News
Rupee continues downward slide
The US dollar was selling at around 280 – 290 Sri Lankan rupees by the end of Tuesday (15), the lowest it has been against the Dollar.
The Sri Lankan rupee had been depreciating against all major world currencies since last week after the government ended the interventions to strengthen the rupee. On 07 March, the Central Bank announced that greater flexibility had been allowed in the exchange rate.
Earlier the rupee was pegged at 200 – 203 against the US dollar. However, this led to a reduction in foreign remittances. Sri Lankans employed abroad used to remit approximately 7 to 8 billion US dollars annually to Sri Lanka. The amount dropped dramatically by about 2.5 billion US dollars in 2021 after the government pegged the dollar at 200 rupees. Several Sri Lankan economists urged the government to devalue the rupee in the past few months, stating that this policy was creating forex shortages and parallel exchange rates in the black market.
The rupee dropped to 230 against the US dollar on 08 March and had been depreciating steadily ever since.
Economists have urged the Central Bank to raise policy rates to support the rupee and slow domestic credit. However, the Central Bank states that the exchange rate will stabilise after the market reaches an equilibrium. (RK)
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“Improve the quality of infrastructure and services provided to tourists visiting the country.” – President
President Anura Kumara Disanayake emphasized the necessity of providing high-quality infrastructure and services for tourists visiting Sri Lanka, as the country has gained significant international recognition as an attractive tourist destination.
Accordingly, the President instructed officials to pay special attention to this matter and take necessary actions.
President Disanayake issued these instructions during a discussion held today (17) at the Presidential Secretariat with officials from the Ministry of Tourism.
During the discussion, officials briefed the President on the budgetary allocations designated for the Ministry of Tourism and the projects being implemented under those funds.
With the tourism sector taking a new step forward, Sri Lanka aims to attract three million tourists this year. The discussion also extensively covered the utilization of these budgetary allocations for the development of essential infrastructure to support this goal.
Minister of Foreign Affairs, Tourism and Foreign Employment Vijitha Herath, Deputy Minister of Tourism Dr. Ruwan Ranasinghe, Secretary to the President Dr. Nandika Sanath Kumanayake, Senior Additional Secretary to the President Roshan Gamage, Secretary to the Ministry of Foreign Affairs, Foreign Employment and Tourism Aruni Ranaraja, along with a group of senior officials from the Ministry of Tourism, attended this discussion.
The French Navy Ship PROVENCE arrived at the Port of Colombo on a formal visit on Sunday (16 Mar 25) morning.
She was welcomed by the Sri Lanka Navy in compliance with the time-honoured naval traditions.
The 142.20m long Destroyer is Commanded by Captain Lionel SIEGFRIED and manned by a crew of 160 members.
During the stay in the island, crew members of PROVENCE will visit some tourist hotspots in the country and the ship is scheduled to depart the island on 20 Mar.
The Court of Appeal this [17] morning dismissed the writ petition filed by former Inspector General of Police (IGP) Deshabandu Tennakoon, seeking an interim injunction to prevent the execution of the arrest order issued by the Matara Magistrate’s Court against him.
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