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Monday September 25th, 2023

Sri Lanka opposition MP prohibited from protesting to seek redress in higher court

ECONOMYNEXT – A restraining order issued against Sri Lanka’s opposition Tamil National Alliance (TNA) MP Shanakiyan Rasamanickam preventing him from taking part in anti-government protests for two weeks was not vacated fully on Friday (29) and the party will therefore file an application in a higher court, TNA MP and lawyer M A Sumanthiran said.

Local police in the Eastern district of Batticaloa obtained the court order preventing Rasamanickam and his associates taking part of any protest within the district for 14 days. Protests have erupted across Sri Lanka against the government’s mishandling of Sri Lanka’s worsening economic crisis, and the Batticaloa district MP has been at the forefront of some of the protests.

According to Sumanthiran, the order was issued on the assumption that a protest organised in the area would cause road blocks and lead to private and public property being damaged.

Speaking to reporters Friday afternoon, Sumanthiran said Rasamanickam appeared in court on Friday to have the restraining order vacated on the basis that the police information it was based on was false.

“In fact, the police who replied to me confirmed that it was the Pradeshiya Sabha members who had organised the event and that it was done very peacefully,” he said.


Sri Lanka opposition MP prohibited from protests for 14 days


Rasamanickam had received a prohibition against staging and being involved in antigovernment protests, which was also applicable to individuals affiliated with the MP, for a period of two weeks.

Sumanthiran told reporters that the magistrate did not vacate the order fully but merely amended it to say that if an event was organised by the MP, it should not take place. The order is valid for 14 days.

“We are dissatisfied with this order today, so we will make an application for revision in the higher court,” he said.

Sri Lanka is undergoing its worst economic crisis, which has led to shortages of essential items such as gas, fuel, medicine and food essentials, which is the prime reason citizens are fuming and calling for the government to step down. Protests have erupted island wide demanding the president’s resignation.

TNA members have said t is unfair to restrict them as the agitation felt by the people is common.

“We think that it is wrong and we will move to higher courts to have this order vacated,” Sumanthiran reiteared. (Colombo/Apr29/2022)

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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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