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CBSL to implement single policy interest rate from today

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The Central Bank of Sri Lanka announced that it will from today (27) implement a single policy interest rate mechanism, the Overnight Policy Rate (OPR), transitioning from the dual policy interest rate mechanism.

This is expected to result in more flexible targeting of inflation.

As announced in the Central Bank’s Annual Policy Statement in January 2024 and the subsequent announcement in September 2024 of the planned implementation of the single policy interest rate mechanism, the Monetary Policy Board of the Central Bank of Sri Lanka has decided to implement a single policy interest rate mechanism transitioning from its dual policy interest rate mechanism, with effect from today, 27 November 2024.

This marks another significant improvement in the Flexible Inflation Targeting (FIT) framework implemented by the Central Bank.

Accordingly, the Central Bank introduces the Overnight Policy Rate (OPR), as its primary monetary policy tool to signal and operationalize its monetary policy stance.

The OPR will be periodically reviewed and adjusted as needed by the Central Bank to indicate and communicate a change in its monetary policy stance.

This transition is expected to enhance the efficiency and effectiveness of monetary policy signalling and transmission to the financial markets and the broader economy.

(News1st)

(This story, originally published by News1st has not been edited by SLM staff)

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No change in domestic LP gas prices this month

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Sri Lanka’s 02 main domestic gas suppliers, Litro Gas and Laugfs Gas, have confirmed that there will be no price revision for domestic LP gas cylinders this month.

Both companies stated that gas cylinders will continue to be sold at existing prices.

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National Tax Week kicks off today

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The National Tax Week begins today (June 02) under the theme “Strength through taxes”.

The inaugural ceremony is to be held at the President’s Office under the patronage of President Anura Kumara Dissanayake.

Deputy Commissioner General of the Inland Revenue Department (IRD), P.K.S. Shantha stated that from today to June 07, officials will conduct awareness programs on the benefits of timely tax payments and the process of obtaining a Taxpayer Identification Number (TIN).

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1st stock of imported coconut milk to undergo clearance, lab testing today

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The first consignment of imported coconut milk under the Government’s raw material importation programme is scheduled to undergo clearance and laboratory testing today (31), as part of a coordinated initiative by the Plantation Industries Ministry.

This initiative, approved by the Cabinet, aims to supply essential raw materials to industries linked to the coconut sector, aiming to reduce domestic coconut prices and support local manufacturers. The consignment currently under clearance includes products equivalent to 200 million coconuts. They are in the forms of frozen coconut milk, coconut milk powder and chunked coconut with testa (non-copra), imported as part of the programme initiated in March 2025. The stock will be used primarily in the coconut milk powder industry, which has been facing raw material shortages. The Plantation Industries Ministry expects this move to reduce the pressure on local coconut supplies and contribute to a drop in retail coconut prices.

(dailynews.lk)

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

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