News
CBSL expects official reserves to be above USD 3 billion by 31 Dec.
The Central Bank of Sri Lanka yesterday said that they have taken measures to ensure that official reserves will remain above US dollars 3 billion by end of 2021. CBSL added that despite the headwinds of the economic impact of COVID-19 and challenges posed by adverse developments in the external sector, the Sri Lankan economy showed resilience throughout 2021.
The country has also successfully met its debt obligations by repaying foreign loans, including the payments of the International Sovereign Bonds, ,” CBSL said in a press release.
Given below are excerpts of the press release: “Since the beginning of the year both the Central Bank and the Government have been actively pursuing possible avenues to replenish official reserves, with an emphasis on encouraging non-debt flows, so that the existing foreign debt could be managed in a sustainable manner. These efforts were accelerated since October 2021 with the announcement of the Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability, which set out envisaged targets for build up of official reserves in the near term.
“As articulated in the Six-Month Road Map, number of foreign exchange inflows are envisaged in the very near term. Major foreign exchange inflows to the Central Bank include SWAP facilities with Middle Eastern and other regional central banks amounting to about US dollars 2.0 billion. The Government is also in the process of securing Government to Government financing, syndicated loans as well as loans from multilateral organisations. In addition, the expected foreign exchange facilities that were negotiated during the high-level visits abroad made by authorities are also progressing well. Further, the interventions made by the Central Bank on several facets of the foreign exchange market, such as incentive scheme introduced for workers’ remittances, and the repatriation and conversion requirements on account of exports proceeds will improve the liquidity in the domestic market, thereby enabling the Central Bank to build up official reserves further. With the recent rise in departures for foreign employment and exponential growth observed in tourist arrivals, the external sector is expected to recover well in the period ahead and the pressures observed at present are expected to moderate with increased inflows to the economy. The Government and the Central Bank remain confident that these expected inflows will materialise and the reserve position will remain at comfortable level throughout the year 2022.”
The National Water Supply and Drainage Board (NWSDB) on Friday said the largest groundwater source discovered in Sri Lanka so far had been identified during tube-well drilling near the Pitabeddara Police Station.
Indrajith Gamage, geologist in charge of the Southern Province, said the source recorded a continuous flow of about 10,000 litres (10 cubic metres) per minute, marking the first instance in the country where a groundwater source of that magnitude had been found.
He noted that the previous largest groundwater source was discovered in the Madhu area, which recorded a flow of about 7,000 litres per minute.
According to the NWSDB, the tube well was drilled following geological studies of rock layers and the identification of underground water through fractures in rock strata using specialised technical instruments.
The Board said steps would be taken to distribute water from the newly discovered source to residents facing shortages in Pitabeddara, Morawaka and surrounding areas.
The Ceylon Chamber of Commerce has formally handed over its historical records to the National Archives Department, entrusting over a century of the nation’s commercial history to the country’s official custodians of heritage.
The archive, spanning from the CCC’s founding in 1839 to 1973, includes correspondence, meeting minutes, reports, ledgers, and publications that chronicle the development of trade, enterprise, and industry in Sri Lanka. Together, the records provide a rare and detailed account of the island’s economic evolution and the role of its business community in shaping national progress.
The Ministry of Defence said on Friday (13) that arrangements had been made to repatriate to Iran the bodies of 84 sailors who died aboard the IRIS Dena, which sank in the southern seas off Sri Lanka.
A special aircraft carrying the bodies departed from Mattala Rajapaksa International Airport on Friday, the Ministry said, adding that the repatriation was carried out in coordination with the Embassy of Iran in Sri Lanka.
The remains had been kept in two mobile cold-storage units at the Galle National Hospital before being transported to Mattala by lorry following a court order. Forty-five bodies were moved in the morning, while the remaining 39 were transported later in the day.
Earlier this month, the Iranian naval vessel suffered an incident about 40 nautical miles off Port of Galle while carrying around 180 personnel. Thirty-five rescued sailors were admitted to the Karapitiya Teaching Hospital, while 84 bodies were subsequently recovered.
Following the incident, Pete Hegseth confirmed that the Iranian vessel had been sunk in international waters by a torpedo fired from a submarine of the United States Navy.
Showers will occur at several places in the Western, Sabaragamuwa, Central, North-western and Uva provinces and in Galle, Matara, Mannar and Anuradhapura districts after 2.00 pm.
Lanka discovers largest groundwater source
Lanka’s commercial legacy preserved in National Archives
Bodies of 84 Iranian sailors flown home
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