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CB Governor says biggest bugbear for businesses is high inflation

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By Shyam Nuwan Ganewatta

The main problem troubling businesses is not high interest rates but high inflation, Governor of the Central Bank, Dr. Nandalal Weerasinghe, says.

“The prices of all inputs are high. The cost of labour is high. The cost of transport as well as energy is high. The price of everything is high because of high inflation,” he said.

The CBSL Governor said that the cost of finance was less than 10 percent of the manufacturing process.

“We have managed to bring inflation under control through high interest rates. The inflation has stabilised and now it’s dropping slowly. When the inflation is down, we can ease the interest rates. If we had not increased rates, there would have been hyperinflation and everything would have collapsed,” he said.



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Majority of the population lacks trust in elections and the political system – President

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During his address at the ‘2023/2024 National Law Conference’ held at the Grand Hotel Nuwara Eliya, President Ranil Wickremesinghe said that the majority of the population, including the youth lacked trust  in elections and politics .

The President further emphasized that while the re-establishment of law and order, as well as political and economic stability, is crucial, it does not imply that Sri Lanka has completely overcome the crisis. He emphasized the necessity of making significant commitments in the future to ensure the success of the entire process.

 

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Prime Minister Dinesh Gunawardena has audience with King and Queen consort of Thailand

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Prime Minister Dinesh Gunawardena called on King Majabijayalgkon and the Queen Consort at the Royal Palace in Bangkok on Friday (02).

The King referred to the long-standing Buddhist ties between the two countries and said that fond memories of his visit to Dalada Maligawa in Kandy 30 years ago when he was the Crown Prince is still in his heart.

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Commit to safeguard Buddhism and preserve the invaluable Buddhist heritage – President

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President Ranil Wickremesinghe in his Poson message urged everyone to commit to safeguard Buddhism and preserve the invaluable Buddhist heritage gifted to us by the arrival of Arahat Mahinda Thera in our land.

He said that Poson Poya Day is of the highest significance to Sri Lankan Buddhists as it marks the historic arrival of Arahat Mahinda Thera to our Motherland with the message of the Buddha, paving the way to create a new meaningful identity as well as a cultural renaissance.

 

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