BIZ

CBSL reduces Statutory Reserve Ratio

Published

2 years ago

August 9, 2023

editor

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 8 August 2023, has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of Licensed Commercial Banks (LCBs) by 200 basis points, from 4.00 per cent to 2.00 per cent, with effect from the reserve maintenance period commencing 16 August 2023.

This decision has been taken with the view to inject liquidity to the banking system and further reduce market liquidity deficit on a permanent basis, in line with the current monetary policy stance of the Central Bank.
“This reduction in the SRR is expected to release around Rs.200 billion of liquidity to the domestic money market, which would enable a further downward adjustment in the market lending rates as a result of the reduction in cost of funds of LCBs, thereby supporting the expansion in credit flows to the economy. While LCBs are expected to pass the benefit of the SRR reduction to their customers without delay, the Central Bank will continue to monitor market developments, and take appropriate administrative measures, if required, to ensure faster reduction of market lending rates,” a CBSL statement says.

BIZ

LP Gas prices to remain unchanged for July

Published

8 minutes ago

July 1, 2025

editor

Litro Gas Lanka Limited and Laugfs Gas PLC have said that LP gas prices will remain unchanged for the month of July.

Accordingly, the prices of Litro Gas cylinders are as follows;

12.5kg – Rs. 3,690
5kg – Rs. 1,482
2.3kg – Rs. 694

The current district-wise prices are as follows; https://www.litrogas.com/price-list/

Meanwhile, prices of Laugfs Gas cylinders are as follows;

12.5 kg – Rs. 4,100
5kg – Rs. 1,645
2kg – Rs. 658

The current district-wise prices are as follows; https://www.laugfsgas.lk/pricelist.php

BIZ

CAA warns of improperly labeled salt products

Published

23 hours ago

June 30, 2025

editor

The Consumer Affairs Authority (CAA) has warned to prosecute importers and retailers selling salt without proper labels, including missing manufacturer/importer info and retail price.

The public is advised not to buy such products, while distributors have urged to maintain valid invoices with supplier details or face legal consequences.

BIZ

Printed book prices up by 20% due to VAT & NBT

Published

1 day ago

June 30, 2025

editor

The National Book Traders Association says that the price of printed books has increased by 20% due to the imposition of Value Added Tax (VAT) and Nation Building Tax (NBT).

Sri Lanka Book Publishers’ Association President – Mr. Samantha Indeewara, made this statement while speaking at the annual anniversary event of the National Book Traders Association.

“The price of a book has increased by 20%, or about one-fifth. Officials are confusing the issue. Previously, there was a 15% VAT imposed on many items but there was no VAT on printed books. That’s what directly changed from 0% to 18%. Stationery previously had only 3% VAT. They are mixing up these two categories.”

“Around a week ago, there was a letter from the Presidential Secretariat stating that they are conducting an analysis regarding VAT and will subsequently provide an answer,” he added.
Meanwhile, Mr. Gamini Moragoda, patron of the National Book Traders Association, also expressed his views to the media on the matter:

“A VAT that is not levied in any other country in the world is being imposed on our books. The introduction of this tax from Jan. 2024, which didn’t exist in Sri Lanka for 75 years, is destroying the book industry. If this continues, a child will not be able to afford a single book in the future,” he pointed out.