations by aviation professionals, and educational activities designed to enhance knowledge of the sector.
The programme commenced with a model aircraft flying display, which drew significant interest from students while demonstrating basic principles of flight and aircraft operations.
An aviation-themed art competition was also held, with ICAO officials and CAASL representatives reviewing student artwork and commending their creativity and enthusiasm.
Speaking at the event, Tao Ma praised Sri Lanka’s efforts to promote aviation awareness among youth, noting the importance of developing the next generation of aviation professionals.
Director General of Civil Aviation and Chief Executive Officer of the Civil Aviation Authority of Sri Lanka, Captain Daminda Rambukwella highlighted the role of the NGAP initiative in building a future-ready aviation workforce and encouraged students to consider careers in the expanding sector.
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