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SL rupee ranked 4th in currency depreciation against USD

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Sri Lanka has ranked fourth in the world in terms of the depreciation of the local currency against the US dollar since January this year.

According to John Hopkins University economist Professor Steve Hanke, the Sri Lankan rupee has depreciated by 49.17%.

Zimbabwe ranked first and the value of the Zimbabwean dollar has depreciated by 77.78% compared to the US Dollar.

Venezuela’s bolívar and Cuba’s Peso are ranked on the second and third positions on the list.

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Sinopec to commence work on refinery project by June

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Minister of Power and Energy – Kanchana Wijesekera has stated that officials of the Sinopec Overseas Investment Holding Pvt Ltd (SOIHL), led by their vice President, had visited the ministry yesterday (March 27).

Tweeting, the minister added that the delegation updated on the progress of the negotiations with stakeholders for the construction of the proposed new refinery in Hambantota.

Noting that the officials indicated that the management of Sinopec has decided to double the capacity of the refinery from the original proposal and the Investment, he added that they intend to sign the agreements for the project and commence work by June 2024.

Discussions regarding the water supply, power supply, land allocation & BOI facilities will take place today with the relevant authorities, the Minister further noted.

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DLB records highest ever profit

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In 2023, the Development Lotteries Board (DLB) achieved it’s highest-ever profit in its 40-year history. This marked a significant milestone as the DLB recorded a profit margin of 32% for the fiscal year 2022-2023, double the previous year’s figure.

Consequently, contributions to both the President’s Fund and the government saw notable increases, with a 13% rise for the former, surpassing the target, and a 6% increase for the latter. Mr. Ajith Gunaratne Narangala, Chairman and CEO of the Development Lotteries Board, attributed this success to strategic measures aimed at mitigating the country’s economic challenges, with special guidance from President Ranil Wickremesinghe, who also serves as the Minister of Finance.

The chairman mentioned that measures have been implemented to boost the prize money for both regular and newly introduced special lottery tickets of the Development Lotteries Board. Additionally, the board has initiated the introduction of lottery tickets via digital technology, aiming to provide consumers in the country with a novel experience. Notably, a percentage of the proceeds are earmarked for education and healthcare initiatives within the country.

(President’s Media Division)

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Special commodity levy on imported onions & rice, slashed

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The special commodity levy on imported onions and rice has been reduced with effect from yesterday (March 27).

Thereby, the Special Commodity Levy of Rs. 65 per 1kg of rice has been dropped to Rs. 1 until April 03, 2024.

In addition, the tax levied from imported Rose Onions have been slashed to Rs. 10 per kilogram until April 30, 2024.

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