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Measures in the offing to control informal for-ex reserve transfers out of SL

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By Hiran H.Senewiratne

The government will issue a special gazette notification to prevent and control informal foreign exchange reserve transfers out of the country, Central Bank Governor Dr. Nandalal Weerasinghe said.

“At present many persons transfer US dollars and other foreign currencies through informal systems, such as the Undial and Hawala methods, which take large quantities of foreign reserves out of the country. With the introduction of a new gazette notification, only through the banks money/funds could be transferred. If one cannot prove the bank details, those imported items would be confiscated by the authorities, the Governor said.

‘The Department of Import and Export Control has been empowered by the Act to issue such gazette notifications to prevent and control such informal money transfers out of the country. This would enable the rupee to stabilize against the dollar, Dr Weerasinghe told a press conference yesterday at the Central Bank auditorium.

Weerasinghe added: ‘Measures include introducing regulations to encourage USD flows currently being transacted in the informal market to be channeled through the formal banking system. In my view, expenditure on imports will decline further to more sustainable levels with this new gazette notification.

‘While external debt restructuring remains a top priority for the Sri Lankan government, domestic debt in the form of government securities and Sri Lanka Development Bonds will not be restructured.

‘IMF negotiations and implementing sustainable economic policy reforms remain the main priorities.

‘IMF action will continue irrespective of the political landscape and all creditors will be treated equally in the debt-restructuring process. The assistance of the private sector is sought to successfully implement measures to stabilize the economy.

‘There is a need to strengthen the social safety net with the rising cost of living. To this end multilateral agencies, such as the World Bank, will be looking to reallocate funds committed to projects, towards assisting vulnerable segments of the population.

‘Encouraging progress had been made towards establishing a macro-fiscal policy framework and initiating structural reforms. A staff-level agreement with the IMF is likely to be reached within the next two months.

‘Additional measures will be implemented in order to address urgent economic concerns.’



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Wing Commander (Retd.) D. Pradeep S. Kannangara elected president, Industrial Security Foundation

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The Industrial Security Foundation (ISF) which acts as the sole organization in Sri Lanka to represent the Private Security industry having incorporated by an Act passed in the Parliament, Act No. 51 of 1999, elected Wing Commander (Retd.) Pradeep Kannangara as its President for the years 2022/2023 at its 30th annual General Meeting which was held at the PIM Auditorium in Borella. Wing Commander Pradeep Kannangara was appointed President while 14 other members were appointed to the Executive Committee, strengthening the ISF in order to drive and uplift the standards of the private security industry in Sri Lanka.

He has served on the ExCo consecutively since 2012 under four different presidents where he held the positions of Senior Vice President during the last three consecutive years. He has also been a committed member of the ISF and was awarded prestigious coveted FISF title due to his many valuable contributions to the organization and the Private Security Industry in Sri Lanka in 2012.

Wing Commander Kannangara’s journey into private security began after a successful career in the Sri Lanka Air Force for over 24 years where he served in many capacities finally being the Officer Commanding of the Special Air Borne Force. A recipient of the Ranasura Padakkama (RSP) Gallantry award for his bravery, sacrifices and service to the nation by the President of the Socialist Republic of Sri Lanka in 1990. He holds a Master’s in business management from the Edith Cowan University, Perth, Australia too and serves as a Board Director in AB Securitas (Private) Limited in Sri Lanka and AB Securitas Bangladesh Limited.

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Kitchen & Bedroom reaffirms its partnership with Häfele Sri Lanka

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(L-R) Pawan Singh- General Manager Sales & Marketing at Hafele Sri Lanka, Jurgen Wolf- Managing Director Hafele South Asia, Dr. Sacquaff- Group CEO Kitchen & Bedroom, and Manish Mahajan, Director Sales Hafele South Asia

Kitchen & Bedroom, a name synonymous in the interior designing and furniture sector in the country recently celebrated its long-standing partnership with Häfele Sri Lanka during the latter’s 12th year anniversary celebratory event, reaffirming its ambitious plans to further strengthen and explore the numerous opportunities available here.

Häfele Sri Lanka, part of Häfele India which is a wholly owned subsidiary of the Hafele Global network, is a technology partner for various projects and initiatives of Kitchen & Bedroom. Both the companies operate in the interior design space, sharing their cumulative knowledge and expertise to provide extensive and personalized solutions catering to domestic requirements.

‘We take great pride in our association with Häfele Sri Lanka having exchanged and collaborated on many projects both commercial and household. We share similar values such as providing high quality, sustainable, functional and customized solutions to our customers, and most importantly to guide them through every aspect and step of the project and how best we could bring out their desired design,’ said Dr. Sacquaff, Kitchen & Bedroom Group CEO.

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DSI strengthens its islandwide presence with three new showrooms

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Amid the prevailing economic hardships faced by Sri Lanka, Sri Lanka’s premier footwear brand DSI recently expanded its islandwide presence in the country with the opening of three new showrooms in Kahawatta, Akuressa, and Chavakachcheri, with the aim of offering greater access to its diversified product range to a wider customer base.

Gracing the special occasion, the showrooms were declared open by D. Samson & Sons (Pvt.) Ltd. Managing Director Thusitha Rajapaksa, in the presence of Director Asanka Rajapaksa, General Manager Pradeep Samarathunga, National Sales Manager – Retail Sales Naleen Weerawardana, invitees, and well-wishers.

Speaking at the opening ceremony, Thusitha Rajapaksa stated: “We are excited about expanding DSI wings to three new locations. Despite the ongoing economic conditions of the country, we took a call to take a proactive measure to expand our islandwide presence. While it has been a challenge, the commitment and hard work of our team has made it possible to serve our loyal customers better, and we are confident that we will be able to continue these efforts in the future as well.”

DSI is renowned for its well-trained staff who offer exceptional customer service. The three new DSI showrooms prioritize providing a unique service and customer support to make purchasing further convenient for the customer.

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