Economics
IMF Advocates Dedollarization and Monetary Policy Reform in Sri Lanka
The IMF has sparked political debate in Sri Lanka by recommending dedollarization measures, including statutory reserve requirements for foreign currency liabilities and modernizing monetary policy. Aimed at promoting the local currency, these proposals have raised concerns about their potential long-term impact on the country’s economic stability.
CEBEU Expresses Hope Amid Leadership Changes to Prevent Power Crisis in 2026-2027
The CEB Engineers’ Union (CEBEU) is optimistic about leadership changes at the Ceylon Electricity Board, welcoming expert appointments. They hope these moves will prevent a potential power crisis in 2026-2027, following political interference and management issues under the previous government, which delayed vital power projects.
Markets
Today’s Gold Prices in Sri Lanka
As of October 7, 2024, the price of 22 Carat gold in Sri Lanka is Rs. 201,700 for 8 grams (1 Pawn), while 1 gram of 22 Carat gold is priced at Rs. 25,210. The cost for 24 Carat gold stands at Rs. 219,950 for 8 grams.
Sri Lankan Rupee Strengthens to 293.75 Against USD; Bond Yields Steady
Sri Lanka’s rupee strengthened to 293.75/294.25 against the US dollar on Monday, while bond yields showed slight declines. The All Share Price Index rose 0.72%, gaining 86.39 points, and the S&P SL20 index increased by 1.13%. Market turnover was recorded at 416 million rupees.
ASPI Surges Past 12,000 Mark at Colombo Stock Exchange
The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) reached a significant milestone last week, crossing the 12,000 mark for the first time since July 3. The ASPI increased by 123.50 points, closing at 12,053.49. Additionally, the market turnover for the day was recorded at Rs. 2.8 billion, highlighting positive activity in the market.
Finance
IFC Acquires 14.73% Stake in Sunshine Healthcare for Rs. 3.27 Billion
The International Finance Corporation (IFC) acquired a 14.73% stake in Sunshine Healthcare Lanka Ltd. for Rs. 3.27 billion. Sunshine Healthcare confirmed the completion of the transaction on October 3 with the issuance of 1.9 million shares. Sunshine Holdings PLC retains the remaining 85.27% of the company’s shares.