Business
‘SL’s banking sector suffering from a lack of forex liquidity’
By Hiran H.Senewiratne
The banking sector in Sri Lanka suffers from a lack of forex liquidity in spite of being a stable sector in the country, Central Bank Governor Dr Nandalal Weerasinghe said.
” Our banking sector is quite stable but a lack of forex liquidity, both in private and state banks, is an issue. But we will make every possible attempt to increase the inflow of dollars to the system, Weerasinghe told a media conference recently.
“We have plans to remove a forced conversion rule for services exports as part of plans to gradually relax controls imposed in recent months, he said.
“In the case of services exports, like IT and tourism, we will remove the mandatory conversion requirement, the Governor said.
Weerasinghe added: “Goods imports are made through the Customs. We have no way to track these services. We have been told that some people are not bringing these moneys in at all because of the forced conversion rule.”
Meanwhile, the Department of Census and Statistics last Friday releasing its data said that Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI), increased to 29.8 per cent in April 2022 from 18.7 per cent in March 2022.
Year- on -Year inflation for the Food Group increased to 46.6 per cent in April 2022 from 30.2 per cent in March 2022 and Year- on- Year inflation for the Non- Food Group increased to 22.0 per cent in April 2022 from 13.4 per cent the previous month.
For the month of April 2022, on a year‐to‐year basis, contribution to inflation by food commodities was 14.69 per cent and the contribution of No Food items was 15.10 per cent.
The moving average inflation rate for the month of April 2022 is 11.3 per cent. The corresponding rate for the month of March 2022 was 9.1 percent.
Business
SEC renews partnership with the University of Jaffna to empower future capital market professionals
The Securities and Exchange Commission of Sri Lanka (SEC) renewed its Memorandum of Understanding (MoU) with the University of Jaffna, strengthening its commitment to developing the next generation of capital market professionals.
The partnership with the University of Jaffna began in 2009, as part of the SEC’s broader initiative to collaborate with national universities in 2008. This has been instrumental in bridging academia and the capital markets industry. The latest renewal reinforces this collaboration, ensuring undergraduates continue to benefit from a robust platform for academic and professional growth.
The renewed MoU continues to offer a range of benefits to undergraduates, including academic recognitions such as gold medals and cash awards for excellence in capital market-related subjects, opportunities for research grants in the field, and enhanced industry exposure through internships and hands-on learning experiences facilitated by the SEC.
The revised MoU was formally signed with the participation of key representatives from the University and the SEC. Tushara Jayaratne, Deputy Director General of the SEC, represented the Commission, while University of Jaffna was represented by its Vice Chancellor, Prof. Sivakolundu Srisatkunarajah, Prof. N. Kengatharan, Dean of the faculty of Management Studies and Commerce and Prof. Lingesiya Kengatharan, Head of Department of Financial Management.
The SEC continues its mission to expand partnerships with other national universities, emphasizing its dedication to creating professional opportunities for students across the country. Through initiatives like these, the SEC aims to inspire a new generation of forward-thinking professionals, fostering academic excellence and driving innovation in Sri Lanka’s capital market.
Sales professionals from Sri Lanka Insurance Corporation General Ltd (SLICGL) converged at the Head Office on 11th November 2024, to compete in the grand final round of the General Insurance Quiz Competition 2024 and awards ceremony. The eagerly anticipated annual event hosted by SLICGL celebrates knowledge, teamwork and competitive spirit among its sales force across all its regional offices. The competition comprised regional and inter-regional rounds, culminating in an exciting final witnessed by the Chairman, Group CEO, COO, and other top management of the company, adding further prestige to the event. The Eastern Regional Team emerged triumphant as Champions while the Man of the Match was awarded to S.A.W.M. Sathurusinghe, representing the Western 3 Region.
Sampath Bank has once again reinforced its unwavering support for Sri Lanka’s export community by renewing its partnership with the National Chamber of Exporters (NCE) for the 32nd Annual Export Awards. This significant milestone reflects the Bank’s long-standing commitment to empowering the nation’s exporters through tailored financial solutions, fostering ethical trading practices, and driving sustainable economic growth.
The official signing ceremony, held at the Sampath Bank Head Office, was attended by senior representatives from both organisations. This partnership emphasises Sampath Bank’s role as a trusted financial ally to exporters, with plans to support key NCE-led initiatives, including the much-anticipated Annual Export Awards on 6th December 2024.
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