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
ComBank hands over fully refurbished wards at De Soysa Hospital for Women
The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.
Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.
Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.
Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.
The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.
Business
IIHS expands global nursing pathways
The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.
Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.
Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.
Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.
Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.
“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.
IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.
The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.
The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.
Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.
Business
Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair
Sampath GPay customers can enjoy 25% cash back on Book Fair purchases
Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.
Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.
Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”
The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.
Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.
-
News7 days agoPolice remove Thileepan statue in Jaffna
-
Features7 days agoThe 22nd Amendment, constitutional recovery and illiberal slippage
-
Features7 days agoOf foreigners as CEOs of Lankan ventures
-
Latest News4 days agoGold winner Tharanga gets brand-new Honda Vezel from SLAAJ
-
News7 days agoSajith rejects Jt. Opp. protest sabotage claim; SJB TU chief demands remedial action
-
Features5 days agoWhy Sri Lanka needs an Inclusive Civic Nationalism – urgently
-
News4 days agoUS-assisted ‘Ice’ detection: NPC to examine IGP’s move to transfer drug-busting team
-
Features6 days agoThailand’s biggest new global star …
