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Sri Lanka hopeful of starting tea-for-oil barter with Iran in July

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Sri Lanka is reportedly set to start bartering tea to Iran next month in lieu of USD250 million owed for oil, as the country tries to lift sales to a key market and protect the forex reserves.

The barter was agreed in 2021 for oil imported in 2012, but the exchange was delayed after Sri Lanka’s unprecedented dollar shortage last year plunged the economy into its worst financial crisis in more than seven decades.

Speaking to the Reuters News Agency, Sri Lanka Tea Board Chairman Niraj de Mel has said the programme is a timely initiative as the country will get access to an important market and both Iran and Sri Lanka can trade without relying on dollars.

Chairman Niraj de Mel has said the agreement was to send USD5 million worth of tea each month for 48 months but initially it will be around USD 2 million per month.

Globally popular Ceylon Tea is Sri Lanka’s highest foreign exchange-earning crop, brewing USD 1.25 billion for the country last year, according to government data.

Iran has been one of Sri Lanka’s main tea buyers but exports have fallen steadily from USD 128 million in 2018 to USD 70 million last year as U.S. sanctions on Iran hit trade.

A significant share of Sri Lanka’s tea is now shipped to Iran via the United Arab Emirates (UAE), official data shows, with the UAE more than doubling its tea imports from Sri Lanka to USD 118 million last year from USD 48 million five years ago.

Under the barter programme, the Ceylon Petroleum Corporation that bought the oil will give rupees to the Tea Board to ship tea via Sri Lankan exporters.

Iranian tea importers will then pay riyals to the National Iranian Oil Company.

Chairman de Mel added that, “We are awaiting the final documents and hope to start exports from July.”

Sri Lanka’s foreign exchange reserves grew to USD 3.5 billion at the end of May – a 14-month high – helped by increased remittances and tourism inflows after securing a USD 2.9 billion bailout from the International Monetary Fund.

Source: Reuters

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One dead in Kandana shooting (Update)

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One of the two persons injured in the Kandana shooting today (June 03) has succumbed.

The other victim – Mr. Sameera Manahara is currently receiving further treatment at Ragama Hospital. According to reports, his condition is not critical.


(Previous news 2025 July 03 – 11.03 am)

Pvt. secretary of late minister injured in shooting

A shooting incident has been reported in Kandana this morning (July 03).

Reportedly, two people traveling in a car were shot near the Kandana Public Market.

According to reports, Sameera Manahara, who served as the private secretary of late Minister Mangala Samaraweera, has been injured in the shooting.

The two injured individuals have been admitted to the Ragama Hospital, police say.

Investigations are underway to identify and apprehend the assailants.

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3 including Mervyn released on bail

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Former Minister Mervyn Silva and two other individuals were granted bail today (July 03) by the Gampaha Provincial High Court.

They were released on a cash bail of Rs. 200,000 and five personal sureties of Rs. 5,000,000 each.

Additionally, the court imposed overseas travel bans on them.

The defendants were strictly warned to refrain from influencing witnesses and were ordered to report to the Criminal Investigation Department (CID) every Sunday.The defendants were previously remanded over allegations of selling a state-owned land in the Kiribathgoda area using forged deeds.

Legal proceedings are still underway.

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Monara TV closes down as Swarnavahini too grapples with crisis

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Monara TV, launched with much fanfare just a year ago under the Swarnavahini media network, has reportedly shut down operations.

Employees have been informed that the closure is temporary, citing the need to resolve certain administrative issues.

The channel, led by Buddhika Wickramadhara, was ceremonially launched on June 25, 2024, with a grand event at Waters Edge.

Producers who supplied teledramas to Monara TV say they are owed nearly Rs.200 million in unpaid dues.

Meanwhile, it is reported that the parent Swarnavahini TV channel is also reportedly grappling with a serious financial crisis, paying teledrama producers only after 60 episodes are broadcast.

Producers claim they are compelled to wait about 03 months to recover an investment of around Rs.15 million per teledrama. Even then, payments are made in small portions, covering just 05 episodes at a time.

Producers who supplied teledramas before the appointment of Mr. Susara Dinal as CEO say it is even harder to claim their outstanding payments, as they have been asked to recover the dues from former CEO – Udara Wijesinghe.

The Swarnavahini Media Network is owned by Subaskaran Allirajah – Chairman of Lyca Group, which also owns Lycamobile, a global telecommunications company.

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