The Central Bank of Sri Lanka (CBSL) today lifted cash margin restrictions imposed earlier on importation of non-essential items and urged importers to give priority for necessary items.
Unveiling Sri Lanka’s “Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability’, Governor Ajith Nivard Cabraal proposed a three-pronged framework to strengthen the economy and deliver macroeconomic stability.
The roadmap is expected to address the country’s serious foreign exchange crisis and offer solutions to overcome the acute shortage of foreign currency.
According to the policy document, despite recording more than USD 500 million per month consecutively from June 2020 till April 2021, workers’ remittances moderated in recent months.
The prevailing large exchange rate anomaly between official and unofficial channels, which drives foreign exchange earners to use unofficial channels, and the dwindling number of departures could be the major contributing factors for this behavior, the policy statement noted.
In its policy recommendations, the CBSL has also suggested to consider a mechanism to allow import of motor vehicles to SL using foreign earnings or FDIs with relevant taxes being paid to the government in forex.
(Pix & video by M A Pushpa Kumara)
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
The deadline for online applications to the 2024 G.C.E. Advanced Level (A/L) Examination has been extended until July 12, the Department of Examinations said.
Gazette on new speed limit regulations to be issued within two weeks
Cabinet has approved a proposed amendment to the Constitution that a referendum would be required to extend the Presidential and Parliamentary term beyond five years.
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