The Central Bank of Sri Lanka (CBSL) is of the view that the recent increase in volatility of the exchange rate is ‘unwarranted’ and ‘unacceptable’.
Issuing a statement on Dec. 24, the CBSL stated that it would take appropriate action aggressively hereafter to contain this volatility in the domestic foreign exchange market.
The Central Bank expects that these actions, together with the continuation of the curtailment of non-essential imports, will enable the Rupee to appreciate within the next few days towards the levels of below Rs. 185 per US dollar observed in November 2020.
Further, the CBSL reiterates that official reserves remain at sufficient levels. At present, gross official reserves are at US dollars 5.6 billion.
Moreover, the Central Bank stated that discussions with its domestic and foreign counterparts to boost the level of reserves are also reaching an advanced stage of conclusion.
“The receipt of these expected inflows as well as the ongoing improvements in the domestic production economy leading to the expansion of foreign exchange earnings will facilitate the maintenance of exchange rate stability, while meeting Sri Lanka’s debt obligations on time, in the period ahead as well,” the CBSL stated.
The Sri Lankan rupee has come once again under pressure and continued to trade weaker on back of COVID-19 pandemic effect.
According to the daily exchange report, the buying rate of a US dollar stood at Rs.189.08 on Dec. 24 whilst selling rate at Rs.194.66. This is highest buying and selling rate recorded for a US dollar since, April 30, 2020.
This was the highest buying and selling rate recorded for US dollar since, May 4, 2020. During that day, the buying rate of the US Dollar stood at Rs. 188.37 and selling rate of the US dollar stood at Rs.194.11
Sri Lankan rupee, which remained broadly stable in the month of January 2020 as well as until the first week of March, depreciated sharply with the speculative behavior in the market with the spread of COVID-19 outbreak. On April 8, 2020 the selling rate of a US dollar exceeded Rs.200 mark.
Farmchemie becomes the first Sri Lankan owned company to receive FAMI-QS certification
Farmchemie has obtained FAMI-QS certification being the first Sri Lankan owned company certified with FAMI-QS. FAMI-QS stands for Feed Additive and pre-MIxture Quality System, which compromises the safety of animal feed and the quality of processed goods in accordance with European regulation no. 183/2005 on animal feed. Farmchemie is a BOI approved leading manufacturer and exporter of animal feed additives and nutritional supplements in Asia. Farmchemie is equipped with a state-of-the-art manufacturing facility from Bühler, Switzerland to offer quality assured manufacturing services for world-renowned European brands as well as own brands under Farmstar. Farmchemie has already established their presence in numerous international markets such as India, Bangladesh, Nepal, Kuwait, Lebanon, UAE, Egypt, Thailand, Vietnam, Malaysia, Mongolia, Cambodia and Uganda. FAMI-QS will enable them to expand their markets including the European and USA.
“We are honoured to announce that Farmchemie becomes the first Sri Lankan-owned company to be certified with FAMI-QS in combination with ISO 9001: 2015 and Good Manufacturing Practices certification for animal feeding. By attaining FAMI-QS, we are able to anticipate the expectations of our clients for safe, high-quality goods by lowering the related risk and enhancing the quality of onsite feeds via a supply chain that is properly guaranteed. For that Farmchemie implements measures for Feed Fraud and Feed Defense according to FAMI-QS supply chain integrity module V2. We would like to express our heartfelt appreciation to our customers and suppliers for their continued support and dedication. We look forward to elevating the firm to new heights in the coming months and years, as our aims will always be centered on quality assurance and innovative manufacturing.” Managing Director Uditha Wanigasinghe stated.
Exports Gold Award for Textrip
Textrip Pvt Ltd, the export arm of the Elasto Group, was recently recognized, as the gold award winner for rubber and rubber-based products, medium scale category at the NCE Export Awards ceremony held recently in Colombo. The Chairman and Managing Director of Elasto Group, Mangala Gunasekera accepted the award at the gala event held at Shangri La Hotel. The national export awards ceremony, organized by the National Chamber of Exporters (NCE), recognizes and rewards Sri Lankan exporters on their performance in the international market.
“We always strive to manufacture high-quality rubber-based goods, using the latest technology, adhering to the highest international standards, and showcasing Sri Lanka on the global stage. I would like to thank our clients, locally and internationally for their continuous trust and my staff for their hard work and dedication. They are the pillars of our success,” Managing Director of Elasto Group, Mangala Gunasekera stated. Textrip products have obtained a number of national and international quality standards such as ISO 9001:2015, ISO 14001:2015, CET, REACH and their products are designed to adhere to the ‘Wellness Wisdom’ theme. The company works with over 100 top sports and wellness brands and exports to more than 30 countries including European countries and the United States. TEXSTRETCH Progressive Exercise Resistance Bands is one of the most popular products of the company. The product is a great full-body workout solution for users of any level.
Sri Lanka Tourism returns to Spanish market after pandemic
Spain is one of the fastest recovery markets for Sri Lanka Tourism after the pandemic and participation in FITUR argues well for the much-needed exposure for Sri Lanka as an attractive tourism destination for Spanish-speaking countries, contributing in a substantive manner to its overall growth strategy. Sri Lanka Tourism made the presence with the 28 private sector companies at 43rd edition of FITUR International Travel Mart which was held from 18- 22 January 2023, Madrid, Spain. FITUR is the largest tourism event in the Spanish Market where all the sectors leisure, business and MICE tourism meet under one roof.
Sri Lanka Tourism stall was ceremonially opened by Mr.Chalaka Gajabahu ,Chairman of Sri Lanka Tourism Promotion Bureau and Honorary Consul of Sri Lanka in Barcelona, Mr. Agustin Llana and representatives of the leading private sector members of Sri Lanka.
Sri Lanka was able to attract high level of attention from the trade and travel visitors attended at the event. The Sri Lanka pavilion highlighted many aspects of its potential culture, beauty, Ayurveda and many more which Sri Lanka would offer as a tourism destination. Sri Lanka stand optimized the “So Sri Lanka” and “Visit Sri Lanka” vivid sights to attract the potential visitor segments. At the Sri Lanka pavilion, Ceylon tea was served for the visitors with a view of promoting Ceylon tea in the Spanish market.
On the sideline of the FITUR travel fair, Sri Lanka Tourism Promotion Burau officials participated at the events organized by the UNWTO. During the events, SLTPB officials met with the Mr.Harry Hwang , Director of Regional Department for Asia and the Pacific, UNWTO.As a result of discussions, Mr.Harry Hwang has shown the interest to hold the UNWTO Joint commission in Sri Lanka in 2024.
Meantime, the SLTPB and Sri Lanka Embassy of France also took steps to arrange Business Meetings, exclusive media interviews, Air Line meetings at the FITUR 2023. The Media gathering conducted during the fair created the great opportunity to highlight the updates on the destination and create awareness on the destination.
Death threats won’t deter us – EC Chairman
Three people dead after torrential rain in New Zealand
Showers in Sabaragamuwa Province and in Kandy, Nuwara-Eliya, Kaluthara, Galle and Matara districts
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Opinion5 days ago
Private tuition Mafia and indifferent Education Ministry
Features5 days ago
First appearance in Toronto, Canada
Business5 days ago
Kumar celebrates ten years in Corporate Etiquette training
Opinion6 days ago
A people trapped in fake democracy
Midweek Review4 days ago
Westminster event declares support for Canadian action against Rajapaksa brothers
Opinion5 days ago
Indian offer – renewable energy
Sports5 days ago
Rusanda propels Petes to big score
Features6 days ago
Covid vaccine risks compared to that of eating peanuts