Business
Sri Lankan rupee depreciates against USD, British pound and Indian rupee by more than 10%
Food inflation recorded at 11.5 percent in August 2021
Given the cross currency exchange rate movements, the Sri Lankan rupee (LKR) depreciated against the US dollar by 10.1 percent, against the pound sterling (GBP) by 11.4 per cent and the Indian rupee by 10.3 per cent, during the year up to 03rd September 2021, the Weekly Economic Indicators report released by the Statistics Department of the Central Bank of Sri Lanka showed.
Referring to the Real Sector, the report said.” CCPI based headline inflation (Y-o-Y) increased to 6.0 per cent in August 2021 from 5.7 per cent in July 2021 due to monthly increases observed in prices of items in both Food and Non-food categories.”
“Food inflation (Y-o-Y) and Non-food inflation (Y-o-Y) recorded at 11.5 per cent and 3.5 per cent, respectively, in August 2021.”
“During the first half of 2021, domestic tea production increased notably in comparison to the corresponding period of the previous year owing to favourable weather conditions and prices.”
“Production of rubber also increased in response to high market prices while coconut production increased considerably due to the lagged effect of favourable weather conditions prevailed during latter part of 2020.”
“During the period under review (28.08.2021 to 03.09.2021), crude oil prices were on a largely upward trend. Prices were driven by supply concerns due to Hurricane Ida in the United States and on concerns of OPEC+ members regarding any further output increases amid the fourth wave of COVID-19 in some countries. Prices were also supported by favorable weekly employment data from the United States highlighting demand side recovery.”
“Overall, both Brent and WTI prices increased by US dollars 0.18 per barrel and US dollars 1.12 per barrel,
respectively, during the period,” the report said.
As for the Monetary Sector it said: “Weekly AWPR for the week ending 03rd September 2021 increased by 7 bps to 6.01 per cent compared to the previous week.”
“The reserve money increased compared to the previous week mainly due to the increase in deposits held by the
commercial banks with the Central Bank.”
“The total outstanding market liquidity was a deficit of Rs. 181.720 bn by the end of this week, compared to a surplus of Rs. 13.263 bn by the end of last week.”
“By 03rd September 2021, the All Share Price Index (ASPI) increased by 4.31 per cent to 9,316.65 points and the S&P
SL 20 Index increased by 4.47 per cent to 3,494.76 points, compared to the index values of last week.” the report said.
The Statistics Department noted that the gross official reserves were estimated at US dollars 2,805.9 million as at end July 2021.
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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