Connect with us

News

Central Bank to immediately remove cash margin requirement on non-essential imports

Published

on

Ban on vehicle imports continues

by Shyam Nuwan Ganewatte

Central Bank (CBSL) Governor Ajith Nivard Cabraal unveiling the ‘Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability’ on Friday (1) discontinued the cash margin deposit requirements imposed on 623 non-essential/non-urgent imports with immediate effect.

The cash margin requirement was imposed by former CBSL Governor Prof W.D. Lakshman.

Speaking at the launch of six month road map at the Atrium of the CBSL, Governor Cabraal said that the ban on the vehicle importation will continue for some more time.

The Governor said that the CBSL would ensure the maintenance of mid-single digit inflation and ensure stability of interest rates and the exchange rates.

He said the CBSL will continue with steps to curb prohibited pyramid schemes and other financial scams and also introduce directions on IT Risk Resilience of Licensed Banks.

Cabraal said that the CBSL balance sheet would be strengthened with gradual rollback measures and the buildup of external reserves.

“It will also strengthen off-site surveillance and improve risk management framework including Governance in financial institutions,” he said.

The governor said that regional development initiatives would be strengthened and new regulations on financial consumer protection will be developed under the Monetary Law Act.

The central bank will introduce user-friendly online complaint submission portal through the CBSL website and social media and a ‘Credit Counseling Centres’ and ‘Investment Advisory Centres’ would be established at Regional Offices.

It would facilitate the setting up ‘Equity Funds’ to support stressed businesses and thereby avoid the increase of non-performing loans.

Cabraal also said the possibility of buying back the entire Issue of ISBs maturing in January 2022 and/or July 2022 would be considered, if high discounts are prevalent in the market.



News

Keheliya turns down request for abolishing price control on medicine

Published

on

Industry leader has sought court intervention

By Shamindra Ferdinando

Health Minister Keheliya Rambukwella yesterday (17) said that in spite of difficulties caused by the foreign currency crisis price control on imported medicines couldn’t be done away with.

Abolition of price control on drugs would heap an enormous burden on the vast majority of people, Minister Rambukwella said.

Lawmaker Rambukwella said so when The Island sought his response to the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) requesting the government to do away with price control. Claiming that the grouping imported over 80 percent of medicines into the country, the SLCPI recently warned of possible collapse of the industry unless remedial measures were taken swiftly.

Minister Rambukwella said that recently he met an SLCPI delegation at their request to discuss issues at hand. “Of course, I understand the difficulties experienced by all sectors, including the pharmaceutical trade. However, price control as regards medicine cannot be done away with,” Minister Rambukwella said.

The SLCPI has pointed out to the Minister that at the moment medicines were the only commodity under price control in the local market. The Health Minister asserted that it wouldn’t be fair to compare the medicine with other commodities.

Minister Rambukwella said that regardless of constrains, the government was trying to ensure uninterrupted supply of medicine and it wouldn’t be fair to do at this juncture.

In a statement sent to the media SLCPI asserted: “There is no solution to this dilemma than removing the price control of medicines and implement a fair and equitable pricing mechanism which will link the price of medicines to the dollar, inflation and direct costs such as raw material, fuel and freight charges, which will then make importing and marketing of medicines viable. As difficult as it may sound, the authorities will have to choose between having medicines at a cost and not having medicines at all.”

The SLCPI has already sought the intervention of the courts to establish what the grouping called a transparent pricing mechanism outside government price control.

Recently, Minister Rambukwella, at a meeting also attended by State Minister Dr. Channa Jayasumana called for a report on the requirement of medicines over the next six months. The Health Ministry declared that there was no shortage of drugs whereas SLCPI claimed some drugs were in short supply and the situation could get worse.

Continue Reading

News

Central Expressway: Rs 3 mn raked in within 12 hours

Published

on

Chief Government Whip and Highways Minister Johnston Fernando said yesterday that about three million rupees had been earned by way of toll within the first 12 hours of the opening of the second phase of the Central Expressway.

Rs 2,805,100.00 had been paid by the expressway users during the first 12 hours from 12 noon to midnight Sunday (16) after its opening by the President and the Prime Minister on Saturday (15).

The Minister said that during the first 12 hours of the period of toll collection, a total of 13,583 vehicles had traversed the most  scenic road stretch in the country between Mirigama and Kurunegala. No traffic accidents had been reported during the 12 hour period.

Minister Fernando said that the newly opened road had been allowed to be used by the public free of charge for 12 hours from midnight Saturday (15) to Sunday (16) noon.

Continue Reading

News

President to inaugurate second session of Ninth Parliament today

Published

on

by Saman Indrajith

President Gotabaya Rajapaksa is scheduled to commence the second session of the Ninth Parliament today at 10 am with his third Presidential policy statement (formerly Throne Speech).

He made his first ‘Throne Speech’ on Jan 3, 2020, opening the Fourth Session of the Eighth Parliament and the second on Aug 20, 2020 to open the First Session of the Ninth Parliament.

Secretary General of Parliament, Dhammika Dasanayake said that MPs have been requested to arrive at the parliamentary complex at 9.25 am the latest.

The MPs, if accompanied by their spouses will alight from their vehicles at the Staff Entrance of the parliamentary building, while all other MPs are requested to drive up to the Members’ Entrance.

To facilitate orderly arrival, the MPs are requested that the Car Label provided them with be pasted on the inside top left-hand corner of the windscreen of their vehicles. On arrival at Parliament, Members’ vehicles would be directed by the Police to the appropriate Car Park.

Thereafter the MPs are requested to enter the lobbies of Parliament and to remain there until the Quorum Bells are rung.

President Rajapaksa is scheduled to arrive at the Main Steps of the Parliament Building at 9.40 a.m. and he would be received by Speaker Mahinda Yapa Abeywardena and the Secretary-General of Parliament.

The President will be escorted by them to the Parliament Building. Thereafter, the Speaker and the Secretary-General of Parliament will escort the President to his Chambers.

At 9.55 a.m. the Quorum Bells will be rung for five minutes and all Members will take their seats in the Chamber of Parliament.

The President’s procession will leave for the Chamber of Parliament and will enter the Chamber at 10.00 am. On entering the Chamber the President’s arrival will be announced whereupon all Members will stand in their places until the President reaches the Chair and requests the Members to be seated.

Thereafter, the Proclamation proroguing the Parliament and Summoning the Meeting of Parliament will be read by the Secretary General of Parliament. Then, the President will address Parliament.

After his policy statement the President will adjourn the House until 1.00 p.m. on Wednesday (19).

Thereafter, the President will leave the Chamber escorted by the Speaker and the Secretary-General of Parliament.

Continue Reading

Trending