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Sri Lankans now have access to free financial education

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From left: Guest of Honor, Mahela Jayawardena, Former Sri Lanka Cricket Captain, Lakshi Fernando, Senior Vice President, Asia Securities, Chief Guest, Viraj Dayaratne PC, Chairman, Securities and Exchange Commission, Dumith Fernando, Chairman, Asia Securities

To take control of their financial future

Asia Securities, a leading investment firm in Sri Lanka, launched DhanaMaga (ධනමග / தன மார்க்கம்) a trilingual financial literacy program aimed at helping Sri Lankans take control of their financial future.

DhanaMaga, the first of its kind online portal and mobile application was officially launched on 21st of February 2022. The aim of this initiative by Asia Securities is to provide answers to all Sri Lankans on their money-related questions⁠—from understanding how to finance small businesses and building personal financial plans, to understanding company financial statements and choosing suitable investment options.

On the importance of financial education in fostering financial stability, Asia Securities Chairman Dumith Fernando stated, “We at Asia Securities talk to business owners and individual investors every day. Therefore, we understand first-hand how crucial financial skills are in enabling people to actively participate in the economy and secure their personal financial future. Our Financial Literacy initiative, DhanaMaga, empowers Sri Lankans, from all walks of life, with the right resources to help finance a small business without putting themselves at too much risk or managing their money wisely by planning and investing for their families’ future needs. We are delighted to spearhead this initiative to build a strong foundation that will support the goal of the prosperity of all citizens of our nation.”

DhanaMaga offers 100+ easy-to-follow, engaging videos available in Sinhala, Tamil and English languages that are suitable for any age, skill level, and stage of life. The videos can be viewed completely free via the www.dhanamaga.lk portal or by downloading the mobile application.

The self-directed videos also allow visitors to learn at their own pace, at anytime, anywhere. The video content had been reviewed for suitability and accuracy by an independent DhanaMaga Curriculum Committee comprising of key local experts with over 70+ years’ experience in financial regulation and education.

Chief Guest, Viraj Dayaratne PC, Chairman – Securities and Exchange Commission commented on the launch, “It is commendable  that Asia Securities had the foresight and understanding to introduce a trilingual program to provide all Sri Lankans the knowledge to have an equal opportunity when it comes to investments and managing their finances”.

Sri Lanka has a literacy rate of 92% and the country’s financial literacy rate is at 35%, compared to an average of 65% in developed countries (S&P Global FinLit Survey). Meanwhile, 74% of Sri Lankans have opened an account at a formal financial institution. The lack of financial education and financial access are the primary cause of low financial literacy levels.

Guest of Honor, Mahela Jayawardena, Former Sri Lanka Cricket Captain also shared his thoughts. “I would like to thank Asia Securities for inviting me as the Guest of Honour for the launch of the DhanaMaga platform, an interesting initiative that has the potential to benefit Sri Lankans of all walks of life, especially the youth. I wish the team all the best as they strive to execute their vision to improve financial literacy in Sri Lanka.”

A highlight of the event was the first Engagement Partnership for Dhanamaga, with Room to Read, a global non-profit active in Sri Lanka, that seeks to transform the lives of children in low-income communities by focusing on literacy and gender equality in education. The partnership with DhanaMaga allows Room to Read to provide an important curriculum in financial literacy to more than a million participants of its Girls Education Program.

Commenting on the signing of the MoU, Shevanthi Jayasuriya, Country Director at Room to Read Sri Lanka said, “We are proud to have partnered with Asia Securities as together we have been able to set up the DhanaMaga platform but also lay the foundation for even more projects that will help benefit the youth and ultimately the nation as well. We look forward to working with them on this project and many more in the future.”

While many Sri Lankans are economically active, they sometimes lack basic education in the key tenets of finance. This not only prevents them from reaping the benefits of their economic activity but also puts them at risk of poor financial decisions that keep them locked in debt and poverty. While the public sector may have a responsibility to address this issue, Asia Securities believes that the private sector too must play its part in enhancing financial literacy in the national interest.

visit www.dhanamaga.lk or download the Dhanamaga app



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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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