Business
Tea Sales Average Rises by US $0.06 in September 2024
The national tea sales average for September 2024 increased to Rs.1,207.99 (US $ 4.04), up by Rs.19.50 and US $ 0.06 from August. Year-on-year, the figures rose by Rs.42.27 and US $ 0.41. All elevation categories showed positive growth, with notable increases in Low and Medium Grown averages.
Economic
CBSL Forecasts Ongoing Deflation Amid Price Cuts and Improved Supply
The Central Bank of Sri Lanka expects deflationary trends to continue in the coming months, driven by price cuts and improved supply conditions. In September, Colombo prices dropped 0.5%, marking the first deflation in 30 years. CBSL anticipates inflation will gradually align with its 5% medium-term target.
Markets
US Dollar Falls Below Rs. 300 for the First Time
The selling rate of the US dollar has fallen below Rs. 300 for the first time since June 8, 2023, reaching Rs. 299.35 yesterday (October 2). In addition, the buying rate for the US dollar is currently set at Rs. 290.30.
Gold Prices in Sri Lanka:
As of 3rd October 2024, gold prices in Sri Lanka are as follows:
- 22 Carat 8 Grams (1 Pawn) is priced at Rs. 203,250.
- 22 Carat 1 Gram is available for Rs. 25,410.
- 24 Carat 8 Grams (1 Pawn) is priced at Rs. 221,700.
Sri Lankan Rupee Falls to 296.60 Against US Dollar; Bond Yields Increase
The Sri Lankan rupee weakened to 296.60/297.20 against the US dollar on Thursday, while bond yields rose. Bonds maturing in 2027, 2028, and 2029 saw increased yields. Colombo’s All Share Price Index gained 8.70 points, and the S&P SL20 index rose by 2.72 points, with a 74 million rupee turnover.
Finance
Netherlands Invests €300,000 in Gampaha Batik SMEs with Electric Three-Wheelers
The Netherlands’ Foreign Affairs Ministry has invested €300,000 to support batik SMEs in Gampaha, Sri Lanka. The project provides solar panels, electric three-wheelers, and training to enhance sustainability and growth. It benefits 350 entrepreneurs, promotes zero-waste batik production, and expands the batik industry’s product range.