News
CB reduces interest rates
The Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate and the Standing Lending Facility Rate by 200 basis points to 10.00 percent and 11.00 percent respectively, a statement from it said on Thursday.
The central bank said it took this decision at the monetary board meeting held on Wednesday.
The central bank said the monetary board arrived at this decision following a careful analysis of the current and expected developments, including low inflation and benign inflation expectations in the domestic economy, with the aim of stabilizing inflation at the envisaged five percent level in the medium term, thereby enabling the economy to reach its potential growth.
The monetary board expects that this reduction of policy interest rates, along with the significant easing of monetary policy effected previously, including the directions issued by the Central
Bank to licensed banks to reduce interest rates, and the significant reduction of risk premia on government securities, would accelerate the downward adjustment in market interest rates, particularly lending rates, in the period ahead.
The central bank said the financial sector is urged to pass on the benefits of the continued easing of monetary conditions to individuals and businesses adequately and swiftly, thereby supporting the envisaged rebound of the economy.
Colombo Consumer Price Index (CCPI) based headline inflation (year-on-year) decelerated significantly below the target to 1.3 per cent in September 2023 driven by declines in both food and non-food inflation, the central bank said.
Sri Lanka increased its interest rates significantly in 2022 to deal with rising inflation, however rates were reduced twice in 2023.
Food items recorded deflation (year-on-year) for the third consecutive month in September 2023, while non-food inflation continued to moderate due to the easing of price pressures across many categories of the CCPI basket. CCPI based core inflation (year-on-year), which reflects underlying demand pressures in the economy, also moderated further in September 2023, reinforcing the disinflation process.
However, this disinflation process is expected to turnaround from September 2023, with the dissipating impact of the favourable base, and converge towards the targeted level of inflation, the central bank said.
Nevertheless, if the planned upward adjustments to administratively determined prices and tariffs, including electricity, as well as any tax measures are implemented by the Government, a short-lived upward movement in headline inflation beyond the target is likely in the near term. Headline inflation is expected to stabilise at the target rate of 5 per cent over the medium term as reflected by the latest projections of the Central Bank.
News
Cabinet aporives recruitment of Nursing Instructors for Nursing Schools under the Ministry of Health and Mass Media on Contract Basis
There are 17 nursing schools under the Ministry of Health and Mass Media including the postgraduate primary nursing school.
There are 142 vacancies in the posts of Grade I / Special Grade Nursing Officer (Education) as on 31.03.2026 in those schools while 24 officers are to be promoted to the special grade on 31.12.2025 owing to the vacancies existing in the post of Special
Grade Nursing Officer (Education). Therefore, the number of vacancies is to be 166.
In addition, there are 24 vacancies in the post of Special Grade Nursing Officer (Education).
Although at present action has been taken to upgrade the nursing schools to nursing colleges and upgrade the nursing diploma course to nursing degree course, no action has been taken so far to carry out recruitment for the training relevant to the appointment for the post of Grade I / Special Grade Nursing Officer (Education).
Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Health and Mass Media to recruit retired nursing instructors and nursing instructors who served in the nursing schools belonging to the three armed forces and are retired or have resigned legitimately from service to the post of Grade I / Special Grade Nursing Officer (Education) on contract basis.
Latest News
Signing agreement for the establishment of BIMSTEC Technology Transfer Facility in Sri Lanka
It has been decided to establish a BIMSTEC technology transfer facility in Sri Lanka by entering into a Host Country Agreement at the second leaders’ summit of BIMSTEC (Bay of Bengal
Initiative for Multi-Sectoral Technical and Economic Cooperation) held in New Delhi, India, in 2008, with the objective of enhancing regional cooperation.
The relevant cooperation agreement was signed by the member countries at the 5th BIMSTEC summit on 30-03-2022 in Colombo.
The prime objective of this technology transfer facility is to provide technology, capacity building, and management of intellectual property for the micro, small, and medium-scale
enterprises of the BIMSTEC member countries.
According to the cooperation agreement, an agreement should be entered into between Sri Lanka, as the host country, and BIMSTEC Secretariat for formalizing the legal status, privileges, and immunities of the technology transfer facility.
The drafted agreement has received the relevant institutional approval and legal clearance.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Science and Technology to sign the proposed agreement.
News
The cabinet approves agreement on mutual legal cooperation in criminal matters between the Republic of Sri Lanka and the Republic of Korea
Approval has been granted at the cabinet meeting held on 11-12-2023 to sign an agreement between the Republic of Korea and the Government of Sri Lanka regarding mutual cooperation
in criminal matters.
However, according to the aforementioned approval, the relevant agreement could not be signed between both parties.
Through this agreement, opportunities will be provided
for mutual assistance to other countries in handing over judicial documents and collecting evidence for the use of criminal case matters.
Accordingly, the Cabinet of Ministers has approved the resolution provided by the Minister of Justice and National Integration to sign an agreement between the Republic of Korea and the Government of Sri Lanka to cooperate in criminal matters.
Cabinet aporives recruitment of Nursing Instructors for Nursing Schools under the Ministry of Health and Mass Media on Contract Basis
Signing agreement for the establishment of BIMSTEC Technology Transfer Facility in Sri Lanka
The cabinet approves agreement on mutual legal cooperation in criminal matters between the Republic of Sri Lanka and the Republic of Korea
Misbah-ul-Haq resigns as Pakistan selector after Test squad upheaval
Amendment of the Quarantine and Prevention of Diseases Ordinance No. 3 of 1897
Cabinet approves donation of USD One Million to the Government of Nepal
‘Dates have the highest sugar content to fight Coronavirus’
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