A possible withdrawal of fundamental rights petitions in the Supreme Court against the controversial oil hedging contracts by the Ceylon Petroleum Corporation (CPC) is unlikely to affect independent investigations against the five commercial banks and allegedly corrupt officials by the Central Bank and the anti-corruption commission.
Russia, one of the biggest buyers of Sri Lankan tea, is in recession, and the Russian currency is expected to fall further against the US dollar aggravating liquidity problems of Russian businesses. Sri Lanka’s tea and tourism sectors are expected to feel Russia’s economic woes over the next few months.
