An Echelon Media Company
Wednesday February 1st, 2023

Flight from Sri Lanka to flag-off Kushinagar airport in India

ECONOMYNEXT – A flight from Sri Lanka’s capital Colombo carrying politicians and monks will be the first to land at Kushinagar International Airport in India, which will be inaugurated by Prime Minister Narenda Modi.

Kushinagar is the city where Buddhist believe Lord Buddha passed away known as Mahaparinirvana.

The majority of citizens of Sri Lanka, which has an Indianized civilization, are Buddhists.

“Kushinagar is considered to be a focal point of the Buddhist Circuit in India and the new international airport is likely to strengthen people to people interactions between India and Sri Lanka substantially,” the Indian High Commission in Colombo said in a statement.

“The inaugural flight not only underscores the deep people to people linkages but also millennia old civilizational ties between the two neighbouring countries. Buddhism is central to the abiding cultural, spiritual and linguistic bonds in this bilateral relationship.”

October 20 is the Vap Full Moon Poya day, which is a public holiday in the Island.

A casket with Kapilavastu Buddha relics from the Rajaguru Sri Subhuthi Maha Vihara of Waskaduwa will also travel on the inaugural flight on Vap Poya Day.

Namal Rajapaksa, Minister of Youth and Sports and son on Prime Minister Mahinda Rajapaksa, four state ministers, one legislator and arond100 senior Buddhist monks, belonging to different sects and prominent temples, spread across Sri Lanka.

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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Sri Lanka bill auction hits pothole after 2025 bond spike

ECONOMYNEXT – Sri Lanka sold only 45 billion rupees in Treasury bills at Wednesday’s auction after offering 120 billion rupees, data from the state debt office showed, amid market confusion over a spike in a two year bond at an earlier action.

30.1 billion rupees of 3-month bills were sold at 29.91 percent, unchanged from a week earlier after offering 60 billion rupees for auction.

5.1 billion rupees of 6-month bills were sold at 28.72 percent, flat after offering 30 billion.

10.3 billion rupees of 12-month bills were sold at 27.72 percent after offering 30 billion.

Phase II subscriptions have been opened.

The market was foxed after the 2025 bonds were accepted at sharply higher yield than market on January 30, dealer said.

There was further confusion as the there was an outright purchase of 2025 at around 29 percent earlier in January.

Some investors speculated that the authorities were trying to drive more buyers towards short end bonds as bill volumes were getting larger. (Colombo/Feb01/2023)

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Sri Lanka services exports down 5.9-pct in 2022

ECONOMYNEXT – Sri Lanka’s services exports were estimated to have fallen 5.9 percent to 1,876.3 million US dollars, the island’s Export Development Board said.

Services exports estimated is made up of ICT/BPM, construction, financial services, transport and logistics.

There are more than 500 ICT companies, the EDB said.

Sri Lanka’s merchandise exports were up 4.6 percent to US dollars 13.1 billion dollars in 2022 from 2021.

Sri Lanka’s goods exports are slowing amid lower growth in Western markets. (Colombo/ Feb 01/2023)

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