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Inflation to come down further in the coming months- CBSL

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The Central Bank of Sri Lanka says it expects headline inflation to decelerate further in the coming months.

The Central Bank announcing its Monetary Policy Review for the month of November said supported by favourable supply side developments and tight monetary policy measures, headline inflation pivoted towards the envisaged disinflation path in October 2022, after passing the peak in September 2022.

Accordingly, headline inflation, based on both the Colombo Consumer Price Index (CCPI) and the National Consumer Price Index (NCPI), decelerated, while a deceleration was also observed in core inflation.

The Central Bank noted the deceleration in inflation is expected to continue in the ensuing period, supported by subdued aggregate demand pressures, expected improvements in domestic supply conditions, normalisation in global commodity prices, and the timely passthrough of such reductions to domestic prices, along with the favourable statistical base effect.

The CBSL added that global as well as domestic risks to the inflation outlook in the near term are tilted to the downside, thereby supporting the disinflation path and stabilising inflation at the desired levels towards the end of 2023.

(newsradio.lk)

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Drugs haul linked to ‘Dubai Kapila’, seized

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Police Special Task Force (STF) personnel have recovered a stock of drugs allegedly belonging to an underworld figure, during a raid carried out near the Sri Jayewardenepura University, Nugegoda.

Accordingly, the seized drugs include 13 kg of heroin, 06 kg of hash and 0.5 kg of cocaine while Rs. 1.5 million in cash was also taken into custody during the special raid.

According to the STF, the seized stock of drugs allegedly belongs to the underworld figure known as “Dubai Kapila”.

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‘CEB saving Rs. 80 Mn. daily after Uma Oya project opening’

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Director of the Uma Oya Multi Purpose Development Project – D.C.S. Alakanda has said that the Ceylon Electricity Board is saving around Rs. 80 million per day following the opening of the project.

Electricity generation through this is more effective than other sources of generation and the project has helped the CEB save approximately Rs. 1.5 billion within operations carried out for a month, he has added.

The project was jointly inaugurated by visiting Iranian President – Dr. Ebrahim Raisi & Sri Lankan President Ranil Wickremesinghe on April 24.

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Shehan in Georgia for ADB annual meetings

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State Minister of Finance – Shehan Semasinghe will be representing Sri Lanka at the Asian Development Bank (ADB) annual meetings in Tbilisi, Georgia.

The meetings which will commence today (May 02) will be held until May 05.

On a message on X, he had also said, “Sri Lanka, being a founding member of the ADB, has played a pivotal role in fostering partnerships aimed at addressing the country’s developmental challenges effectively. Over the years, our collaboration with the ADB has facilitated sustainable progress and growth across multiple sectors of our economy. The annual meetings will be a forum for networking with other member countries and stakeholders. I look forward to contributing meaningfully to the deliberations at the ADB Annual Meetings.”

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