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CA Sri Lanka produces 318 new Chartered Accountants to steer the corporate world



The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Thursday conferred the distinguished Associate Chartered Accountants (ACA) designation to 318 new Chartered Accountants, who will now utilize their unique and versatile skills to steer the dynamic corporate world.

The new Associate Chartered Accountants received their membership at the annual convocation held on 02nd December 2021 under the patronage of Aslam Omar, Chairman, Phoenix Ventures Limited and a Fellow Member of CA Sri Lanka who was the Chief Guest, while Manil Jayesinghe, President, CA Sri Lanka, Sanjaya Bandara, Vice President, CA Sri Lanka, Heshana Kuruppu, Chairman, Member Relations Committee and Ms. Dulani Fernando, Chief Executive Officer, CA Sri Lanka also graced the occasion at BMICH.

At the convocation, 294 existing Associate members of CA Sri Lanka, were conferred the prestigious Fellow Chartered Accountant (FCA) status, elevating them to the highest stratum in their professional careers.

Omar elaborated that when the country is at an important moment of economic revival following COVID, the new Chartered Accountants are produced at a vital time. “Each one of you, in the capacity of qualified and proficient professionals has a paramount role to play in this backdrop,” he said.

He also urged the new and existing members of CA Sri Lanka to take on an active role in making a valuable contribution in their respective professional roles, combining innovation in thinking and adoption of new technologies, which will in turn contribute towards Sri Lanka’s overall economic development and sustainability.

Jayesinghe said that Chartered Accountants possessed the ability to become anything they want, including the Governor of Central Bank and or a Chief Executive Officer. “The CA Sri Lanka qualification has no limits. If you work hard, continue to upgrade your skills, and can think out of the box, the sky is indeed the limit,” he said.

Jayesinghe maintained that for Chartered Accountants, immaterial whether they are a fellow or associate member, CPD also known as Continuing Professional Development is a mandatory requirement. “Apart from the fact that CPD is a commitment to continuously improve yourself professionally, the core benefit of CPD is improving public trust, especially because we are known to play an important role in helping safeguard trust within society. Thus, CPD plays an important role as it is aimed at enhancing public confidence by continuously raising professional standards,” he said.

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Seven factors of concern at upcoming Monetary Policy Review



by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets



Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Janaka Abeysinghe appointed SLT CEO



Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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