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Rupee continues downward slide

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The US dollar was selling at around 280 – 290 Sri Lankan rupees by the end of Tuesday (15), the lowest it has been against the Dollar.

The Sri Lankan rupee had been depreciating against all major world currencies since last week after the government ended the interventions to strengthen the rupee. On 07 March, the Central Bank announced that greater flexibility had been allowed in the exchange rate.

Earlier the rupee was pegged at 200 – 203 against the US dollar. However, this led to a reduction in foreign remittances. Sri Lankans employed abroad used to remit approximately 7 to 8 billion US dollars annually to Sri Lanka. The amount dropped dramatically by about 2.5 billion US dollars in 2021 after the government pegged the dollar at 200 rupees. Several Sri Lankan economists urged the government to devalue the rupee in the past few months, stating that this policy was creating forex shortages and parallel exchange rates in the black market.

The rupee dropped to 230 against the US dollar on 08 March and had been depreciating steadily ever since.

Economists have urged the Central Bank to raise policy rates to support the rupee and slow domestic credit. However, the Central Bank states that the exchange rate will stabilise after the market reaches an equilibrium. (RK)



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Death toll rises to 607, missing persons reduce to 214 at 1800hrs today (5)

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The situation report issued by the Disaster Management Centre at 1800hrs today (5th December) confirms that 607 persons have died due to the adverse weather conditions while the number of missing persons has reduced to 214.

The number of persons affected topped the 2 million mark (2,082,195).

 

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Sri Lanka Navy takes delivery of Ex-USCGC DECISIVE

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The Sri Lanka Navy (SLN) formally took delivery of the EX- United States Coast Guard Cutter, USCGC DECISIVE, provided by the United States to SLN, at a ceremony held at the United
States Coast Guard Yard in Baltimore on 02 Dec 25. The event was also attended by the Commander of the Navy, Vice Admiral Kanchana Banagoda.

The ship formally joined the SLN fleet on 02 December under the pennant number P 628 and the main mast of the ship will fly the National Flag effective from that date.

Aiming to strengthen and develop partnerships to overcome common challenges in the maritime domain, the U.S. Coast Guard has previously provided 03 ships to SLN and they are currently patrolling island waters under the names of ‘Samudura’ (P 621), ‘Gajabahu’(P 626), and ‘Vijayabahu’ (P 627).

As an extension of partnership ties that bring value to each other’s services, Ex-USCGC DECISIVE was transferred as the fourth ship to be handed to SLN.

Ex-USCGC DECISIVE, a ‘B-Type Reliance Class 210-foot Cutter’, measures 64m in length, and having endurance of 6000 NM at cruising speed. Further, she has been designed for a
crew of 100 and is equipped with weapons and machinery.

The ship which was used by the U.S. Coast Guard has rendered exceptional service during her tenure by curbing illegal activities, including smuggling of narcotics in U.S. waters.

Sri Lanka inherits an Exclusive Economic Zone (EEZ) that is seven times larger than the landmass. In such a backdrop, the Navy is determined to deploy this vessel in wide-ranging
operations that include the conservation of marine resources in the region and the search and rescue of naval and fishing communities in distress. Thereby, the Navy will be able to utilize
this vessel efficiently in the future to achieve the national aspiration, while ensuring safe and secure seas for all economic affairs.

The formal handing over – taking over ceremony was also distinguished by the presence of the Deputy Chief Acquisition Officer and Director of Domain & Integration Services U.S. Coast
Guard,  James L. Knight, Deputy Assistant Secretary of War for South and Southeast Asia, Dr. Andrew Byers, the Ambassador of Sri Lanka to the United States, Mahinda Samarasinghe, Commanding Officer designate of P 628, Captain Gayan Wickramasuriya as well as a group of officials from the Embassy of Sri Lanka in United States and the State Department
of the United State

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486 dead, 341 missing, 171,778 displaced as at 0600hrs today [05]

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The situation report issued by the Disaster Management Center at 0600hrs today [5th December] confirms that 486 persons have died and another 341 persons are missing after the devastating weather conditions in the past week.

171,778 persons have been displaced and have taken refuge at 1,231 safety centers established by the government.

 

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