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SL foreign reserves up 7.9%

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Sri Lanka’s gross foreign reserves rose 474 million US dollars in the month of October to 6.4 billon dollars, the central bank data showed.

Sri Lanka’s gross foreign reserves are made up of central bank’s monetary reserves and fiscal reserves from loans.

Sri Lanka signed a 200 million dollar World Bank loan in October, it is not clear whether the it was disbursed.

Sri Lankas’ central bank has operated deflationary policy for over two years, leading to balance of payments surpluses.

The agency has also allowed the rupee to appreciate, amid an IMF program allowing some of the inflation created during the crisis to reverse.

Central bank’s net reserves which were negative by 4.6 billion dollars at the height of the last currency crises has now come to near to zero by September.

The central bank has repaid both International Monetary Fund and Reserve Bank of India loans.

(economynext.com)

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

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Faiszer Musthapha’s name gazetted as MP

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Former Minister Faiszer Musthapha’s name has been gazetted by the Election Commission as a National List MP of the National Democratic Front.

The NDF contested under the symbol of a Gas Cylinder at the recently concluded General Election.

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CID ordered to develop program to reimburse ‘Onmax DT’ depositors

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The Criminal Investigation Department (CID) has reported to the Colombo Magistrate’s Court that a total of 2,017 complaints have been filed by depositors who claim to have been cheated out of their money after investing in ‘Onmax DT,’ a private firm alleged to have been operating a pyramid scheme.

According to the CID, the total estimated financial losses incurred by the complainants amounts to around Rs. 2.96 billion.

During a hearing before Colombo Chief Magistrate Thilina Gamage today (11), CID officials disclosed that a total of 865 new complaints have been received since the last hearing, and that additional complaints continue to be received.

Nine suspects, including the directors of Onmax DT, appeared before the court for the hearing. The CID further informed the court that three other suspects remain overseas, and open warrants have been issued for their arrest.

Investigations against the suspects are being conducted under the Prevention of Money Laundering Act and the CID revealed that inquiries into two suspects have been completed and the excerpts of the investigations have been referred to the Attorney General.

Additionally, the CID officials informed the court that properties belonging to the suspected directors have been identified in foreign countries, including Australia, and investigations are being carried out in collaboration with the INTERPOL.

Colombo Chief Magistrate Thilina Gamage instructed the CID to immediately develop a program to reimburse the depositors who suffered financial losses.

The court ordered the CID to present an update on the progress of the investigation at the next hearing, scheduled for February 5, 2025.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

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New Naval Attaché at Chinese embassy in SL calls on Navy commander (Pics)

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The new Naval Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Captain Zheng Zhaoping called on Commander of the Navy – Vice Admiral Priyantha Perera at the Navy Headquarters on Dec.10.

During the ensuing meeting, they exchanged views on several matters of bilateral importance, and the cordial discussion drew to a close with an exchange of mementoes, as a gesture of goodwill and cooperation.

Director General Health Services, Rear Admiral Janaka Marambe, Director General Operations, Rear Admiral Buddhika Liyanagamage, Director Naval Operations, Commodore Aruna Weerasinghe and Defence Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Colonel Zhou Bo were present on this occasion.

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