News

Cabinet clears bill for new monetary law

Published

1 year ago

February 14, 2023

editor

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)

News

Royal pardon for 44 Sri Lankans in UAE

Published

3 hours ago

May 3, 2024

nipuni

Forty four Sri Lankans who were in different prisons across the United Arab Emirates have been pardoned by a Royal order.

The Ministry of Foreign Affairs of the United Arab Emirates has formally conveyed to the Embassy of Sri Lanka in Abu Dhabi that these Sri Lankan prisoners received pardon by the Royal order on the occasion of the holy month of Ramadan, April 2024.

These forty four Sri Lankans who have received the Royal pardon will be repatriated to Sri Lanka by the Government of the United Arab Emirates in due course. The Embassy of Sri Lanka in Abu Dhabi will collaboratively coordinate with the United Arab Emirates Government authorities and the Ministry of Foreign Affairs of Sri Lanka to ensure their safe repatriation.

Ambassador of Sri Lanka in Abu Dhabi Udaya Indrarathne wishes to extend his deep appreciation to the Government of the United Arab Emirates, and its Ministries of Foreign Affairs and Interior for making arrangements to pardon these Sri Lankans. The Embassy of Sri Lanka appreciates the empathy and generosity shown by the leadership of the UAE in this regard.

(MFASL)

News

Weather advisory for high waves issued

Published

3 hours ago

May 3, 2024

nipuni

The sea areas along the coast extending from Kalpitiya to Pottuvil via Colombo, Galle, and Hambantota may see a rise in the swell waves today (3) approximately 2.5 m – 3.0 m height and wave period around 12s-16s, according to the Department of Meteorology.

Nearshore water areas off the coast that stretch from Kalpitiya to Matara to Galle and Colombo are likely to see surges as a result of swell waves.

Choppy seas are expected in offshore areas extending from Kalpitiya to Pottuvil via Colombo, Galle and Hambantota.

It is recommended that the fishing and naval communities exercise caution when conducting their operations in the above-water regions and were further requested to be on alert on future forecasts released by the Met. Department.