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Thread for News on CSE and SL Economy

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Nov 12, 2018 3:56 pm

මුදල් ප්‍රතිපත්ති නිවේදනය අනිද්දා

2018 වසරේ හත්වැනි මුදල් ප්‍රතිපත්ති විවරණය බදාදා (14) උදෑසන 7.30 ට නිවේදනය කරනු ලබන බව ශ්‍රී ලංකා මහ බැංකුව පවසයි.

රට තුළ පවතින දේශපාලන අර්බුදකාරීත්වය හමුවේ මෙහිදී මහ බැංකුව විසින් ප්‍රකාශයට පත් කිරීමට නියමිත තීන්දු තීරණ කෙරෙහි මේ වන විට බොහෝ පාර්ශවවල අවධානය යොමුව තිබේ.

මීට පෙර ප්‍රකාශයට පත් කරන ලද සයවැනි මුදල් ප්‍රතිපත්ති විවරණය පසුගිය ඔක්තෝබර් 02 වනදා නිකුත් කරනු ලැබූ අතර එහිදී ප්‍රතිපත්ති පොලී අනුපාතික දැනට පවතින මට්ටමේම පවත්වා ගැනීමට තීරණය කළ බව ප්‍රකාශ වුණි.

ඒ අනුව, නිත්‍ය තැන්පතු පහසුකම් අනුපාතිකය (SDFR) සහ නිත්‍ය ණය පහසුකම් අනුපාතිකය (SLFR), පිළිවෙළින්, සියයට 7.25 සහ සියයට 8.50 මට්ටමේ පවත්වා ගැනීමට තීරණය කෙරුණි.
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Tue Nov 13, 2018 8:24 pm

ඩොලරය යළිත් රු. 177 පසුකරයි
November, 13, 2018

ශ්‍රී ලංකා මහ බැංකුවේ දෛනික විනිමය අනුපාත සටහනට අනුව අද (13) දින එක්සත් ජනපද ඩොලරයක ගැණුම් මිල රු. 173.4082 ක් ලෙසින් සටහන් වූ අතර විකුණුම් මිල රු. 177.3061 ක් ලෙසින් සටහන් විය.

ඩොලරයක විකුණුම් මිල රුපියල් 177 සීමාව අභිබවා ගිය දෙවන අවස්ථාව මෙය වන අතර මීට පෙර පළමු වරට පසුගිය නොවැම්බර් 01 දා ඩොලරයේ විකුණුම් මිල රු. 177 සීමාව ඉක්මවා ගියේය. එදින එක්සත් ජනපද ඩොලරයක ගැණුම් මිල රු. 173.4281ක් හා විකුණුම් මිල රු. 177.3261 ක් ලෙසින් සටහන් විය.

මේ වන විට 2018 වසරේ මේ දක්වා කාලය තුළ දී එක්සත් ජනපද ඩොලරය හමුවේ ශ්‍රී ලංකා රුපියලේ අවප්‍රමාණය වීම 15% ක මට්ටමට ආසන්න වී තිබේ.
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Tue Nov 13, 2018 8:25 pm

නොවැම්බර් මුල් සතියේ දී රුපියල් බිලියන 10 ක බැඳුම්කර විදෙස් ආයෝජන ඉවතට
November, 13, 2018

2018 ඔක්තෝබර් 31 සිට 2018 නොවැම්බර් 07 දක්වා කාලපරිච්ඡේදය තුළ දී රුපියල් බිලියන 9.99 ක විදෙස් ආයෝජන, රාජ්‍ය සුරැකුම්පත් වෙළෙඳපොළෙන් ඉවත් වී තිබේ.

ශ්‍රී ලංකා මහ බැංකුව විසින් ප්‍රකාශයට පත් කරන ලද නවතම වාර්තාවක මේ බව සඳහන් වේ.

2018 ඔක්තෝබර් 31 දිනට රජයේ සුරැකුම්පත්වලින් විදෙස් ආයෝජකයින් සතුව පැවති ආයෝජනවල වටිනාකම රුපියල් මිලියන 221,134 ක් බව සඳහන් වේ.

එම ප්‍රමාණය 2018 නොවැම්බර් 07 වන විට රුපියල් මිලියන 211,140 ක් දක්වා රුපියල් මිලියන 9,994 කින් අඩු වී තිබේ.

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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Wed Nov 14, 2018 7:52 am

CB raises rates, cuts reserve ratio amid BOP trouble

ECONOMYNEXT - Sri Lanka's Central Bank has raised rates by 50 basis points and cut the reserve ratio to release liquidity amid cash shorts generated by currency defence.

The full statement is reproduced below:

Economic Research Department
14.11.2018

The Monetary Board of the Central Bank, at its meeting held on 13 November 2018, decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.50 percentage points to 6.00 per cent. In order to neutralise the impact of this reduction and maintain its neutral monetary policy stance, the Monetary Board decided to increase the Standing Deposit Facility Rate (SDFR) of the Central Bank by 75 basis points to 8.00 per cent and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 9.00 per cent.

The Board arrived at this decision following a careful analysis of current and expected developments in the domestic and global economy and the domestic financial market, with the broad aim of stabilising inflation at mid single digit levels in the medium term to enable the economy to reach its potential.

Tight monetary conditions persisted in the domestic market

The large and persistent shortage in rupee liquidity required the Central Bank to conduct open market operations (OMOs) on a short- and long-term basis in addition to overnight operations. Overnight interest rates were allowed to remain around the upper bound of the policy interest rate corridor reflecting the prevailing liquidity conditions. The yields on government securities experienced a notable increase in recent weeks while most other market interest rates remained high both in nominal and real terms. 2

Year-on-year growth of broad money (M2b) continued its deceleration in September 2018. Nevertheless, there was a possibly short-lived acceleration in credit obtained by the private sector from commercial banks as the businesses advanced their borrowing in anticipation of measures to curb excessive spending on imports. Based on the data up to the third quarter of 2018, credit to all major sectors of the economy recorded an expansion with personal loans and advances showing a notable acceleration. It is expected that the growth of credit to the private sector would return to the expected path as measures taken by the government and the Central Bank gain traction.

Inflation declined to low single digit levels

Headline inflation, based on both the Colombo Consumer Price Index (CCPI) and the National Consumer Price Index (NCPI), decelerated below the desired mid single digit levels, largely driven by the decline in volatile food prices. Core inflation has also remained subdued reflecting well anchored inflation expectations due to the tight monetary policy stance maintained in the past. With these developments, headline inflation is projected to remain in low single digit levels during the remainder of the year and is expected to be maintained in the targeted range of 4 – 6 per cent during 2019 and thereafter with appropriate policy adjustments.

Both international and domestic developments affected the external sector performance

The expansion in import expenditure continued to outpace the growth in export earnings during the first nine months of 2018 leading to a wider trade deficit than in the corresponding period in the previous year. However, a slowdown in import expenditure is expected in the period ahead in response to the recent measures adopted as well as the depreciation of the rupee against major currencies. The moderation in tourism related inflows and workers’ remittances remained a concern in terms of the performance of the external current account. In the financial account, both the government securities market and the Colombo Stock Exchange experienced net outflows of foreign investment, particularly in the context of rising global interest rates and elevated political uncertainty.
The significant growth in imports as well as recent capital outflows amidst the broad based strengthening of the US dollar exerted pressure on the exchange rate. Although the pace of depreciation has moderated recently, the Sri Lankan rupee has depreciated by 12.9 per cent against the US dollar during 2018 up to 13 November. Meanwhile, supported by the receipt of the foreign currency term financing facility of US dollars 1 billion by the government, gross official reserves amounted to US dollars 7.9 billion as at end October 2018, providing an import cover of 4.2 months. 3

Economic growth is expected to remain below envisaged levels in 2018

As per the available economic indicators, real GDP growth is likely to remain subdued and below the envisaged levels in 2018. In order to accelerate growth on a sustainable basis, it is essential that growth enhancing structural reforms are carried out within a coherent and transparent framework, rather than relying on unsustainable short term monetary and fiscal stimulus, which leads to overheating of the economy.

The monetary policy decision is expected to have a neutral effect on the market

Considering the current and expected developments in relation to inflation and economic growth, as well as the current conditions in the domestic money market and the foreign exchange market, the Monetary Board of the Central Bank, at its meeting held on 13 November 2018, was of the view that the continuation of the current neutral monetary policy stance is appropriate. However, the Monetary Board observed that large and persistent liquidity deficit in the domestic money market requires policy intervention, and decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.50 percentage points to 6.00 per cent from the current level of 7.50 per cent with effect from the next reserve maintenance period commencing 16 November 2018. The reduction in SRR is expected to release a substantial amount of rupee liquidity to the banking system, thus reducing the cost of funds of banks. At the same time, in order to neutralise the impact of the SRR reduction and maintain its neutral monetary policy stance, the Monetary Board decided to raise policy interest rates of the Central Bank with immediate effect. Accordingly, the Monetary Board raised the Standing Deposit Facility Rate (SDFR) by 75 basis points to 8.00 per cent and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 9.00 per cent, thereby narrowing the policy rate corridor to 100 basis points. These adjustments are also expected to narrow the spread between deposit and lending rates in the market.
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Wed Nov 14, 2018 9:25 am

මහ බැංකුව පොළී අනුපාතික ඉහළ දමයි

ශ්‍රී ලංකා මහ බැංකුවේ මුදල් මණ්ඩලය, 2018 නොවැම්බර් මස 13 වැනි දින පැවැති රැස්වීමේ දී ප්‍රතිපත්ති පොලී අනුපාතිකවල වෙනසක් සිදුකරීමට පියවර ගෙන ඇත.

ඒ අනුව, නිත්‍ය තැන්පතු පහසුකම් අනුපාතිකය (SDFR) පදනම් අංක 75කින් 8.00% දක්වා ද, නිත්‍ය ණය පහසුකම් අනුපාතිකය (SLFR) පදනම් අංක 50 කින් 9.00% ක් දක්වා ද ඉහළ දැමීමට ඊයේ (13) පැවති මුදල් මණ්ඩල රැස්වීමේ දී තීරණය කර තිබේ.

මේ අතර ව්‍යවස්ථාපිත සංචිත අනුපාතය 6.00% ක් දක්වා පදනම් අංක 150 කින් විශාල වශයෙන් පහළ දමා තිබේ.

මහ බැංකුව විසින් ගනු ලැබූ මෙම තීරණය ‘‘සංකෝචනාත්මක මූල්‍ය ප්‍රතිපත්තියක්““ ලෙසින් හැඳින්වේ.

මහ බැංකුවක් සාමාන්‍යයෙන් මූල්‍ය ප්‍රතිපත්තිය ක්‍රියාත්මක කිරීමේ දී තමන් විසින් බැංකු සමඟ කරනු ලබන මූල්‍ය/ණය ගනුදෙනුවලට අදාළ පොළී අනුපාතියන් වෙනස් කිරීම කරනු ලබන අතර ‘ප්‍රසාරණාත්මක මූල්‍ය ප්‍රතිපත්තියක්‘ අනුගමනය කරනු ලබන අවස්ථාවක දී පොළී අනුපාත අඩු කිරීමත්, ‘සංකෝචනාත්මක මූල්‍ය ප්‍රතිපත්තියක‘ දී පොළී අනුපාත වැඩි කිරීමත් සිදුකෙරේ.

ප්‍රතිපත්ති පොළී අනුපාත වෙනද් කරන විට ඊට අනුකූල දිශාවට වෙළෙඳපොළේ පොළී අනුපාතයන් ද වෙනස්වනු ඇත. පොළී අනුපාත වෙනස් කිරීම තුළින් මහ බැංකුව බලාපොරොත්තු වනුයේ බැංකු ණය පරිමාව වෙනස් කිරීමයි.

මෙවැනි සංකෝචනාත්මක මූල්‍ය ප්‍රතිපත්තියක දී පොළී අනුපාත ඉහළ දැමීමෙන් බැංකු ණය වර්ධනය අඩු කිරීමක් බලාපොරොත්තු වේ.

කෙසේ වෙතත් මහ බැංකුව විසින් ව්‍යවස්ථාපිත සංචිත අනුපාතය පහළ දැමීමෙන් පෙර කී සංකල්පයන්ට ප්‍රතිවිරුද්ධ ප්‍රතිපත්තියක් ක්‍රියාවට නංවා ඇත.

ව්‍යවස්ථාපිත සංචිත අනුපාතය යන වාණිජ බැංකුවල තැන්පතු වගකීම්වලින් මහ බැංකුවේ තැන්පත් කළ යුතු යැයි නියම කරන අනුපාතයයි. මෙම අනුපාතය බැංකුවල මුදල් මැවීමේ හැකියාව සීමා කිරීමට පනවන රෙගුලාසියකි. ඊට හේතුව, බැංකු වෙත ලැබෙන තැන්පතුවලින් සංචිත අනුපාතයට තැබිය යුතු මුදල් ප්‍රමාණය ණය දීමේ ක්‍රියාවලියෙන් ඉවත්වන බැවිනි.

මෙහිදී සිදුකර ඇත්තේ ව්‍යවස්ථාපිත සංචිත අනුපාතයේ පහළ දැමීමකි. මෙය ප්‍රසාරණාත්මක මූල්‍ය ප්‍රතිපත්තියක දී අනුගමනය කරනු ලබන පියවරකි. මේ අනුව සංචිත අනුපාතය පහළ දැමීමෙන් වාණිජ බැංකුවලට මුදල් මැවීමේ හැකියාව හෙවත් ණය මැවීමේ හැකියාව ඉහළ යනු ඇත.

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Thu Nov 15, 2018 6:28 am

‘‘හොඳම විකල්පය අතුරු සම්මත ගිණුමක් සම්මත කරගැනීම‘‘
(හර්ෂණ තුෂාර සිල්වා)

අයවැයක් ඉදිරිපත් කිරීමට නොහැකි නම් පාර්ලිමේන්තුවේදී අතුරු සම්මත ගිණුමක් සම්මත කරගැනීම තිබෙන හොඳම විකල්පය යැයි මහ බැංකු අධිපති ආචාර්ය ඉන්ද්‍රජිත් කුමාරස්වාමි මහතා අද (14) පැවැසීය.

අයවැයක් හෝ අයවැයක් සඳහා විසර්ජන පනත් කෙටුම්පතක් ඉදිරිපත් කිරීමට නොහැකි නම් හොඳම දේ අතුරු සම්මත ගිණුමක් සම්මත කරගැනීම යැයි ද හෙතෙම කීය.

ශ්‍රී ලංකා මහ බැංකුවේ පැවැති මාධ්‍ය හමුවකදී අදහස් දක්වමින් මහ බැංකු අධිපතිවරයා එම කරුණු සඳහන් කළේය.

“වත්මන් දේශපාලන අර්බුදය ආර්ථිකයට ලොකු බලපෑමක් කර නැහැ. දැනට තිබෙන නෛතික ප්‍රතිපාදනවලට අනුව විශාල බලපෑමකින් තොරව ආර්ථිකය පවත්වාගෙන යන්න පුළුවන්. මූලධර්මවලට බාධාවක් නැහැ. විදෙස් ණය ගෙවීමට ප්‍රශ්නයක් නැහැ. විදෙස් මූල්‍ය අංශය කළමනාකරණය කරගත හැකි මට්ටමක පවතිනවා. අයවැයක් ඉදිරිපත් කළ නොහැකි නම් අතුරු සම්මත ගිණුමක් සම්මත කරගැනීම තමයි තිබෙන හොඳම විකල්පය”.

හිටපු මුදල් අමාත්‍ය මංගල සමරවීර මහතා නොවැම්බර් 5 වැනිදා අයවැය ඉදිරිපත් කිරීමට නියමිතව තිබිණි. එහෙත් ජනාධිපති මෛත්‍රීපාල සිරිසේන මහතා හිටපු ජනාධිපති මහින්ද රාජපක්ෂ මහතා අග්‍රාමාත්‍යවරයා ලෙස පත් කළේය. ඉන් අනතුරුව නව කැබිනට් මණ්ඩලයක් දිවුරුම් දුන් අතර මහින්ද රාජපක්ෂ මහතා මුදල් හා ආර්ථික කටයුතු අමාත්‍යවරයා ලෙස දිවුරුම් දුන්නේය. එම ආණ්ඩුව යටතේ අතුරු සම්මත ගිණුමක් සම්මත කරගැනීමට නියමිතව තිබූ නමුත් ජනාධිපතිවරයා පාර්ලිමේන්තුව විසුරුවා හැරීමත් සමඟ එය ද ඉදිරිපත් කළ නොහැකි විය.
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Fri Nov 16, 2018 1:42 pm

Sri Lanka and Ecuador; a cautionary tale of the Rupee and Sucre: Bellwether

ECONOMYNEXT - Sri Lanka'S rupee has fallen with amid two liquidity spikes in 2018 just as the economy started to recover, underlining the need to bring restrains to the central bank ability to generate monetary instability as the country moves into global and domestic uncertainty.

Monetary instability has tended to come faster after the central bank stopped issuing its own securities to mop up inflows a few years ago and started using short term repos instead. Since 2015 monetary instability is coming quick and fast.

Note: This column appeared in the November 2018 issue of Echelon Magazine and was written before a political crisis added to risks.



After the 2015/2016 balance of payments crisis, the rupee was pushed down in 2017 to maintain a real effective exchange rate peg, importing the monetary policy of the worst central banks in the region such as India.

The rupee has collapsed from 131 to 172 in the last three years. Up to September the rupee had collapsed from 152 to 173 by the third week of October, as the central bank switched from a peg to a float with excess liquidity in place as it tried to manipulate rates down. It then undermined a float purchasing dollars was also selling dollars to defend the currency recreating a peg.

The rupee has so far inflated around 29.1 percent against the dollar since the current administration came to power. Domestic inflation, which has non-tradables have not yet caught up. The Colombo CCPI has grown 17.1 percent since December 2014 and the CCPI core index has grown 19.9 percent.

The costs are heavy.

An entire free trade strategy of the administration is in a shambles. Anti-free traders are baying at the heels of the Finance Minister.Tax revenues are being lost because vehicle and other imports have been hit.

The currency fall is making it difficult for Finance Minister Mangala Samaraweera to market price fuel as the rupee falls as the currency peg adds to the costs like in India, making him lose tax revenues.

A fragile recovery has been undermined with both currency depreciation and interest rates giving a double hit on consumer spending.

The National Medicinal Regulatory Authority through its price controls have also hurt pharmaceuticals sector. It is a threat to businesses and it is a threat to the banking sector and its depositors.The falling rupee has worsened pharma troubles. Drug prices may not be in the inflation index, but the cost rises are real.

Fiscal Policy

All this is happening despite Finance Minister Samaraweera running a budget as tight as possible. There is primary surplus in the budget also.

Governor Indrajit Coomaraswamy, honest to a fault, has publicly said this.

In Malaysia in the early 1980s when Daim Zainudeen tightened budgets, Bank Negara Malaysia gave him strong exchange rate at around 2.6 to the US dollar to carry out his reforms.But Samaraweera had been denied this foundation.

A central bank will peg to the US dollar (external anchor) because monetary policy of the Fed is better and importing the policy of a stronger central bank will provide domestic stability.By targeting a REER peg, which may include bad central banks, a country will import the policy of the worst central banks in the basket. That is all there is to it.

There is political will to raise taxes and also market price oil, but the central bank has failed to deliver on the exchange rate either through floating or a sustainable peg. Make no mistake, the rupee is not even close to a floating exchange rate. In that case the rupee should have appreciated sharply like the Malaysian Ringgit in 2017.

It is said of Daim that he cut spending, raised taxes and forced state enterprises to tighten, which helped Malaysia ride out a bubble and a downturn. Daim is credited with repaying loans ahead of time before he retired.

Samaraweera had done quite similar things in the face of severe opposition, including from within the coalition, but the falling currency may leave him with a different epitaph.He has been denied a floating exchange rate as well, which may move down but will go back up again over time.

It is an outright lie to say that East Asian nations had undervalued their currencies. East Asian nations - including China from 1993 to 2005 - had used the exchange rate as a tool of domestic stability which helped keep nominal interest rates and inflation down.

A country with a falling currency will have high nominal interest rates compared to one that is running consistent policy involving a floating exchange rate or a fixed peg backed by floating interest rates.

Paper Principle

Sri Lanka's monetary instability, and blaming current account deficits rather than monetary policy for currency troubles could have a far more dangerous outcome.

This column has warned several times that if the central bank injects liquidity into money markets in a big way it will result in dollar sovereign default. The biggest danger to repaying foreign debt is central bank liquidity.

It is not clear exactly what the central bank would do under the new Liability Management Act.

If it will simply raises, and keep dollars as dollars for repayments no harm will be done. If the money is used to inject liquidity via Soros-style swaps instability will be the result.

If under the law any 'buffers' of a domestic nature are going to be built involving paying down state bank overdrafts, and running them up suddenly with lender of last resort printed money, there is also danger for the country.

Paying bonds prematurely by converting paper to liquidity with dollar conversions will also have deadly consequences.

There is danger for the country any time the central bank does not roll-over paper for paper and instead disturbs reserve money and therefore the exchange rate.The legacy central banks swaps are also a danger. All central bank swaps must be rolled over as paper.

The central bank must negotiate with banks to settle the maturing swaps with paper (T-bills) which are third party obligations and not its own paper (bank notes). Or it must structure the deal in such a way that the final outcome is a paper transaction, which does not involve disturbing the liquidity of third party banks.

Sri Lanka's banking system can stand a liquidity shock of about 15 to 20 billion rupees. But anything bigger will create a ripple and then a storm.

Sri Lanka has a proven way of raising dollars to repay foreign loans. Keep rates a little higher, mop up inflows, build forex reserves, (effectively) sell the reserves for Treasury bills to the finance ministry, sell down the Treasury bills, put the brakes on domestic credit, mop up more dollars. And so on.

If there is a true floating rate this cannot be done. Then the government will not have any foreign reserves to use. It can only be done by running a peg tighter than a currency board.

If the Liability Management Act allows the central bank to manipulate rates with new money and in any way undermine the rolling over of paper it is a new risk to the economy.

If the Public Debt Department wants to cut interest costs, then it must sell more short term debt and reduce longer debt sales.

The forced bond sales are also a new risk to the economy. Auctions must be allowed to work. If forced bonds are bought with printed money through lender of last resort windows, and rates forced down delaying the flow real money into bond markets, there will be pressure on the external front.

The tax difference between bonds and bank deposits is a new risk to the economy.

Mercantilist Dangers

If Sri Lanka has to repay foreign debt on a net basis, interest rates have to be a little higher, economic activity has to be a little slower and therefore the external current account will end up being a little narrower.

This will generate the resources to repay debt. Curtailing imports such as cars, which bring massive tax revenues is not the answer. It hurts the ability of the country to repay debt by hitting the budget. Dollars will be diverted to imports with lower taxes. This is an own goal.

Neither will curtailing gold smuggling. If that was the case it should have put pressure on the currency in 2017.

Anyone who is smuggling gold to India has to get money back from India to make a profit. Any money he parks abroad will only be the profit. To get working capital for the next shipment he has to get the money back from India.

Gold imports are simply the same working capital being re-cycled with part of the profits accruing to Sri Lanka.

Whether this money appears officially in the trade account is not relevant. To say that gold is imported legally and is not reflected in exports is not economics reasoning, it is Mercantilist unreason. As predicted now the imports of gold is also smuggled.

Sri Lanka should forget about gold smuggling, it is an un-necessary distraction.

Mercantilism is a danger to the stability of this country and the lives of her people.

Whatever is done to the trade account, as long as there are liquidity injections by the central bank the balance of payments will be negative by that amount.The exchange rate will also fall.

The exchange rate fall has huge fiscal costs, to explain this will take too long in this column. There are also matters like the Tanzi effect, especially on income tax.

But one reason people are misled into thinking that currency falls are good for budgets is that depreciation cost are not brought into the numbers.

While it is not necessary to bring the currency loss of all outstanding loans to the budget (Sri Lanka does not do accrual accounting budgeting which keeps thing pretty simple and clear), at least the cash cost involved in the repayment of foreign loans in the current year must be brought in the budget under cashflow based budgeting.

This will reveal the cost of depreciation.

In Sri Lanka where the currency is falling permanently, depreciation is a permanent cost, which is anyway reflected in outstanding debt.Unlike a floating rate, the rupee does not appreciate. It is not allowed to appreciate back on Mercantilist considerations, even when inflows are steadily sterilized like in 2017.

There is no path to prosperity in currency depreciation and monetary policy should not be used for trade outcomes but for domestic stability.

This time it is different

All efforts must be made to get the exchange rate back on line. A float will help restore confidence quickly and end the stalemate of sterilizing interventions. Prolonged liquidity shortages are extremely bad for credit system and businesses in general.

If under the current framework, there is a need for a 'flexible exchange rate' the only way to do it is to kick up short term rates, sit tight for two to three weeks and allow tight liquidity spread though the system and then, only then, float.

The Central Bank giving dollars to the Ceylon Petroleum Corporation under the counter will not help a float work.Buying dollars from the Treasury will not help any float.There is no need for this country to go into a meltdown.

But it must be borne in mind that the 2018 currency depreciation is not the same as 2011/2012 and the 2015/2016 crises, where a credit expansion was fired without depreciation for months on end after a downturn had ended driving a bubble up boosting consumption and property.

There is no expanding property bubble now. There are empty shopping malls. Construction firms are not doing well.

There is a National Medicinal Drugs Regulatory Authority. Big business groups involved in health care have been hit by the NMRA amid currency depreciation. It can have a cascading effect on other related businesses and their loan repayment abilities.

The health ministry is planning to bring price controls to hospitals, which will hit that sector as well, probably triggering bad loans and halting new hospitals and any growth. Sri Lanka has an ageing population and the country needs more hospitals.

When the currency is falling it is not a time to impose any price controls and kill another sector.

The health ministry can have a website where patients can put up costs, so that people will see the hospital and (more so the younger doctors who are fleecing patients) and allow them to choose. There is one new hospital that is notorious for charging 150,000 rupees minimum for anyone that enters it. But that is not an excuse for price controls.

Those in political power must talk to the health ministry. NMRA must give reasonable price increases based on at least a part of the fall of the rupee to drugs where margins have disappeared. It must stop new price controls in new drugs. Pharmacies are also seeing margins going down.

Business failures are the last thing this country needs right now.

The strategy must be to get more hospitals to come and let competition and price transparency keep prices in check.

The construction sector was slowed, which was fine. Currency depreciation will not help fill empty malls or supermarkets. They will be completely depended on tourists.

Nor will it help sell apartments, unless people are abroad.

But 2018 should have been the year of recovering with gently rising rates, not depreciating with a REER index in line with India after trying to manipulate rates down.

But India is at a different stage of their economic cycle. It is coming off a high.

If the Vietnam Dong collapses in the next year, despite rocketing exports, their people would have got many benefits during the decade long boom.

Sri Lanka is at the bottom, and was just starting to recover from 2016 bust when the depreciation hit again.It is one thing to have a boom-bust. It is quite another to have a bust-bust.

This time it is different.

The Federal Reserve is tightening rates. The US dollar is floating with private sector sterilization, which is unusual, and has led to unusual volatility. Fed is committed not only to pulling liquidity out but also hiking rates.

Trump is an extraordinary source of instability.

Meltdown

There is no need to panic. This country need not go into any meltdown whatsoever.

But there are enough countries that went into a meltdown in situationsclose to the current one.When there is a soft-pegged central bank with a depreciating currency, where the authorities do not understand the dangers of liquidity injections, conditions can change very fast.

An entire country can be turned into jelly in a matter of months. The April liquidity injections, that came thick and fast from all directions makes this columnist shiver in his boots. What happened in August makes hair stand on end.

It must always be remembered that there are valid reasons for harsh punishments for counterfeiting. Germany counterfeited fivers to undermine the British economy. (The UK Treasury was doing a good job of it on its own of course).

Classical economists who advocated free trade also advocated sound money. The two are inextricably interlinked. The result of not doing it can be seen now.

A monetary policy framework centered on domestic stability must be devised as an urgent measure. Mercantilist monetary policy giving subsidies to exporters and producers at the expense of society is not good for a country facing debt repayments.

This is a problem with IMF programs in general. Sri Lanka's 1980s open economy experiment did not take off also due to monetary instability.

Ecuador is a country to keep in mind. It also had a lot of foreign loans. Conditions are not exactly the same as in Sri Lanka but it is close. It was an oil producer that lost tax revenues as exports fell. There were socialist policies and state enterprises requiring credit.

Oil producers dependant on petroleum taxes need to either cut costs and have labour market flexibility (civil service salaries in particular) or have a sovereign wealth fund to remain stable.

In Ecuador the soft- peg started to fail as oil prices fell. Currency depreciation hit domestic demand which was already suffering.

Currency depreciation does not increase tax revenues, as some people claim, because in the short term people's nominal salaries do not go up. Owners of export businesses will get some profits. A lot of money will just disappear in inflation and working capital. Even some of the profits of exporters will be eaten up in working capital. That is also how floating rates work in one sense.

That is why imports fall when currencies fall and economies and living standards collapse. There is no linear short term relationship between nominal tax revenues and currency falls. The suspension of market pricing of diesel and kerosene and possible cutting of taxes is an example.

Even if taxes are not cut, CPC will borrow. The effect is the same on the credit system.

Ecuador suspended market pricing of fuel, cooking gas and electricity as the Sucre currency fell.Ratings were downgraded.

Electricity generators went bust. Other businesses went bust. Banks were bailed out with government bonds. The central bank printed Sucre to discount bailout bonds.

The exchange rate melted.

Ecuador defaulted.

Ecuador had Brady bonds from a previous soft-peg crisis.

This need not happen to Sri Lanka. Any falling of oil prices that comes from a strong dollar is good for this country. But if the currency falls, that advantage will not be available to the finance ministry.

Dollarization

Ecuador dollarized in 2000, dumping the Sucre.

Usually countries dollarizes after hyperinflation. But Ecuador dollarized when there were some central bank reserves left: at one dollar to 25,000 Sucre.

The IMF came into help. And they did. A liquidity management facility was given for banks with some residual central bank dollars. Bad debts were resolved. Loans were re-scheduled.

IMF's First Managing Director Stanley Fischer said later that if Ecuador had asked, IMF would have said the economy cannot be dollarized based on their reasoning. He said IMF should rethink their thinking.

But even now the IMF's analysis on 'overvalued exchange rate' of Ecuador is a joke.

Interest rates and inflation collapsed in Ecuador, while people watched.

Inflation collapsed in Ecuador after dollarization



Poverty which was about 50 percent has now fallen to about 22 percent despite some socialism. Many people in the mountains are still poor. But the central bank can no longer make them poorer.

GDP growth in nominal terms has been variable in Ecuador, which may mislead people. But per capita GDP has is now over 6,000 dollars 18 years later from around 2000 dollars before dollarization. This is not even a generation.It is the time it takes someone to complete school.



In a sea of turbulent soft-pegs in the region Ecuador is an oasis of stability.

Like Pananama. Like the Falkland Islands, where people just fish there but have developed country living standards and where the exchange rate has not shifted for a century.

China has already bailed out Sri Lanka with a billion dollar below market rate loan. It seems they are willing to give more. This means Sri Lanka probably does not have to go down the meltdown path.

But the big problem is China does not put conditions on loans to pull oneself out of the bootstraps like Western countries or the IMF does. Western countries have experience in giving loans and defaults that come from mis-management and corruption. China is learning now.

Sri Lanka will have to do the corrections on its own since China itself does not seem to know. Sri Lanka's Finance Minister seems to be willing to do the right thing.But the soft-peg is his Achilles heel.

Dollarization and currency boards are options to explore. And to be ready in case something happens and rating agencies act and investors panic amid the Trump effect.

There is no point in blaming rating agencies.

Rating agencies do not really understand about soft-pegs or the idiosyncrasies of individual countries, particularly Sri Lanka, this columnist would be the first to agree.

There seems to be an excessive focus on Sri Lanka as well. Our own policy makers who harped on the debt may be to blame.

The events in Ecuador also seem to expose a problem with statistics, which may need more study. GDP growth is highly variable but percapita GDP in dollar terms have grown faster than some countries with higher (real) GDP growth. Rising non-oil tax revenues seem to show that this is real.

Inflation indices lie. They are re-based frequently to lie. When re-basing is extended backwards we know that both the old and new cannot be true.

REER indices are meaningless for much the same reasons and more, not least because it is produced by government agencies, with shifting bases.

GDP and GDP growth lie, - may be not even intentionally. Vietnam produces a GDP number before the quarter ends.

That is honest too in a way, because GDP is a rough and dirty calculation. As long as the same method is applied it does not really matter.It is like an accounting policy. One has to measure something in a consistent way so that the same errors if any is made year after year.

But exchange rates cannot lie. The exchange rate is not produced by the government. It is produced by the market, based on the amount of money printed by the state.

https://economynext.com/Sri_Lanka_and_Ecuador;_a_cautionary_tale_of_the_Rupee_and_Sucre__Bellwether-3-12632-2.html
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Fri Nov 16, 2018 1:43 pm

Sri Lanka to sterilize Rs90bn in dollar sales with SRR cut

ECONOMYNEXT - Sri Lanka's banks will get around 90 billion rupees of money (about 500 million dollars) from a reduction in deposits they must keep with the central bank, helping fill liquidity shortages that have emerged from defending a soft-peg with the US dollar and maturing swaps.

Deputy Governor K D Ranasinghe said about 90 billion rupees would be released into the banking system from a cut in the Statutory Reserve Ratio from 7.5 to 6.0 percent.

The liquidity will go to all banks based on their deposits, increasing the money available for credit and bond purchases including accommodating capital flight.

The new money is due to hit the banking system on November 16.

But the market is already short from previous forex market interventions and maturing swaps.

The overnight liquidity shortage rose to 103.9 billion rupees on November 15 from 82.9 billion rupees, a day earlier with a 20 billion rupee term reverse repo auction maturing.

The overall liquidity shortage was about 190 billion rupees (about 1.1 billion US dollars) which are also covered by term reverse repo injections, Ranasinghe said on November 14.

The money will be free of interest and will help boost margins on banks as they will not have to borrow from the reserve repo window at 9.0 percent or reverse repo auctions at close to the rate.

Analysts have pointed out that filling liquidity interventions with new liquidity, tends to generate new credit and imports, worsening balance of payments pressure.

In October interventions in the market were 303 million US dollars, up from 297.5 million dollar a month earlier based on official data, which does not indicate all interventions.

A float is required to break the cycle of interventions and liquidity injections.

Analysts and economists have called for the central bank to be abolished in favour of a currency board or dollarization to stop currency deprecation which is the key trigger of economic instability and a is a major source of poverty. (Colombo/Nov16/2018)
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Nov 19, 2018 12:20 pm

දේශපාලන අර්බුද මැද විදේශිකයෝ රුපියල් බිලියන 30 ක ආයෝජන ඉවත් කර ගනිති
November, 19, 2018

පසුගිය ඔක්තෝබර් 26 වන දා මෙරට ඇති වූ දේශපාලන බල පෙරළියෙන් පසු රුපියල් බිලියන 30 ක් ඉක්මවූ විදෙස් ආයෝජන කොළඹ කොටස් වෙළෙඳපොළෙන් හා රජයේ සුරැකුම්පත් වෙළෙඳපොළෙන් ඉවතට ඇදී ගොස් ඇති බව වාර්තා වේ.

මෙම වකවානුව තුළ දී කොළඹ කොටස් වෙළෙඳපොළෙන් වාර්තා වන විදේශීය ගැනුම් රුපියල් බිලියන 4.9 ක් වන අතර විදේශීය විකුණුම් රුපියල් බිලියන 12.5 ක් ලෙසින් වාර්තා වේ.මේ අනුව රුපියල් බිලියන 7.7 ක ශුද්ධ විදේශීය ගලා යාමක් කොටස් වෙළෙඳපොළෙන් වාර්තා වී තිබේ.

මේ අතර ශ්‍රී ලංකා මහ බැංකුවේ නවතම වාර්තාවන්ට අනුව රජයේ සුරැකුම්පත් ආයෝජනවල විදේස් අයිතිය රුපියල් බිලියන 23 කින් පමණ අඩු වී තිබේ.

2018 ඔක්තෝබර් 24 වන විට මෙම වටිනාකම රුපියල් මිලියන 232,105 ක්ව පැවති අතර එය 2018 නොවැම්බර් 14 වන විට රුපියල් මිලියන 209,181 ක් දක්වා පහත බැස ඇත.

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Nov 19, 2018 12:32 pm

මූල්‍ය අරමුදලේ ආධාර අත්හිටුවයි
November, 19, 2018

ශ්‍රී ලංකාව තුළ මේ වන විට උත්ගත වී තිබෙන දේශපාලන අර්බුදකාරීත්වය හමුවේ ජාත්‍යන්තර මූල්‍ය අරමුදල විසින් ශ්‍රී ලංකාවට ලබා දීමට නියමිත ණය ආධාර අත්හිටුවීමට පියවර ගෙන තිබේ.

ජාත්‍යන්තර මූල්‍ය අරමුදලේ නිල ප්‍රකාශකයෙකු වන Gerry Rice විසින් මේ බව සනාථ කරමින් The Sunday Morning පුවත් පත වෙත ප්‍රකාශ කර ඇත.

ජාත්‍යන්තර මූල්‍ය අරමුදල විසින් ලබා දෙනු ලබන තුන් අවුරුදු විස්තීර්ණ ණය පහසුකම 2016 වසරේ ජූනි මාසයේ දී අනුමත වූ අතර ඩොලර් බිලියන 1.5 ක ණය ආධාර ඒ අනුව ශ්‍රී ලංකාවට හිමිවනු ඇත.

මෙම ණය මුදල ලබා දීමේ දී ශ්‍රී ලංකාව තුළ ක්‍රියාත්මක කළ යුතු ආර්ථික ප්‍රතිසංස්කරණ ගණනාවක් ජාත්‍යන්තර මූල්‍ය අරමුදල විසින් ප්‍රකාශයට පත් කළේය.

ඉන්ධන මිල සූත්‍රය හඳුන්වා දීම, බදු ප්‍රතිසංස්කරණ ආදිය ඒ අතුරින් ප්‍රමුඛ ඒවා වේ.

කෙසේ වෙතත් ඉන්ධන මිල සූත්‍රය ක්‍රියාවට නැංවීම මේ වන විට අත්හිටුවා ඇති අතර මිල සූත්‍රයට පරිභාහිරව නව රජය යටතේ දෙවරක් ඉන්ධන මිල පහත හෙලීමේ වාසිය ලබා ගැනීමට ජනතාවට හැකි වී තිබේ.
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Wed Nov 21, 2018 11:53 am

ඩොලරයට සාපේක්ෂව රුපියල වාර්තාවක් තබයි

ඉතිහාසයේ පළමු වරට අමෙරිකානු ඩොලරයට සාපෙක්ෂව ශ්‍රී ලංකා රුපියලේ ඉහළම අගයකින් අවප්‍රමාණය අද (21) සිදුව තිබෙනවා. ඒ අනුව ශ්‍රී ලංකා මහ බැංකුවේ විනිමය අනුපාතයන්ට අනුව රුපියලට සාපේක්ෂව අමෙරිකානු ඩොලරයක විකිණුම් මිල රු. 179.04 ක් වනවා.

වෙළදපල ගනුදෙනු සිදුවූ අවසන් දිනය වූ ඉකුත් 18 වෙනිදා රුපියලට සාපේක්ෂව අමෙරිකානු ඩොලරයක විකිණුම් මිල සටහන් වුයේ රු. 178.26ක් ලෙසයි.
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Wed Nov 21, 2018 12:23 pm

Three Sri Lanka banks downgraded by Moody's on political crisis, weak economy

Nov 21, 2018 12:08 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Three Sri Lankan Banks - Bank of Ceylon, Hatton National Bank and Sampath Bank – have been downgraded to B2 from B1 by Moody's, a credit rating agency, following the downgrading of the island's sovereign rating on a worsening political crisis and weakening operating environment.

"The rating actions follow the downgrade of Sri Lanka's sovereign rating to B2 from B1 on 20 November 2018, and the change in the sovereign's rating outlook to stable from negative on the same date," the ratings agency said in a statement.

Weak economic growth and rising non-performing loans are expected to impact the banks' performances.

Tightening external financial conditions and domestic political instability are resulting in capital outflow and placing increasing pressure on the exchange rate and foreign exchange reserves, Moody's said.

"Moody's expects that, after years of strong credit growth, the weakening operating environment will have a negative impact on the banks' asset quality and profitability, as seen by the system-wide nonperforming loan ratio increasing to 3.6 percent as of August 2018 versus 2.5 percent in December 2017.

The ratings had warned that Sri Lanka may face further downgrades if recent reforms to reduce budget deficit and improve investment flows were reversed or halted, and foreign reserves fell faster.

Moody's statement in full:

Moody's Investors Service has downgraded the long-term local currency deposit and foreign currency issuer ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC (Sampath) to B2 from B1.

At the same time, Moody's has downgraded the long-term foreign currency deposit ratings of the same three banks to B3 from B2. And, Moody's has affirmed the short-term local and foreign currency deposit ratings of the banks at NP.

Moody's has also downgraded the Baseline Credit Assessments (BCAs) and adjusted BCAs of the three banks to b2 from b1.

As a result, Moody's has downgraded the banks' long-term local and foreign currency Counterparty Risk Ratings (CRRs) to B1 from Ba3, and their long-term Counterparty Risk Assessments (CRAs) to B1(cr) from Ba3(cr).

In addition, Moody's has affirmed the banks' short-term CRR of NP and short-term CRA of NP(cr). And, Moody's has revised the rating outlooks of the banks, where applicable, to stable from negative.

The rating actions follow the downgrade of Sri Lanka's sovereign rating to B2 from B1 on 20 November 2018, and the change in the sovereign's rating outlook to stable from negative on the same date.

To reflect the deterioration in the operating environment, Moody's has also lowered Sri Lanka's Macro Profile to "Weak" from "Weak+".

-Weakening operating environment-

Moody's expects that the recent political and financial market developments in Sri Lanka will weigh on the country's already weak GDP growth.

In addition, tightening external financial conditions and domestic political instability are resulting in capital outflow and placing increasing pressure on the exchange rate and foreign exchange reserves.

The Sri Lankan rupee has depreciated about 13% over the past 12 months (9% over the last three months) to 176.7 to the US dollar as of 16 November 2018.

Moody's expects that, after years of strong credit growth, the weakening operating environment will have a negative impact on the banks' asset quality and profitability, as seen by the system-wide nonperforming loan ratio increasing to 3.6% as of August 2018 versus 2.5% in December 2017.

To reflect the deterioration in the operating environment, Moody's has lowered Sri Lanka's Macro Profile to "Weak" from "Weak+", which in turn led Moody's to downgrade the BCA and adjusted BCA of BOC and Sampath to b2 from b1. In the case of HNB, its BCA and adjusted BCA of b2 is constrained by Sri Lanka's sovereign rating.

-Downgrade of long-term ratings-

Moody's has kept the government support assumptions for the three Sri Lanka banks unchanged, driven by the systemic importance of these banks, as well as the government's record of supporting the banking system.

Furthermore, Moody's believes that there is a high level of dependency between the creditworthiness of rated Sri Lankan banks and the sovereign, because of the domestic nature of their operations and their significant direct and indirect exposures to domestic sovereign debt relative to their capital bases.

As a result, Moody's incorporates a very high level of government support in the ratings of BOC, given its 100% ownership by the government and dominant share of system loans and deposits.

And, Moody's incorporates a high level of support in the ratings of HNB and Sampath, given their significant market shares of system loans and deposits.

Nevertheless, given that the adjusted BCA of these banks is already at the level of the sovereign rating, their long-term local currency deposit and foreign currency issuer ratings do not benefit from any uplift due to government support.

At the same time, HNB's adjusted BCA and long-term deposit and issuer ratings are constrained by Sri Lanka's sovereign rating of B2, given HNB's significant exposure to the Sri Lankan government; a situation which is common in relation to other Sri Lankan banks.

The downgrade of the long-term foreign currency deposit ratings of the three Sri Lankan banks to B3 from B2 is driven by the lowering of the sovereign ceilings. In the sovereign rating action, Sri Lanka's foreign currency deposit ceiling was lowered to B3 from B2.

What could move the rating up: An upgrade of the banks' long-term ratings is unlikely, because the ratings are already at the same level as the sovereign rating, and the sovereign rating outlook is stable.

What could move the rating down: A downgrade of the sovereign rating would result in a downgrade of the banks' long-term ratings.

Nevertheless, Moody's could downgrade the banks' BCAs if there is a material deterioration in solvency factors, such as asset quality or capital. Increased reliance on market funding or a lower level of liquidity would also add downward pressure on their BCAs.

Bank of Ceylon, headquartered in Colombo, reported total assets of LKR2,145 billion at 30 September 2018.

Sampath Bank PLC, headquartered in Colombo, reported total assets of LKR926 billion at 30 September

2018.

Hatton National Bank Ltd., headquartered in Colombo, reported total assets of LKR1,090 billion at 30 September 2018. (COLOMBO, 21 November 2018)

https://economynext.com/
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Thu Nov 22, 2018 7:31 pm

විදෙස් ණය ගෙවීමට මහජන - ජා.ඉ.කිරීමේ බැංකුවලින් ඩොලර් මිලියන 1000 ක්
(ඩයනා උදයංගනී)


ලබන වසරේදී රජයට ගෙවීමට ඇති ඇමෙරිකානු ඩොලර් මිලියන 1,500ක (බිලියන 1.5ක) ණය වාරිකය ගෙවිය යුත්තේ කෙසේද යන්න මේ වන විටත් සැලසුම් කර ඇතැයි ජාතික ආර්ථික සභාවේ මහ ලේකම් මහාචාර්ය ලලිත් සමරකෝන් මහතා පැවසීය.


හම්බන්තොට වරාය ගණුදෙනුවෙන් ඉතිරි වූ ඇමෙරිකානු ඩොලර් මිලියන 650ක මුදල මේ සඳහා යොදාගත හැකි බව කී මහාචාර්යවරයා ලංකා, මහජන සහ ජාතික ඉතිරිකිරීමේ බැංකුවල ඩොලර් මිලියන 1000ක් ශ්‍රී ලංකා සංවර්ධන බැඳුම්කරවල ආයෝජනයෙන් හා චීන සංවර්ධන බැංකුව මගින් ඩොලර් මිලියන 500ක් ලබාගැනීමෙන් මෙම ණය වාරිකය ගෙවීමට සැලසුම් කර තිබෙන බව ද සඳහන් කළේය.


මෙම ණය වාරිකයෙන් ඩොලර් මිලියන 1000ක් ලබන ජනවාරියේ සහ ඉතිරි ඩොලර් මිලියන 500 අප්‍රේල් මාසයේ ගෙවීමට තිබෙන බව ද ඔහු කීවේය.
ණය ශ්‍රේණිගත කිරීම් පිළිබඳ කටයුතු කරන මූඩීස් ආයතනය විසින් ශ්‍රී ලංකාව ශ්‍රේණිගත කිරීමෙන් පහත දමා ඇතත් එවැනි ගැටලුවක් ශ්‍රී ලංකාවට මතුව නැතැයි හෙතෙම වැඩිදුරටත් කියා සිටියේය.


ශ්‍රී ලංකාව සතු අඩු සංචිත ප්‍රමාණය හා පවතින ආර්ථික හා දේශපාලන තත්ත්වය මත මූඩීස් ආයතනය මෙසේ ශ්‍රේණිගත කිරීම් සිදුකරන්නට ඇතැයි කී මහාචාර්යවරයා ණය ගෙවීම සම්බන්ධයෙන් ශ්‍රී ලංකාවට ගැටලුවක් නැති බවත්, රාජ්‍ය මූල්‍ය ප්‍රතිපත්තිය හා විනය නිසි පරිදි පවත්වාගෙන යාමේ හැකියාවක් ඇති බවත් සඳහන් කළේය.


ණය ගෙවීම සඳහා ඇති බැඳීම 100% ඉටුකිරීමට ශ්‍රී ලංකාව සූදානමින් සිටින බව ද ඔහු කීවේය.

ශ්‍රී ලංකාව සතුව මේ වන විටත් ඇමෙරිකානු ඩොලර් බිලියන 7.2ක සංචිතයක් ඇති බව කී මහාචාර්යවරයා ණය වාරික ගෙවීම සම්බන්ධයෙන් ශ්‍රී ලංකාවට ඇති හැකියාව පිළිබඳ කිසිවෙකුත් චකිතයක් ඇතිකර ගත යුතු නැතැයි ද ප්‍රකාශ කළේය.


ඉදිරියේදී වියදම් වැඩිවී ආදායම් අඩුවුවත් යම් යම් වෙනස්කිරීම් තුළින් අයවැය හිඟය පාලනය කර පවත්වාගෙන යාමේ හැකියාවක් තිබෙන බව ද මහ ලේකම්වරයා පැවසීය.


ශ්‍රී ලංකාවේ දේශපාලන තත්ත්වය සලකා මූඩීස් ආයතනය ඇතැම් තීරණ ගෙන තිබුණේ පසුගිය ජූලි මාසයේ සිට බව ද හෙතෙම කියා සිටියේය.



වර්තමානයේදී ඇති වී තිබෙන ආර්ථික අර්බුදයට හේතු මොනවා ද යනුවෙන් මෙහිදී මාධ්‍යවේදියෙකු නැගූ පැනයකට පිළිතුරු දුන් මහාචාර්යවරයා පැවසුවේ ආර්ථික අර්බුද නිර්මාණය වීම කාලයක් තිස්සේ සිදුවන ක්‍රියාදාමයක ප්‍රතිඵලයක් මිස හදිසියේ දින කිහිපයකින්, මාස කිහිපයකින් ඇති වන තත්ත්වයක් නොවන බවයි.


2014 වසරෙන් පසු ගත වූ කාලයේදී ණය බර සියයට 50කින් වැඩිවීම, ගෙවුම් ශේෂයේ හිඟය ඉහළ යාම, අයවැය හිඟය වැඩිවීම ආදිය මෙම තත්ත්වයට බලපා ඇතැයි ද ලලිත් සමරකෝන් මහතා පැවසීය.


මහාචාර්ය ලලිත් සමරකෝන් මහතා මේ බව පැවසුවේ රජයේ ප්‍රවෘත්ති දෙපාර්තමේන්තුවේදී අද (22) පැවති කැබිනට් තීරණ දැනුම්දීමේ මාධ්‍ය හමුවට එක්වෙමිනි
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nihal123
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Thu Nov 22, 2018 7:49 pm

මූඩීස් නවතම ශ්‍රේණිගත කිරීමේ තීරණය පදනම් විරහිතයි – මහ බැංකුව
November, 22, 2018

2018 නොවැම්බර් මස 20 වන දින මූඩීස් ආයෝජන සේවා ආයතනය (මූඩීස්) විසින් ශ්‍රී ලංකා රජයේ විදේශ විනිමය ණය නිකුත් කිරීම හා ජ්‍යෙෂ්ඨ සුරැකුම් රහිත ණය ශ්‍රේණිගත කිරීම B1 (සෘණ) සිට B2 (ස්ථාවර) මට්ටම දක්වා පහත හෙලීම රටෙහි සාර්ව ආර්ථික මූලධර්ම නිසිලෙස පිළිබිඹු නොකරන බව ශ්‍රී ලංකා මහ බැංකුවේ මතය වන අතර, එබැවින් එම තීරණය සාධාරණ නොවේ.

මෙරට දේශපාලන ක්ෂේත්‍රයේ මෑතකාලීනව දක්නට ලැබුණු සිදුවීම් හමුවේ වුවද 2018 ජූලි මාසයේදී නිකුත් කළ අවසන් මූඩීස් ශ්‍රේණිගත කිරීමේ තීරණයේ සිට ශ්‍රී ලංකාවේ සාර්ව ආර්ථික තත්ත්වය පිරිහීමට ලක්වීමක් හෝ ප්‍රතිපත්තිවල කිසිදු පසුබෑමක් සිදුවී නොමැති බව ශ්‍රී ලංකා මහ බැංකුව විසින් නැවත අවධාරණය කිරීමට කැමැතිය. 2018 ඔක්තෝබර් මස 26 වැනි දින විස්තීර්ණ ණය පහසුකමෙහි පස්වන ආර්ථික කාර්යසාධන සමාලෝචන වැඩසටහනින් අනතුරුව සාර්ව ආර්ථික තත්ත්වයන්හි වැඩිදියුණු වීම් පදනම් කර ගනිමින්, ශ්‍රී ලංකාවේ බලධාරීන් සහ ජාත්‍යන්තර මූල්‍ය අරමුදල විසින් නිලධාරී මට්‍ටමේ එකඟතාවක් ඇති කර ගන්නා ලද අතර, එම එකඟතාව 2018 ඔක්තෝබර් මස 29 වැනි දින නිවේදනය කිරීමට නියමිතව තිබිණි. දේශපාලන තත්ත්වයෙහි වඩා පැහැදිලි බවක් ඇති වන තුරු වර්තමානය වන විට වැඩසටහනේ සාකච්ඡා තාවකාලිකව අත්හිටුවා ඇත.

ශ්‍රී ලංකාවේ වර්තමාන දළ නිල සංචිත ප්‍රමාණය එ.ජ.ඩොලර් බිලියන 7.2 ක් වන අතර එය ඉදිරි කාලයේ රටේ විදේශීය ණය වගකීම පියවීමට ප්‍රමාණවත් වේ. ඊට අමතරව ආරක්ෂාකාරී පියවරක් ලෙස ශ්‍රී ලංකා මහ බැංකුව විසින් සැලකිය යුතු මට්ටමක විදේශ විනිමය හුවමාරු ගිවිසුම් (SWAP) ලබා ගැනීම සඳහා මිත්‍ර රටවල මහ බැංකු සමග සාකච්ඡා ආරම්භ කර ඇත. මෙම ක්‍රියාමාර්ග තුළින් රටේ විදේශීය සංචිතවල ප්‍රමාණාත්මකභාවය තවදුරටත් ශක්තිමත් වන අතර, එමගින් විදේශීය ණය සේවාකරණය නිසි කලට සිදු කිරීමට සහ විනිමය අනුපාතිකයේ අක්‍රමවත් විචලනයන් වැළැක්වීම සඳහා විදේශ විනිමය වෙළෙඳපොළ වෙත විචක්ෂණශීලීව මැදිහත් වීමට අවස්ථාව සැලසෙනු ඇත. මීට අමතරව, මේ වන විටත් සිදු කර ඇති රාජ්‍ය මූල්‍ය සහ සාර්ව විචක්ෂණශීලී ක්‍රියාමාර්ග තුළින් වෙළඳ ගිණුමේ ශේෂය වැඩිදියුණු වීම සඳහා හේතු වනු ඇතැයි අපේක්ෂා කරන අතර, එමගින් විදේශීය සංචිත සහ විනිමය අනුපාතිකය මත ඇති පීඩනය අඩු කරනු ඇත.

ශ්‍රී ලංකාවේ ණය වගකීම් නිසි පරිදි පියවීම පිළිබඳව පවතින වාර්තාව ඉදිරියටත් ස්ථාවරව පවත්වාගෙන යෑම සහතික කිරීම සඳහා දැනටමත් ක්‍රියාමාර්ග ගෙන ඇත. 2019 වසරේ ජනවාරි මාසයේදී එ.ජ. ඩොලර් බිලියන 1 ක සහ 2019 අප්‍රේල් මාස‍යේදී එ.ජ. ඩොලර් මිලියන 500 ක ජාත්‍යන්තර ස්වෛරීත්ව බැඳුම්කර කල්පිරීම් වෙනුවෙන් රජයට පියවීමට ඇති ණය වගකීම සඳහා බලධාරීන් දැනටමත් හම්බන්තොට වරාය වෙත ලැබුණු ආයෝජන සහ චීන සංවර්ධන බැංකුවෙන් ලබාගත් ඒකාබද්ධ ණය පහසුකමෙන් වූ ලැබීම් තුළින් ස්වාරක්ෂක අරමුදලක් ගොඩනංවාගෙන ඇත. සක්‍රීය වගකීම් කළමනාකරණ ක්‍රියාමාර්ග යටතේ රුපියල් බිලියන 310 නොඉක්මවූ සීමාවක අරමුදල් සම්පාදනයට ඉඩප්‍රස්තා සැලසීමද අනාගත ණය සේවාකරණ ගෙවීම් පියවීම සඳහා අවශ්‍ය ආරක්ෂණය සහ අවකාශය සපයනු ලබයි. මීට අමතරව, මෙම වසරේ ඉදිරි කාලපරිච්‍ඡේදයේදී සහ 2019 වසරේ මුල් කාලපරිච්ඡේදයේදී එ.ජ. ඩොලර් මිලියන 750 සිට එ.ජ. ඩොලර් බිලියන 1 ක් දක්වා පමණ වන ශ්‍රී ලංකා සංවර්ධන බැඳුම්කර නිකුත් කිරීමේ කටයුතු අවසන් අදියරක පවතී. මැදපෙරදිග සහ නැගෙනහිර ආසියාතික කලාපයේ සම්බන්ධිත පාර්ශ්වවලින් ශ්‍රී ලංකාවේ රාජ්‍ය බැංකුවලට ණය පහසුකම් ලබා ගැනීමේ හැකියාව වැඩිදියුණු වීම සහ විදේශ සේවා නියුක්තිකයින්ගේ ප්‍රේෂණ සහ සංචාරක ඉපැයීම් ආශ්‍රිත ලැබීම් තුළින් මෙම ශ්‍රී ලංකා සංවර්ධන බැඳුම්කරවල ආයෝජන සඳහා අරමුදල් සම්පාදනය සිදුවනු ඇත. මීට අමතරව, චීන සංවර්ධන බැංකුවෙන් ලබාගත් ඒකාබද්ධ ණය පහසුකම 2019 වසරේ පෙබරවාරි මාසයේදී තවදුරටත් එ.ජ. ඩොලර් මිලියන 500 කින් ඉහළ නැංවීමටද මේ වන විටත් පියවර ගෙන ඇත. ඒ අනුව 2019 පෙබරවාරි වනවිට එ.ජ. ඩොලර් බිලියන 2 ඉක්මවූ අරමුදල් ප්‍රමාණයක් සම්පාදනය වනු ඇත. එය 2019 වසරේ කල්පිරීමට නියමිත ජාත්‍යන්තර ස්වෛරීත්ව බැඳුම්කර සියල්ලම ආවරණය කිරීමට ප්‍රමාණවත් වනු ඇත. මීට අමතරව ඊළඟ වසරේදී ද්විපාර්ශ්වික හා බහුපාර්ශ්වික නියෝජිත ආයතන විසින් ප්‍රතිපාදනය කරනු ඇතැයි අපේක්ෂිත එ.ජ. ඩොලර් මිලියන 600 ක් තුළින්ද ස්වාරක්ෂක අරමුදල් මට්ටම තවදුරටත් වර්ධනය වනු ඇත.

මේ අතර, මෑතකදී හඳුන්වා දුන් ණය කළමනාකරණ උපායමාර්ග සහ දේශීය ණය වෙළඳපොළට ප්‍රවේශවීම සඳහා ප්‍රමාණවත් ඉඩකඩ නිර්මාණය වීම හරහා දේශීය මූල්‍ය තත්ත්වයන්ගේ සැලකිය යුතු වැඩිදියුණු වීමක් පෙන්නුම් කර ඇත. මෙමගින් 2019, 2020 වර්ෂ තුළ සහ මධ්‍යකාලීනව භාණ්ඩාගාර බැඳුම්කර සහ ශ්‍රී ලංකා සංවර්ධන බැඳුම්කර නැවත නිකුත් කිරීමේ අවශ්‍යතාව අවම කර ඇත. 2018 වර්ෂයේදී රුපියල් බිලියන 600 ඉක්මවූ භාණ්ඩාගාර බැඳුම්කර කල්පිරීම් 2019 සහ 2020 වර්ෂ තුළදී පිළිවෙළින් රුපියල් බිලියන 450 ක සහ රුපියල් බිලියන 290 ක පමණ පහළ මට්ටමක පවතී. එමෙන්ම, 2018 වර්ෂයේදී එ.ජ.ඩොලර් බිලියන 2.3 ක් පමණ වූ ශ්‍රී ලංකා සංවර්ධන බැඳුම්කරවල කල්පිරීම් ද 2019 සහ 2020 වර්ෂවලදී පිළිවෙළින් එ.ජ.‍‍‍‍ඩො‍ලර් බිලියන 0.62 සහ එ.ජ.ඩොලර් බිලියන 0.82 පමණ දක්වා අවම වී ඇත. තවද, බැංකු අංශය විසින් රජයේ සුරැකුම්පත් අලුතින් ලබා ගැනීම මෑත වර්ෂවලදී පිළිබිඹු කළ සියයට 5 ක පමණ ඉහළ යෑමේ ප්‍රවණතාව හා සැසඳීමේදී 2018 වර්ෂයේදී සියයට 1.5 කින් පමණක් වැඩි වනු ඇත. මෙම ප්‍රවණතා සහ ආයතනික ආයෝජකයන් සතු අරමුදල් සම්පාදනය කර ගැනීමේ හැකියාව තුළින් දේශීය වෙළඳපොළෙන් මූල්‍ය අවශ්‍යතා ළඟාකර ගැනීමට පවත්නා සැලකිය යුතු ඉඩකඩ පිළිබිඹු කරයි. විශේෂයෙන්ම, ප්‍රාථමික ගිණුමේ අතිරික්තය සහ සක්‍රීය වගකීම් කළමනාකරණ ක්‍රියාමාර්ග සමඟ ඇති වූ අඛණ්ඩ රාජ්‍ය මූල්‍ය ස්ථාවරභාවය මගින් 2019 වර්ෂය තුළදී සහ මධ්‍යකාලීනව රාජ්‍ය මූල්‍ය මෙහෙයුම් කටයුතු තවදුරටත් ශක්තිමත් වනු ඇතැයි අපේක්ෂා කෙරේ.

ඉහත දැක්වූ කරුණු අනුව, මූඩීස් ආයතනය විසින් මෑතකදී කරන ලද ශ්‍රේණිගත කිරීම සාධාරණ නොවන බව ශ්‍රී ලංකා මහ බැංකුවෙහි අදහස වේ. එවැනි ශ්‍රේණිගත කිරීමේ පහළ දැමීමක් සාර්ව ආර්ථික ප්‍රතිපත්තිවල දුර්වල වීමක් පිළිබඳව කිසිදු සාක්ෂියක් නොමැතිව ඉහළ දේශපාලන අස්ථාවරභාවය යන කරුණ මත පමණක් පදනම්ව සිදුවීම සාධාරණීකරණය කළ නොහැක.
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Fri Nov 23, 2018 9:08 am

Sri Lanka can repay loans from January 01: Finance Ministry

ECONOMYNEXT - Sri Lanka's finance ministry said it will be able to repay loans from January 01, amid reports that the government may not be able to service debt in 2019 amid reports that a disputed administration may not be able to muster votes to pass a budget amid a political crisis.

The Finance Ministry said loans have been taken under specific law and they can be repaid.

"Therefore, the GOSL wishes to assure all lenders that all such dues will be met on the due dates as has been the time honoured tradition of the country where we have maintained an unblemished track record of debt payments," the finance ministry said.

"Further we wish to note that this Ministry has been closely collaborating with the Central Bank of Sri Lanka to ensure that adequate buffers are created and maintained in view of the dues that will arise in 2019 specially the repayment of the International Sovereign Bond (ISB) amounting to USD1,500 million maturing during the year 2019."

The full statement is reproduced below:

Press Release

ISSUED BY THE MINISTRY OF FINANCE AND ECONOMIC AFFAIRS

Both the electronic and print media has reported that, the government will not be in a position to service and repay the loans that will fall due during the financial year beginning from 1st January 2019.

As such, the Ministry of Finance and Economic Affairs wishes to note the following:

The Government of Sri Lanka (GOSL) has raised loans in terms of the provisions of the specific laws including the Registered Stock and Securities Ordinance, No. 7 of 1937, Local Treasury Bills Ordinance, No. 8 of 1923 and the Foreign Loans Act, No. 29 of 1957. As such, any dues on such loans that may arise, in accordance with the respective terms and conditions attributed to such borrowings, can validly be charged on the Consolidated fund as provided for, in the Constitution of the Democratic Socialist Republic of Sri Lanka and such specific laws as noted.

Therefore, the GOSL wishes to assure all lenders that all such dues will be met on the due dates as has been the time honoured tradition of the country where we have maintained an unblemished track record of debt payments.

Further we wish to note that this Ministry has been closely collaborating with the Central Bank of Sri Lanka to ensure that adequate buffers are created and maintained in view of the dues that will arise in 2019 specially the repayment of the International Sovereign Bond (ISB) amounting to USD1,500 million maturing during the year 2019.
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Fri Nov 23, 2018 9:09 am

Sri Lanka looks at stop-gap financing to settle debt in 2019

ECONOMYNEXT - Sri Lanka's will look to alternative sources to re-finance maturing debt of over four billion US dollars in 2019, as yields in capital markets have spiked amid political uncertainty and a credit downgrade, an official said.

Lalith Samarakoon, who heads an economic council convened by President Maithripala Sirisena said the most important concern were sovereign bonds. There were about 5.4 billion in forex debt, including about a billion US dollars of domestic dollar debt, he said.

Sri Lanka has to repay a billion US dollar sovereign bond in January and a 500 million bond in April.

The central bank has said it plans to raise 750 million to a 1,000 million through state-run Bank of Ceylon, People's Bank and National Savings Bank and there was 680 million dollars in a Treasury account from money paid by China for Hambantota Port.

"Then the others are project loans," he told reporters in Colombo. "As you know project loans are not only outflows, but we receive bilateral and multilateral sources, in a given year we receive about 600 million dollars.

"In total, at the end of the day we might have to finance externally about two billion dollars externally during 2019, if we are going to markets."

Earlier this week Moody's Investors Services downgraded Sri Lanka's speculative B1 credit to B2.

He said the rating downgrade by Moody's and global conditions may have pushed up yields for Sri Lanka's debt in capital markets, and it was prudent to find lower cost funds.

"That is why the central bank is looking to develop Swap arrangements, with our friendly countries," he said.

"That is why we have already talked about the need for establishing government-to-government, high level emergency sources of funding - what they call stop-gap funding. All these options are available.

"It is after exhausting those options that we might have to go to markets to raise some amount of money. But that can wait towards the latter part of the year."

Sri Lanka's central bank Governor Indrajit Coomaraswamy had said that Sri Lanka was in talks for swap arrangements with Qatar and China. There were also plans to upsize a syndicated loan from China to 1.5 billion US dollars.

Samarakoon said in addition there were about a billion US dollars of Sri Lanka Development Bonds issued in the local market which could be "very easily re-financed" taking the total forex obligations maturing in 2019 to about 5.4 billion US dollars.

Sri Lanka is also facing outflows from about 1.2 billion US dollars of rupee bonds held by foreigners, which are being sold down.

Sri Lanka's central bank is also intervening in forex markets and printing money to keep rates down, to maintain an unstable soft-peg with the US dollar, triggering reserve losses. (Colombo/Nov22/2018)
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Fri Nov 23, 2018 9:12 am

China Harbhour Engineering wins deal to expand Sri Lanka port anchorage

ECONOMYNEXT - China Harbhour Engineering Company has been selected to expand the deep water anchorage capacity at a container terminal in Sri Lanka's Colombo Port, a legislator said.

The expansion of the anchorage will allow two ships to be accommodated at the the Jaye container terminal owned by state-run Sri Lanka Ports Authority, Mahinda Samarasinghe who was appointed Ports Minister in Sri Lanka's disputed cabinet said.

The deal was approved by the cabinet, he said.

Sri Lanka's is in the midst of a political crisis after President Maithripala Sirisena appointed Mahinda Rajapaksa as Prime Minister, who has been defeated twice in no confidence motions in parliament.

Sri Lanka's ports has been one of the fastest growing in the world with transshipment traffic on the rise. (Colombo/Nov22/2018)
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Sat Nov 24, 2018 7:52 am

Sri Lanka tech industry warns of sagging investor confidence; calls for swift end to constitutional crisis

ECONOMYNEXT - Sri Lanka's tech industry chamber SLASSCOM called for a swift end to the ongoing constitutional crisis as investors hesitate to set up or expand businesses in the island nation, it said.



“We have already heard of companies who are concerned to setup or expand their business operations in Sri Lanka based on the present turmoil," Jeevan Gnanam, Chairman of the Sri Lanka Association for Software and Services Companies said in a statement.

The tech chamber called for transparency, consistent application of law and order, and urging the need to uphold the views of the judiciary and the constitution.

"Unless this is done immediately, Sri Lanka will not be viewed as a compelling or competitive destination to attract foreign investment," he said.

"We are also deeply concerned about the worldwide media publicity on the happenings in parliament and the resulting negative impact done to our image in the eyes of the world. Unfortunately, this damage cannot be easily undone," he said.

SLASSCOM's statement in full:

The Sri Lanka Association for Software and Services Companies (SLASSCOM) representing the Knowledge Services and Innovation industry, Sri Lanka’s fifth-largest and highest value- adding exporter, requests a swift, constitutional settlement to the current political crisis.

Jeevan Gnanam, Chairman SLASSCOM, speaking on behalf of the SLASSCOM Board of Directors and General Council, stated that “As an industry body, we are disappointed to see the current state of indecision and the inability to arrive at a swift settlement by the parties concerned.

"We are also deeply concerned about the worldwide media publicity on the happenings in parliament and the resulting negative impact done to our image in the eyes of the world. Unfortunately, this damage cannot be easily undone.

“We have already heard of companies who are concerned to setup or expand their business operations in Sri Lanka based on the present turmoil. While we understand any nation can and will encounter political changes, we ask for transparency and a consistent application of law and order, upholding the views of the judiciary and the constitution.

"We urge those in authority to put aside personal prejudices and narrow agendas at this point and collaborate towards the national interest.

"Unless this is done immediately, Sri Lanka will not be viewed as a compelling or competitive destination to attract foreign investment.

"In this regard, we also ask for sustaining policies and executing initiatives already put in place with the participation of the industry.
"In closure, we again request a swift settlement without permitting this uncertainty to continue, while upholding the constitution and the laws of the land.” (COLOMBO, 23 November 2018)
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Sat Nov 24, 2018 7:57 am

Sri Lanka says to halve agri taxes, 5-yr tax holiday to small firms

ECONOMYNEXT – Sri Lanka’s finance ministry said the government plans to give a five-year tax exemption to agricultural-based small and medium industry and slash
income tax rate on processing industries using local agricultural commodities to 14 percent from 28 percent amid a political crisis.

A statement said the move is to promote agricultural production in the country for exports and consumption purposes.

It also announced the government proposed to raise the threshold for the application of Economic Service Charge (ESC) from 12.5 million rupees per quarter to 50 million rupees per quarter to help small holder businesses.

“Agricultural income generated specially by the small scale entrepreneurs in the cultivation of any agricultural produce such as tea, spices, coconut, rubber, paddy, fruits, and vegetables (are) to be exempted from income taxation for a period of 5 years.”

The government also proposed that expenditure on transition to renewable energy sources including installation of solar panels, in tea, rubber, coconut, rice and other agricultural processing factories is to be recognized as deductible expenses in the computation of taxable profits, the ministry said.

The statement said Mahinda Rajapaksa, proposes to introduce some specific measures towards providing incentives that will enable SMEs and small sector business activities to revive rapidly, the statement said.

The Treasury has already been directed to design a package that will support SME entrepreneurs in the short run to be able to access finance and revive their businesses, the statement said.

Tax changes require parliamentary approval. Rajapaksa has already suffered two no-confidence motions in parliament. (COLOMBO, 23 November 2018).
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Re: Thread for News on CSE and SL Economy

Post by Leon on Sun Nov 25, 2018 8:06 am

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Re: Thread for News on CSE and SL Economy

Post by serene on Sun Nov 25, 2018 1:45 pm


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Re: Thread for News on CSE and SL Economy

Post by Leon on Sun Nov 25, 2018 10:08 pm

serene wrote:

Wow...Welcome news..bounce bounce
Welcome Leon too... cheers

Tnx Serene. Happy to see you again.
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Nov 26, 2018 12:00 am

Welcome back Leon
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Re: Thread for News on CSE and SL Economy

Post by Leon on Mon Nov 26, 2018 5:27 am

nihal123 wrote:Welcome back Leon

Oh Tnx Nihal ayya.
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Nov 26, 2018 1:28 pm

වසර 2 ක් තුළ දී ඩොලරයට ගෙවන මිල රු. 140 දක්වා ගෙන ඒමේ වගකීම බන්දුල භාර ගනී

අයවැය ලේඛනයක් ඉදිරිපත් කිරීමෙන් පසු වසරක් ඇතුළත දී එක්සත් ජනපද ඩොලරයක් සඳහා ගෙවන මිල රුපියල් 160 දක්වාත්, දෙවන වසර තුළ දී රුපියල් 140 දක්වා ත් ගෙන ඒමේ වගකීම තමන් විසින් භාර ගන්නා බව ජාත්‍යන්තර වෙළෙඳ හා ආයෝජන ප්‍රවර්ධන අමාත්‍ය බන්දුල ගුණවර්ධන මහතා පවසයි. ඊයේ (25) හෝමාගම පැවති ජනහමුවක දී අමාත්‍යවරයා මේ බව කියා සිටියේය.

මෙහිදී වැඩිදුරටත් අදහස් දැක්වූ ජාත්‍යන්තර වෙළෙඳ හා ආයෝජන ප්‍රවර්ධන අමාත්‍ය බන්දුල ගුණවර්ධන මහතා මෙසේ පැවසීය.

“එහෙම එක දවසකින් ඩොලර් කඩා ගෙන වැටෙව එක නතර කරන්න බැහැ. ඒ සඳහා රට ඇතුළට එන මුදල්, විදේශ විනිමය ප්‍රමාණය, රට සල්ලි ප්‍රමාණය වැඩි කරන්න ඕනේ. රටින් පිටට ගලා යන විදේශ විනිමය ප්‍රමාණය අඩු කරන්න ඕනේ.“

“ඒ සඳහා වෙන වගකීම, ජාත්‍යන්තර වෙළෙඳ අමාත්‍යවරයා සහ ආයෝජන ප්‍රවර්ධන අමාත්‍යවරයා වශයෙන් ජනාධිපතිතුමත්, අග්‍රාමාත්‍යතුමත් මහා වෙත පවරලා තියෙනවා. ඒ අනුව අපි නියත වශයෙන් මේ රටේ ජනතාවට සහතිකයක් දෙනවා. මේ රටින් පිටට ගලා යන විනිමය ප්‍රමාණය අඩු කරලා, රට ඇතුළට ගලා එන විදේශ විනිමය ප්‍රමාණය වැඩි කරලා, අයවැය ලේඛනයක් ඉදිරිපත් කරලා, පළවෙනි අවුරුද්ද ගත වෙන කොට මේ රුපියලේ අගය නැවත 160 ටත්, දෙවෙනි අවුරුද්ද වෙන කොට රුපියල ඩොලරයට ගෙවන මිල 140 දක්වාත් ගෙන ඒමේ වගකීම අපි භාර ගන්නවාය කියන ටික මා මේ අවස්ථාවේ දී මතක් කරන්න කැමතියි. ඒ සඳහා අපිට වැඩපිළිවෙලක් තියෙනවා.“
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