News
Central Bank to immediately remove cash margin requirement on non-essential imports
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
Govt. bows to pressure, shelves Grade 6 reforms
The government, under heavy Opposition fire over inclusion of a sex website in the Grade 6 English module, as well as overall education reforms, has decided to put on hold reforms in respect of Grade 6.
Cabinet Spokesman and Media and Health Minister Dr. Nalinda Jayatissa announced the government decision yesterday (13) at the post-Cabinet media briefing at the Information Department.
According to him, the decision had been taken at the previous day’s Cabinet meeting, chaired by President Anura Kumara Dissanayake. Dr. Jayatissa said that education reforms pertaining to Garde 6 had been put on hold until 2027.
The Minister said that other proposed education reforms would be implemented as planned. The Minister said that action would be taken against those responsible for the inclusion of a link to a sex website following investigations conducted by the Criminal Investigation Department and the National Education Institute.
The SJB and several other political parties, as well as civil society groups, have accused the government of promoting an LGBTQ agenda, through the proposed education reforms.
The Opposition grouping Mahajana Handa, on Monday, made representations to the Mahanayake Thera of the Malwatta Chapter regarding the controversial reforms, while urging their intervention to halt the project.
News
AKD: Govt. agenda on track despite Ditwah disaster
President Anura Kumara Dissanayake yesterday (13) vowed to go ahead with his government’s agenda, regardless of the destruction caused by Cyclone Ditwah.
Emphasising the responsibility on the part of all to contribute to the post-Ditwah recovery efforts, President Dissanayake said that he would have complete faith in the public service.
The President said so at the launch of the re-building Sri Lanka project at the BMICH yesterday.
The JVP and NPP leader said that he wouldn’t take advantage of the death and destruction caused by the cyclone or use the situation as an excuse to reverse their agenda or weaken it.
President Dissanayake said that in spite of many calling for amending the then Budget, in view of the cyclone, the government presented the proposals that were agreed before the disaster struck.
News
SL to receive 10 helicopters from US
The United States has announced that it will provide the Sri Lanka Air Force with 10 US Navy TH-57 helicopters free of charge.
The announcement was made by outgoing US Ambassador Julie Chung, who stated, on social media, that the helicopters would be transferred under the United States’ Excess Defence Articles programme. The aircraft are Bell 206 Sea Ranger helicopters previously operated by the US Navy.
US sources said that the transfer was intended to strengthen Sri Lanka’s disaster response capabilities, following the devastating cyclone that struck the island at the end of 2025 and killed more than 600 people. US officials have framed the move as a humanitarian measure aimed at improving aerial rescue and relief operations.
-
News3 days agoSajith: Ashoka Chakra replaces Dharmachakra in Buddhism textbook
-
Business3 days agoDialog and UnionPay International Join Forces to Elevate Sri Lanka’s Digital Payment Landscape
-
Features3 days agoThe Paradox of Trump Power: Contested Authoritarian at Home, Uncontested Bully Abroad
-
Features3 days agoSubject:Whatever happened to (my) three million dollars?
-
News3 days agoLevel I landslide early warnings issued to the Districts of Badulla, Kandy, Matale and Nuwara-Eliya extended
-
News3 days agoNational Communication Programme for Child Health Promotion (SBCC) has been launched. – PM
-
News3 days ago65 withdrawn cases re-filed by Govt, PM tells Parliament
-
Opinion5 days agoThe minstrel monk and Rafiki, the old mandrill in The Lion King – II
