Business
Aviyana Named Main Sponsor of Sri Lanka Trade Fair Dubai 2024
Aviyana, Sri Lanka’s premier 7-star hotel, has become the main sponsor for the Sri Lanka Trade Fair Dubai 2024, set for November 2-3. The event will strengthen business ties between Sri Lankan exporters and Gulf buyers, featuring industries like gems, spices, tea, and textiles. Aviyana aims to promote Sri Lanka as both a luxury tourist and international trade hub.
Economics
Sri Lanka Reduces Bus Fares Following Diesel Price Cut
Sri Lanka’s National Transport Commission reduced bus fares by 4.24%, effective from October 1, due to lower diesel prices. The minimum fare dropped to 27 rupees. The government warned of legal action for non-compliance, while fuel prices were also reduced, including petrol, diesel, and kerosene.
Sri Lanka’s IMF Program Review: What Comes Next?
Sri Lanka’s economic stability hinges on its IMF program, with reviews assessing progress every six months. The next review in October is critical for receiving further financial aid. Failure to meet IMF targets could delay financial support, complicate debt restructuring, and jeopardize the country’s recovery efforts.
Markets
Gold Prices in Sri Lanka
As of October 2, 2024, gold prices in Sri Lanka are: 22-carat gold at Rs. 203,900 per 8 grams and Rs. 25,490 per gram; 24-carat gold at Rs. 222,400 per 8 grams and Rs. 27,800 per gram. The gold ounce price is Rs. 788,041.
Sri Lankan Rupee Strengthens Further as Bond Yields Decline
Sri Lanka’s rupee strengthened to 294.60/75 against the US dollar on Wednesday, while bond yields declined. Key maturities fell, with the 15.12.2027 bond at 11.30/40%. The Colombo All Share Price Index dropped 0.04%, and market turnover hit 967 million rupees. Treasury bill auctions continue.