Economics
Sri Lanka to Revisit 2025 State Worker Salary Hike Decision: Minister Vijitha Herath
Sri Lanka will revisit the planned 2025 state worker salary hike, initially proposed without Finance Ministry approval. Minister Vijitha Herath emphasized that the decision will depend on the country’s financial health, with potential costs estimated at 200 billion rupees annually. Wage improvements remain below last year’s levels.
Markets
Gold Price Today in Sri Lanka: 16th October 2024
As of 16th October 2024, gold prices in Sri Lanka are: Rs. 784,633 per ounce, Rs. 27,680 for 24K per gram, Rs. 25,380 for 22K per gram, and Rs. 24,220 for 21K per gram. Prices for 8 grams (1 pawn) range from Rs. 221,450 to Rs. 193,800.
Sri Lankan Rupee Strengthens to 293.00/10 Against US Dollar; Bond Yields Rise
The Sri Lankan rupee strengthened to 293.00/10 against the US dollar, while bond yields rose across maturities. Colombo’s All Share Price Index increased by 0.14% to 12,274, and the S&P SL20 gained 0.25% to 3,616. Market turnover for the day was 91 million rupees.
Finance
Hela Apparel Holdings Raises Rs. 1.6 Billion Through Successful Rights Issue
Hela Apparel Holdings PLC raised Rs. 1.6 billion through an oversubscribed rights issue, offering 319.4 million shares. The funds will reduce existing bank borrowings as part of Hela’s capital strategy. The company plans further capital raises, with details to be announced later.