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CB denies attempt to convert worker remittances into Lankan rupees

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The Central Bank yesterday denied speculations that worker remittances will be forcibly converted into Sri Lankan rupees under the proposed Securitised Financing Arrangement (SFA) as being unfounded.

The bank, issuing a statement, said such rumours claimed SFA is aimed at converting all worker remittances into Sri Lankan rupees upon receipt by licensed banks.

“The Central Bank of Sri Lanka (CBSL) categorically states that there is no truth whatsoever in this allegation. Since 28 May 2021, licensed banks are expected to sell to the CBSL, 10% of voluntary conversions of worker remittances into Sri Lankan rupees on the strength of the additional Rs. 2 incentive provided by the Government on such conversions,” the bank said.

It said that while a request for proposal has now been launched to explore the possibility of securitising this already existing flow to the Central Bank, the SFA will have no impact on any worker remittance. These can continue to be freely retained in foreign currency accounts in Sri Lanka or converted into Sri Lankan rupees as done in the past.

“Accordingly, the general public is requested to remain vigilant and not to be misled by such false information. In the meantime, in collaboration with the Government, the CBSL will continue to facilitate the enhancement of worker remittances by incentivising funds remitted through formal channels, as previously announced,” the press release said.



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Govt. fleeces electricity consumers despite CEB’s Rs. 263 bn profit this year

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Ranawaka

Power sector workers shouldn’t be granted year-end bonuses

Leader of the Eksath Janaraja Peramuna (EJP) and former Power Minister Patali Champika Ranawaka said that CEB workers shouldn’t be granted year end/Christmas bonuses as they had not contributed to the much favourable current financial status of that state-owned enterprise.

Ex-parliamentarian Ranawaka said that the CEB had earned massive profits solely by implementing extremely unfair tariff structure, therefore workers shouldn’t be paid bonuses.

The former Minister was addressing the media at the EJP Colombo office. Referring to official records, the EJP leader said that the CEB had earned a profit of Rs. 6161 mn in 2023 and also saved Rs. 36 bn. So far this year (January to November), the CEB had recorded Rs. 263 bn profit but the government continued to fleece consumers.

Ranawaka also questioned the failure on the part of the government to provide electricity consumers relief as decided by the Cabinet during the previous government that there would be quarterly revision of pricing formula.

Ranawaka said that the government should explain why it couldn’t decrease fuel prices by a significant amount. The NPP administration should at least admit that it couldn’t do away with the current unbearable tax regime. The ex-parliamentarian asked the NPP to acknowledge that the government feared collapse in case of abolition of heavy taxes on fuel.

The ex-Minister challenged the NPP to prove accusations that had been directed at ministers of previous governments without propagating allegations. According to Ranawaka, both diesel and petrol prices remained high as the government levied Rs 50 and 72 on diesel and petrol, respectively, in addition to 18% VAT (Value Added Tax).

Ranawaka pointed out that in addition to Ceypetco, IOC and Sinopec had been levying taxes heavily with diesel (Rs 88-94) and petrol (Rs 110-117) imports per litre (SF)

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Isurupaya protest: Apprehended man from Army intelligence

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A person who had been apprehended by protesting Development Officers during a noisy demonstration outside the Education Ministry at Isurupaya and handed over to police was subsequently identified as a member of the Military Intelligence.

Police said that those demanding they be made permanent in the teaching service alleged that the apprehended man allegedly caused injuries to policemen deployed at the scene.

A Sub-Inspector of Police (SI) and two constables were injured. (HR)

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SLMC National List MP sworn in

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A smiling Muhammathu Saali Naleem walking towards the Speaker's Chair to be sworn in as a member of the Tenth Parliament yesterday(Pic courtesy parliament)

Muhammathu Saali Naleem was sworn in as a member of the Tenth Parliament yesterday before Speaker Dr. Asoka Ranwala.

Following the oath taking, Naleem signed the Members’ Roll in the presence of Secretary General of Parliament, Kushani Rohanadeera, marking his formal induction into the legislative body. Naleem was appointed as a National List Member of Parliament, representing the Sri Lanka Muslim Congress (SLMC).

The inaugural session of the Tenth Parliament took place on November 21st, 2024, with members taking their oaths the following day. On November 22nd, the Election Commission issued a gazette notification confirming Naleem’s appointment to the National List of the SLMC, paving the way for his oath-taking ceremony yesterday.

Before entering Parliament, Naleem served as the Chairman of the Eravur Urban Council, bringing valuable local governance experience to his new role as a lawmaker.

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