Fixing forex flight - DailyFT
The Government on Saturday announced temporary yet sweeping measures to curb the outflow of foreign exchange and stem the fall of the rupee. It said the issuance of vehicle permits to Members of Parliament would be suspended for a period of one year. The importation of vehicles for government ministries, departments, statutory boards and State-owned Enterprises will be suspended until further notice. The importation of vehicles using the concessionary permits issued to entitled State sector employees will be suspended for six months. No Letters of Credits will be permitted to be opened based on these permits during this period. The Loan to Value Ratio (LTV) for Hybrid vehicles will be revised from 70:30 to 50:50 basis. Importers of all vehicles other than buses, lorries and ambulances will have to keep a 200% cash margin at the time of the opening of LCs. Further, the requirement of a 100% cash margin has been imposed for the import of refrigerators, air conditioners, televisions, perfumes, telephones including mobile phones, washing machines, footwear and tyres.
Reuters - Sri Lanka’s central bank is expected to raise its key interest rates on Tuesday, a Reuters poll showed, to prop up the rupee amid foreign outflows from government bonds and after the U.S. Federal Reserve raised rates earlier last week.
REUTERS: The International Monetary Fund (IMF) on Friday said Sri Lanka’s economic growth is projected to remain below 4% in 2018, revising down its own estimate of 4% in June.
SL up 18 places in Social Progress Index – Daily News
Sri Lanka has climbed 18 places from 2014 to be ranked 67 out of 146 countries in the Social Progress Index (SPI) which measures the extent to which countries provide for the social and environmental needs of their citizens.
The important and much-awaited national Digital Economy Strategy is expected to be presented to the Cabinet of Ministers this week, according to Minister Harin Fernando.
LP gas pricing formula to Cabinet soon – DailyFT
The long overdue LP gas pricing formula will soon be submitted for Cabinet approval, a top official confirmed yesterday.
MNCs speak up – DailyFT
Leading Multinational Corporations (MNCs), who have brought substantial value to the country over the past 100 years, on Friday spoke up, highlighting the promising future of Sri Lanka which could be translated into greater socioeconomic development via healthy dialogue with the Government and faster action.
The author of the bestseller ‘Taming Tigers’ and framework architect Jim Lawless on Friday urged Sri Lankan corporates to opt for “collective collaboration” for the advancement of business and the country to demonstrate their commitment to lead.
The speculation on the outcome of the monetary policy announcement due on 2October, prevailing high liquidity shortfall coupled with the sharp increase in the weekly Treasury bill weighted averages, led to secondary market bond yields increasing further during the week ending 28 September on the back of continued selling interest mainly by local market participants.
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