Economics
ADB Pledges Continued Support for Sri Lanka’s Development
A delegation from the Asian Development Bank (ADB), led by Country Director Takafumi Kadono, met with President Anura Kumara Dissanayake to reaffirm support for Sri Lanka’s development. Discussions focused on boosting tourism, particularly in the Northern Region, as well as enhancing the energy, financial, and small-scale entrepreneur sectors.
Plantation Workers Set to Get Revised Daily Wage of Rs. 1,350 from October 10
Sri Lankan plantation workers will receive a revised daily wage of Rs. 1,350 starting October 10, plus an allowance of Rs. 50 per extra kilo harvested. The wage increase was finalized by Regional Plantation Companies, trade unions, and the Wages Board. With EPF and ETF contributions, total earnings could exceed Rs. 1,500 per day.
World Bank Signs $200 Million Deal to Support Sri Lanka’s Economic Reforms
Sri Lanka signed a $200 million agreement with the World Bank for the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation. The funds support reforms in economic governance, tax administration, financial sector stability, and social protection. The initiative aims to boost competitiveness, protect vulnerable populations, and promote equitable growth.
Markets
Sri Lanka Rupee Steady at 293.40/50; Bond Yields Remain Stable
Sri Lanka’s rupee opened at 293.40/50 against the US dollar, unchanged from the previous day’s close. Bond yields remained stable, with minor fluctuations in long-term bonds. The equity market saw declines, with the All Share Price Index down by 0.19% and the S&P SL20 down by 0.21%. Turnover reached 142 million rupees.
Current Gold Prices in Sri Lanka
As of 8th October 2024, the price of 22-carat gold in Sri Lanka is Rs. 200,750 for 8 grams (1 pawn). For those looking to buy gold by the gram, the price for 22-carat gold is Rs. 25,090 per gram. In comparison, the price for 24-carat gold stands at Rs. 218,900 for 8 grams.