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Tuesday June 18th, 2024

Sri Lanka CB appoints new monetary policy consultative committee

ECONOMYNEXT – Sri Lanka’s central bank has appointed representatives from a private sector firms representing exporters, industries, services and protectionist rent seeking sectors into a monetary policy consultative committee.

The full statement is reproduced below.

Reconstitution of the Monetary Policy Consultative Committee

The Monetary Policy Consultative Committee (MPCC) of the Central Bank of Sri Lanka has been reconstituted with effect from 5 October 2021. The reconstituted MPCC comprises 12 eminent personalities from the private sector and academia and is chaired by Mr. Sunil Lankathilake, Former Deputy Governor of the Central Bank of Sri Lanka and a Member of the Securities and Exchange Commission of Sri Lanka.

The other members are Mrs. Dhamitha Cooke, Chief Financial Officer, Stassen Group of Companies; Mr. Niranjan Dissanayake, Chairman, Import Section of the Ceylon Chamber of Commerce; Mr. Christopher Joshua, Managing Director, Access Engineering PLC; Prof. Sunanda Madduma Bandara, Professor of Economics; Mr. Ashroff Omar, Chief Executive Officer, Brandix Lanka Limited; Mr. Ashok Pathirage, Chairman/ Managing Director, Softlogic Group; Mr. Dhammika Perera, Chairman, Vallibel One PLC and Co-Chairman, Hayleys PLC; Mr. Jeyam Perumal, Chairman, Mainettech Lanka (Pvt) Ltd; Dr. Kulatunga Rajapaksa, Emeritus Managing Director, DSI Samson Group; Mr. Rusiripala Tennekone, Retired Senior Banker; and Ms. Kasturi Chellaraja Wilson, Group Chief Executive Officer, Hemas Holdings PLC.

The primary role of this high-level Consultative Committee is to represent the views and sentiments of the private sector and academia on developments in the monetary policymaking process, thereby enabling the Central Bank to make informed monetary policy decisions in a more consultative manner.

The Economic Research Department of the Central Bank of Sri Lanka, which serves as the Secretariat of the Monetary Policy Committee (MPC), also serves as the Secretariat of the MPCC.

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Sri Lanka’s Ceylon Chamber links up with Gujarat Chamber

ECONOMYNEXT – The Ceylon Chamber of Commerce has signed an agreement with the Southern Gujarat Chamber of Commerce and Industry (SGCCI) to increase trade cooperation between India and Sri Lanka.

The MOU was signed by CCC CEO Buwanekabahu Perera, SGCCI President Ramesh Vaghasia, in the presence of Dr Valsan Vethody, Consul General for Sri Lanka in Mumbai, India.

“With the signing of the MoU, … the Ceylon Chamber of Commerce and SGCCI aim to facilitate trade between the two countries via initiatives such as trade fairs and delegations, business networking events, training programmes,” the Ceylon Chamber said in a statement.

“This partnership will open doors for Sri Lankan businesses to explore opportunities in Surat’s dynamic market and enable the sharing of expertise and resources between the two regions.”

Established in 1940, SGCCI engages with over 12,000 members and indirect ties with more than 2,00,000 members via 150 associations. It promotes trade, commerce, and industry in South Gujarat.

The region’s commercial and economic centre Surat has risen to prominence as the global epicenter for diamond cutting and as India’s textile hub, and is ranked the world’s 4th fastest growing city with a GDP growth rate of 11.5%

Surat’s economic landscape is vibrant and diverse. As India’s 8th largest and Gujarat’s 2nd largest city, it boasts the highest average annual household income in the country.

The nearby Hazira Industrial Area hosts major corporations like Reliance, ESSAR, SHELL, and L&T. (Colombo/Jun18/2024)

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Sri Lanka telecommunications bill some clauses ruled unconstitutional by SC: Speaker

ECONOMYNEXT – Sri Lanka’s Supreme Court has found a number of clauses in a proposed amendment to the Telecom Telecommunications Amendment bill unconstitutional, speaker Mahinda Yapa Abeywardana said.

“Clause No 8, proposed section 9A 2 of the bill is inconsistent with Article 12 1 of the constitution, however this inconsistency shall cease if word ‘may’ will be replaced with word ‘shall’ as set out in the determination of the supreme court.”

“Clause No 9 is inconsistent with Article 12 1 of the constitution and only can be passed with special majority required under paragraph 2 of the Article 84. However, the inconsistency shall cease if clause is amended as set out in the determination of the supreme court.

Clause No 12, proposed section 17 10 of the bill is inconsistent with Article 12 1 of the constitution and can only be passed with special parliament majority required under Article 84 paragraph 2. However, the inconsistency shall cease if clause is amended as set out in the determination of the supreme court.”

Sections of clauses 13, 18, 20, 33 and 35 were also in violation of the constitution, and could only be passed by a special majority of parliament. (Colombo/Jun18/2024)

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Sri Lanka to exempt one house from imputed rent wealth tax: President

ECONOMYNEXT – Sri Lanka will exempt one house from a proposed wealth tax outlined in an International Monetary Fund program, President Ranil Wickremesinghe said.

About 90 percent of the people’s houses are likely to be exempt from the proposed tax, he said.

“[O]ne house will be exempt from this,” President Wickremesinghe told parliament Monday.

“It is going to have a very high threshold and I do not think the vast majority of the people in this country should even be worried about their house

“Don’t worry your house will be safe.”

The IMF program document however did not mention an exempt on one house, but did mention a threshold.

Taxing houses and thrift in general could have detrimental effects on people’s well-being housing stock and their willingness to remain in the country without migrating, critics say.

Related Sri Lanka to tax imaginary rents on houses under IMF deal

The mechanism of imputed rents was used because rates on houses was assigned to provincial councils and courts could strike it down.

Opposition legislator Harsha de Silva said the Samagi Jana Balwegaya welcomed President Wickremesinghe’s statement. (Colombo/June18/2024)

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