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People’s Bank CEO/GM participates as a panelist at regional sustainable finance discussion in France

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People's Bank Chief Executive Officer/General Manager Ranjith Kodituwakku sharing his thoughts at the event

People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku was invited to participate as a panelist at the recently-held “SUFIP 2022: Sustainable Finance in the Indo Pacific” event in France co-organized by Agence Française de Développement (AFD) and the EXIM Bank of India.

The event gathered the European and Indo-Pacific development banks on the sidelines of the European Indo-Pacific Ministerial Forum and comprised of opening/closing sessions as well as four panels based on broad thematic areas. Ranjith Kodituwakku was a panelist for the 4th panel “Financing Social Resilience in the Post-Pandemic Indo-Pacific: improving public health, nutrition and agriculture”. The other three Panels discussed key areas including “Sustainable Agenda in the Indo-Pacific: Connectivity and Quality Infrastructures”, “From Climate Agreement to Climate Action: Financing Decarbonisation, Resilience and Biodiversity” and “Accelerating the Energy Transition: Turning Commitment into Reality”.

The Indo-Pacific region will be the engine of global growth and recovery in the post-pandemic era although countries in the region are operating facing multiple challenges especially in the post pandemic economic revival. Both India and France share the view that a new, decentralised, robust, and inclusive economic perspectives needs to be built in the Indo-Pacific that prioritises the economic aspirations of its residents.

This event brought together the different stakeholders from public financial institutions and development banks, to chart out mechanisms for understanding and co-operation on sustainable modernization in the Indo-Pacific region. It presented several institutions with the opportunity to highlight their commitment towards key actions in priority areas including climate and energy transition, digital connectivity, health, biodiversity and the blue economy.

Sharing his thoughts on the event, People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku stated, “It gives me great pride to represent People’s Bank and Sri Lanka at such a prestigious regional event that brought together some of the most knowledgeable and experienced individuals in Sustainable Finance on to one stage. With the Indo-Pacific region facing several hurdles in today’s pandemic-hit world it is important that countries and their respective key institutions work closely with each other to come up with solutions to the region’s pressing problems across different areas. This event certainly was a timely one as it brought together the institutions that channel development finance to determine how they can together catalyse progress in sectors such as climate finance, renewable energy, and health.”



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Sri Lanka’s economic confidence index plummets

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‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.

Key findings of the survey:

Government approval rating drops from 10% to 3%

The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.

The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.

1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.

2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.

3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.

Implementation of “Mood of

the Nation”

The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.

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Decline in share market in the wake of rate hike reports

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By Hiran H.Senewiratne

CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.

“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.

Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.

Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.

In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.

The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.

Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.

Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.

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Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’

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In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.

The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.

With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision

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