Economy

Cup of milk tea to cost 100 rupees in Sri Lanka: reports

Sunday March 20, 2022 11:45 am

ECONOMYNEXT – The price of a cup of milk tea in Sri Lanka shot up to 100 rupees on Sunday (20) after importers raised milk powder prices the previous day.

Media reports quoting All Island Canteen Owners Association President Asela Sampath said the price of a cup of milk tea was increased taking into consideration rising prices of essential commodities including sugar.

Milk tea — a mix of hot, strong tea with powdered milk and usually sugar — is a favourite beverage in Sri Lanka consumed by nearly all socioeconomic demographics.

The price of milk powder, an essential commodity in Sri Lanka, shot up by 250 rupees and 600 rupees per 400g and 1kg pack respectively on Saturday.

According to the Milk Powder Importers’ Association, a 400g pack will now be sold at 790 rupees while a 1kg pack will be sold at 1,945 rupees.

Milk powder is widely consumed in Sri Lanka in place of fresh milk and is recognised as an essential food item. However, the prevailing economic crisis had led to shortages in imported milk powder leading to long queues for the product, with importers demanding a price hike amid an artificially pegged foreign exchange regime.

The last milk powder price revision was in December 2021 — 400g by 60 rupees and 1kg by 150 rupees — but importers had persisted in their demand for a steeper increase claiming that it wasn’t enough.

Sri Lanka is currently going through one of the worst economic crises in its history and, though the currency has been floated, the prevailing dollar shortage continues to see queues across the island for essentials including fuel. (Colombo/Mar20/2022)

FILED UNDER: Cost of living,economic crisis,milk powder,milk tea,Sri Lanka,tea

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Bonds & Forex

Sri Lanka rupee closes stronger at 327.40/90 to the US dollar

Tuesday December 5, 2023 4:44 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 327.40/90 to the US dollar on Tuesday, from 328.10/30 the previous day, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.60/70 percent from 13.70/14.00 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.00 percent from 13.90/14.10 percent.

A bond maturing on 15.01.2027 closed at 14.00/15 percent from 14.00/14.10 percent.

A bond maturing on 01.07.2028 closed at 14.10/20 percent from 14.20/35 percent.

A bond maturing on 15.05.2030 closed at 14.20/35 percent, from 14.25/45 percent.

A bond maturing on 01.07.2032 closed at 14.10/35 percent, from 14.05/40 percent. (Colombo/Dec5/2023)

Markets

Sri Lanka stocks close down as investor sentiment dips

Tuesday December 5, 2023 4:40 pm

ECONOMYNEXT – The Colombo Stock Exchange closed down on Tuesday, CSE data showed.

The All Share Price Index was down 0.40 percent, or 43.50 points, at 10,700.09.

The S&P SL20 index was up 0.43 percent, or 13.32 points, at 3,054.41.

Turnover was at 711 million. The capital goods sector contributed 172 million, the food, beverage and tobacco sector contributed 140 million, and banks 113 million of this.

Top positive contributors to the ASPI in the day were John Keells Holdings Plc (up at 193.00), Richard Pieris And Company Plc (up at 19.80), and Nation Lanka Finance Plc, (up at 0.40).

Negative contributors were Commercial Bank of Ceylon Plc (down at 89.70), Sampath Bank Plc (down at 71.00), and Central Finance Company Plc, (down at 106.00). (Colombo/Dec5/2023).

Education

Sri Lanka plans to reduce number of school grades from 13 to 12

Tuesday December 5, 2023 4:13 pm

ECONOMYNEXT – The Ministry of Education proposes to reduce the number of school grades from 13 to 12, according to a government information department statement.

“Every child will be given the opportunity to finish school in 17 years through the proposed new education reforms,” education officials were quoted as saying after a discussion on budget allocations.

Under the proposed system, pre-school education will be at the age of 4 years, the primary section between grades 1-5, junior section between grades 6-8, and senior section between grades 9-12.

The General Certificate of Education Ordinary Level Exam (GCE O/L) is proposed to be conducted in grade 10, and the Advanced Level Examination in grade 12.

It has also been decided to reduce the number of mandatory subjects at the GCE O/L Exam from 9 to 7.

Three new subjects, information and communication technology (ICT), technical and professional skills, and religion and values will be made mandatory and included in those 7 subjects. (Colombo/Dec5/2023)