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Cabinet clears bill for new monetary law

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Sri Lanka’s cabinet of ministers has cleared the draft of a new monetary law to be published in the government gazette and presented to parliament, Minister Bandula Gunawardana said

The new law is expected to reduce the room to print money, he said.

The new law is expected to legalize flexibile inflation targeting, which has been in operation from 2015 as two currency crises were triggered through a flexible exchange rate which is neither a clean float nor a hard peg, drawing concerns.

A new monetary law is part of an IMF program.

Officials have said the new law will have provisions for macro-prudential monitoring.

(economynext.com)

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Heavy rains expected today

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Showers will occur at times in Sabaragamuwa province and in Kandy and Nuwara-Eliya districts, the Department of Meteorology said.

Several spells of showers will occur in the Western and North-western provinces and in Galle and Matara districts today (June 23).

Showers or thundershowers may occur at a few places in the Uva province and in Ampara and Batticaloa districts during the afternoon or night.

Fairly strong winds of about 30-40 kmph can be expected at times over Western slopes of the central hills and in Northern, North-central, Southern and North-western provinces and in Trincomalee district.

The general public has been requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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Yupun records season’s best timing in Germany

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Italy-based Sri Lankan sprinter Yupun Abeykoon recorded an impressive return to form by clocking a season-best 10.18 seconds to win the final ‘B’ of the 100m at the 2025 International Athletic Meet (Continental Tour Bronze Event) in Dessau, Germany on Saturday.

The 2021 Tokyo Olympian, who boasts a personal best of 9.96 seconds, has been gradually regaining his rhythm after struggling with injuries last year.

Abeykoon, the South Asian record holder in the 100m, continues to lead the regional rankings as the fastest athlete in South Asia this year, while also being joint 16th on the Asian list for 2025.

At 30 years old, Abeykoon now sets his sights on qualifying for the World Championships in Tokyo next September, where the direct entry standard stands at 10.00 seconds. (D.R)

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Solar power tariffs revised

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The Cabinet has approved a revision of tariffs for newly contracted solar energy systems in Sri Lanka, effective from June 16, 2025.

According to a letter issued by the Ministry of Energy dated June 20, the updated rates are as follows:

  • Rs. 20.90 per unit for systems up to 5 kilowatts (kW)
  • Rs. 19.61 per unit for systems between 5 kW and 20 kW
  • Rs. 17.46 per unit for systems between 20 kW and 100 kW

These revised rates will apply to all applicants who pay the system clearance fees on or after June 16, 2025. The new tariffs will also be valid for extension requests submitted on or after that date.

(dailynews.lk)

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

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