Economics
CEB Accused of Rs. 50 Billion Burden on Electricity Consumers
The Electricity Consumers’ Association (ECA) claims the Ceylon Electricity Board (CEB) is burdening consumers with Rs. 50 billion in extra costs by purchasing fuel at retail prices. The ECA alleges this pricing formula, implemented by the previous government, has led to higher electricity tariffs and calls for reforms.
President Discusses Tax Relief Plans with IMF Delegation in Sri Lanka
President Anura Kumara Dissanayake met with an IMF delegation to discuss Sri Lanka’s ongoing programme. He emphasized easing the impact of VAT and income taxes on citizens while reaffirming commitment to the programme. The IMF appreciated the proposals and began discussions on the programme’s third review.
Markets
Gold Prices in Sri Lanka
As of October 4, 2024, the price of 22-carat gold in Sri Lanka is Rs. 203,900 for 8 grams (1 pawn), while 1 gram of 22-carat gold is priced at Rs. 25,490. The rate for 24-carat gold is higher, with 8 grams (1 pawn) costing Rs. 222,350.
Sri Lanka Rupee Strengthens to 293.70 Against US Dollar
Sri Lanka’s rupee appreciated to 293.70/90 against the US dollar, while bond yields remained stable. The rupee’s strengthening has prompted importers to delay purchases, and liquidity improved as reverse repo borrowings decreased. Minor fluctuations were noted in bond yields across various maturities.