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Export unit value index increased by 4.9%, its import counterpart surged by 15.4%

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Terms of trade deteriorated by 9.0 per cent

The export unit value index increased by 4.9 per cent, (year-on-year), in August 2022 due to higher prices registered in agricultural and industrial categories of exports. Meanwhile, the import unit value index in August 2022 increased by 15.4 per cent, (year-on-year), due to higher prices recorded in intermediate and investment goods. Accordingly, the terms of trade deteriorated by 9.0 per cent, (year-on-year), to 82.5 index points in August 2022,” Weekly Economic Indicators of the Central Bank stated.

It further stated: The average price of tea (in the Colombo auction) increased to US dollars 4.25 per kg in August 2022 from US dollars 2.95 per kg in August 2021.The import price of crude oil increased substantially by 53.2 per cent in August 2022 year-on-year.

OPEC+ agreed to cut production targets by 2 mn barrels per day which were the producers’ largest reduction since 2020. Overall, during the period under review, Brent and WTI prices increased by US dollars 6.86 per barrel and US dollars 6.73 per barrel, respectively. Weekly AWPR for the week ending 07th October 2022 increased by 75 bps to 26.70 per cent compared to the previous week.

The reserve money decreased compared to the previous week mainly due to decrease in the currency in circulation. The total outstanding market liquidity was a deficit of Rs. 517.427 bn by the end of this week, compared to a deficit of Rs. 568.46 bn by the end of last week.

By 07th October 2022, the All Share Price Index (ASPI) decreased by 8.88 per cent to 9,049.52 points and the S&P SL 20 Index decreased by 12.43 per cent to 2,771.83 points, compared to the index values of last week.

During the year up to 07th October 2022, the Sri Lankan rupee depreciated against the US dollar by 44.8 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 38.9 per cent, the Euro by 36.2 per cent, the pound sterling by 33.3 per cent and the Japanese yen by 30.4 per cent during this period.The gross official reserves were provisionally estimated at US dollars 1,777 mn as at end September 2022.

Earnings from exports increased by 12.6 per cent (year-on-year) to US dollars 8,902 mn during the eight months ending August 2022 as a result of increased earnings mainly from exports of textiles and garments (19.2%), petroleum products (39.0%), gems, diamonds and jewellery (55.7%), machinery and mechanical appliances (14.2%) and animal fodder (40.9%).

Import expenditure decreased by 4.6 per cent (year-on-year) to US dollars 12,801 mn during eight months ending August 2022, mainly due to lower imports of machinery and equipment (-19.8%), telecommunication devices (-82.4%), base metals (-45.9%) and medical and pharmaceuticals (-34.7%). Accordingly, the deficit in the trade account narrowed to US dollars 3,899 mn during the eight months ending August 2022 from US dollars 5,507 mn in the corresponding period of 2021.



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Pelwatte Dairy-led Chef’s Guild supported Chef Event energises Sri Lanka tourism

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Pelwatte Dairy, the leading local dairy brand in Sri Lanka that produces a range of dairy products and saves valuable foreign exchange, recently stepped into promoting a cornerstone in Sri Lanka’s culinary and hospitality sectors, the chefs of Sri Lanka.

The Chef Event held at Amagi Aria Hotel, Negombo, and organized by Pelwatte Dairy in partnership with the Chef’s Guild of Lanka, became a viable networking platform for the culinary experts while also giving a significant boost to their professional and skills development. The other partner of the event was the Amagi Aria Hotel.

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SLT-MOBITEL Enterprise becomes SriLankan Airlines’ total communication solutions provider

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SLT-MOBITEL Enterprise, the National ICT Solutions Provider, dedicated in their service to delivering best-in-class technology for the enterprise segment has signed a bilateral agreement with SriLankan Airlines with the support of Millennium IT ESP. The Managed Services Excellence event was held recently at the Jetwing Blue Hotel in Negombo.

Under this agreement, SLT-MOBITEL Enterprise will manage Service Solutions for SriLankan Airlines including Data Networking Services, Enterprise Business Internet Services, Wi-Fi Services including equipment and infrastructure, and Voice solutions.

“SLT-MOBITEL is proud to partner with SriLankan Airlines in delivering the best possible communication solutions. This partnership builds upon the strong history of collaboration between our two companies and demonstrates our shared commitment to serving Sri Lanka. By leveraging SLT-MOBITEL’s enterprise-grade services and solutions and Millennium IT ESP’s expertise, SriLankan Airlines will be able to operate more efficiently and better serve our country and its citizens,” said Janaka R. Abeysinghe, CEO of SLT.

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Orient Finance earns Great Place to Work Certification for second year

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Orient Finance PLC, a member of the Janashakthi Group, has received the prestigious Great Place to Work® Certification™ for the 2nd consecutive year reinforcing their position as a great workplace in Sri Lanka, and reflecting the company’s dedication to fostering a positive work culture for their employees who are considered the organization’s most valuable assets.

Great Place to Work® is an independent analyst that conducts anonymous employee surveys and culture audits to evaluate workplace practices and culture. Based on their analysis, they help organizations develop high-trust, high-performance workplace cultures that promote employee well-being and business success. To become certified, companies undergo a thorough vetting process that includes employee feedback, workplace policies, and practices. The Certification™ is based on a rigorous evaluation of company culture, which includes an assessment of trust, fairness, respect, and camaraderie in the workplace.

Orient Finance, as they celebrate this noteworthy achievement, also highlights the organization’s participation rate of 81% in the Great Place to Work® Trust Index© employee perception survey that indicates the commitment of their employees for engagement, and receptiveness to take action in order to build an exceptional workplace culture.

Orient Finance considers a supportive and optimistic work environment to be crucial to the success of the overall organization. Weighing on this, Director / Chief Executive Officer K.M.M. Jabir shared his thoughts: “Receiving the Great Place to Work® Certification™ for a second year has confirmed that our ongoing efforts to cultivate a thriving workplace culture have been successful. We are proud of this achievement, but we understand the importance of leveraging it to further improve employee experiences, engagement, and retention. We remain committed to fostering a positive and supportive work environment that encourages innovation and creativity, as we believe that this is crucial for any organization to succeed.”

Progressively, Orient Finance PLC has established itself as a customer-focused financial service provider that prioritizes innovation and offers exceptional products and customer service. With 31 branches across Sri Lanka, the company provides an array of tailored financial services which includes mobilization of Deposits, Savings Accounts, Leasing, Hire Purchase, Gold Loans, Alternative Finance Solutions, Corporate Financing and more.

The Company is a member of the Janshakthi Group, which operates in the finance, insurance, and investment sectors. The ‘Janashakthi’ brand embodies a strong culture of unity and collaboration, rooted in the Group’s values of ethics, honesty, transparency, performance, respect, and collaboration. The Group also promotes diversity and merit-based decisions as part of its growth culture initiatives, creating a vibrant and rewarding workplace for all employees.

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