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CBSL reduces policy interest rates

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The Central Bank of Sri Lanka (CBSL) has further reduced policy interest rates.

Accordingly, the Monetary Policy Board has decided to reduce the Standing Deposit Facility Rate (SDFR) to 10 per cent and the Standing Lending Facility Rate (SLFR) to 11 per cent by 100 basis points.

The CBSL said that the Board arrived at this decision following a careful analysis of the current and expected developments, including low inflation and benign inflation expectations in the domestic economy, with the aim of stabilising inflation at the envisaged 5 per cent level in the medium term, thereby enabling the economy to reach its potential growth.

“The Board expects that this reduction of policy interest rates, along with the significant easing of monetary policy affected previously, including the directions issued by the Central Bank to licensed banks to reduce interest rates, and the significant reduction of risk premia on government securities, would accelerate the downward adjustment in market interest rates, particularly lending rates, in the period ahead.

“The financial sector is urged to pass on the benefits of the continued easing of monetary conditions to individuals and businesses adequately and swiftly, thereby supporting the envisaged rebound of the economy, it said.

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Fuel prices revised

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The Ceylon Petroleum Corporation (CPC) has  announced the revised fuel prices effective from midnight today (Oct. 31).

Accordingly, the price of Petrol 95 Octane has been reduced by Rs. 06 to Rs. 371 per litre, while Super Diesel has also been reduced by Rs. 06 to Rs. 313 per litre.

However, the prices of Petrol 92 Octane, Auto Diesel and Kerosene remain unchanged, according to Ceypetco.

The new fuel prices are as follows:

Petrol 95 Octane – Rs. 371 (reduced by Rs. 6)
Super diesel – Rs. 313 (reduced by Rs. 6)
Octane 92 – Rs. 311  (not revised)
Auto Diesel – Rs.  283 (not revised)
Kerosene – Rs. 183 (not revised)

Meanwhile, the Lanka Indian Oil Corporation (LIOC) and Sinopec too have decided to revise its fuel prices, to match the prices of Ceypetco.

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China’s BYD overtakes Tesla revenue for first time

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The Chinese electric vehicle giant BYD has seen its quarterly revenues soar, beating Tesla’s for the first time.

It posted more than 200bn yuan ($28.2bn, £21.8bn) in revenues between July and September. This is a 24% jump from the same period last year, and more than Elon Musk’s company whose quarterly revenue was $25.2bn.

However, Tesla still sold more electric vehicle (EVs) than BYD in the third quarter.

It comes as EV sales in China have been getting a boost from government subsidies to encourage consumers to trade their petrol-powered cars for EVs or hybrids.

BYD also notched a monthly sales record in the last month of the quarter, in a sign that momentum continues to build for China’s bestselling car maker.

But there is a growing backlash abroad against the Chinese government’s support for domestic car makers like BYD.

Earlier this week, European Union tariffs of up to 45.3% on imports of Chinese made EVs came into force across the bloc.

Chinese EV makers were already facing a 100% tax from the United States and Canada.

The tariffs are in response to alleged unfair state subsidisation of China’s car industry.

As of last week, official data showed 1.57 million applications had been submitted for a national subsidy of $2,800 per each older vehicle traded in for a greener one.

That’s on top of other government incentives already in place.

China has been counting on high-tech products to help revive its flagging economy, and the EU is the largest overseas market for the country’s electric car industry.

Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.

(BBC News)

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Egg producers agree to MRP

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The Egg Producers’ Association and wholesale traders have agreed to maintain a MRP of eggs at Rs. 37.

This decision was reached after discussions with the Secretary of the Ministry of Trade – M. M. Naimudeen.

Noting that the agreement aims to stabilize egg prices and provide relief to consumers, Mr. Naimudeen confirmed that directives have been issued to ensure that eggs are not sold above this price in the future.

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