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CBSL further relaxes its monetary policy stance

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The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 23 November 2023, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00 per cent and 10.00 per cent, respectively.

Making the announcement, the CBSL further states :

The Board arrived at this decision following a careful analysis of the current and expected developments in the domestic and global economy, with the aim of achieving and maintaining inflation at the targeted level of 5 per cent over the medium term, while enabling the economy to reach and stabilise at the potential level.

The Board took note of possible upside risks to inflation projections in the near term due to supply-side factors stemming from the expected developments domestically and globally. However, the Board viewed that such near-term risks would not materially change the medium-term inflation outlook, as inflation expectations of the public remain anchored and economic activity is projected to remain below par in the near to medium term.

Further, the Board viewed that with this reduction of policy interest rates, along with the monetary policy measures carried out since June 2023, sufficient monetary easing has been effected in order to stabilise inflation over the medium term.

Hence, the Monetary Policy Board underscored the need for a swift and full passthrough of monetary easing measures to market interest rates, particularly lending rates, by the financial institutions, thereby accelerating the normalisation of market interest rates in the period ahead.

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Thriposha company to launch new cupcake range

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The Sri Lanka Thriposha Company Limited has successfully resumed operations under the government’s restructuring initiative aimed at transforming loss-making state enterprises into profit-generating institutions.

According to Chairman Amal Niroshana Attanayake, as of June 16, the previously idle machines at the Thriposha factory are now operating around the clock. The first batches of Thriposha product packets have already been produced, and the once-empty warehouses are now being restocked, signaling the return of a 24-hour production cycle.

The Chairman announced that the company is preparing to distribute Thriposha nationwide in the coming days, ensuring that pregnant mothers, lactating mothers, and infants will once again have access to this vital nutritional supplement.

Additionally, under Attanayake’s leadership, the company will soon launch a new line of nutritious and flavorful Thriposha cupcakes, available in chocolate, banana, vanilla, strawberry, and mango flavors.

Consumers will be able to purchase these new products starting next week at the company’s Ja-Ela head office outlet.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

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Customs urges to re-export substandard salt imports

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Sri Lanka Customs has recommended the re-export of 05 containers of imported salt after they failed to meet national quality standards.

According to Customs Spokesperson Seewali Arukgoda, all salt containers brought into the country are subject to rigorous standards testing. The five containers in question were found to be non-compliant with Sri Lanka Standards Certification requirements.

According to Customs, approximately 2,000 containers of salt have been imported under the relevant import permit.

Earlier, The Sri Lanka Salt Manufacturers Association has announced that salt will now be sold under newly set Maximum Retail Prices (MRP), following an agreement with the Consumer Affairs Council.

This move comes after import restrictions were relaxed, and sufficient salt stocks have arrived in the country. The MRPs are as follows :

1 kg granular salt – Rs.180
1 kg salt powder – Rs.240
400 g salt powder – Rs.120

The Association stated that while distribution has begun, it may take a few days for the packaged salt to reach outlets islandwide. Consumers can expect to purchase salt at regulated prices once full distribution is in place.

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Kunming-Colombo freight service takes off

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In a boost to bilateral trade, China’s S.F. Airlines launched its inaugural Kunming-Colombo cargo flight yesterday, marking a new chapter in Sri Lanka’s logistics connectivity with Yunnan Province.

S.F. Airlines deployed a Boeing 747-200 aircraft for the inaugural flight, which arrived at BIA from Kunming at 10:50 a.m. yesterday (26), carrying 22 metric tons of cargo.

S.F. Airlines – a major Chinese logistics carrier.

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