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Monday September 25th, 2023

Sri Lanka protesters occupy near president’s office to continue agitation

ECONOMYNEXT – Hundreds of Sri Lankan protesters occupied near the president’s office for the second night on Sunday as President Gotabaya Rajapaksa defied calls to resign amid an increasing public protest after his policy mismanagement resulting in the country’s worst economic crisis since the independence in 1948.

Protesters shouted slogans against Gotabaya Rajapaksa and his family members as many protesters held placards written as ”Give us out stolen money back”.

The key protest near president’s office opposite to Chinese-built Port City came after police used tear gas and water cannons to disburse protesters in a March 31 demonstration near President Rajapaksa’s private residence.

Security in Colombo was tightened and official residences of President Rajapaksa and his brother, Prime Minister Mahinda Rajapaksa, were cordoned off with multiple barriers.

Many people in their personal vehicle came to the protest site and expressed their solidarity while voluntarily donating food and water for the protesters.

They also had placards saying “This is our country, not your ATM”, “Country is for sale, Gota fail”, “Give us our stolen money back”, “If you steal our dreams, we won’t let you sleep”, and “Audit all politicians immediately”.

The protest entered into the second day of the long new year holiday. Millions of Sri Lankan Sinhala and Tamil people will celebrate the traditional new year on Wednesday and Thursday and government offices will reopen on April 18.

Many protesters told Economy Next that they expect to continue the protests throughout the holidays, “until Rajapaksa resigns”.

Some protesters waved black flags with white letters saying “Go Home Gota”, the campaign theme of the protesters who have gathered via social media.

New protesters were seen joining the group, while some others voluntarily supplied food and water for the crowd.

Similar protests demanding President Rajapaksa’s resignation  also took place in many places of the country while Sri Lankan expatriates in Australia, the United States, Canada, Italy, and Japan also held similar protests asking Rajapaksa to resign.

Sri Lanka’s Catholic community observed silent protest after the mass on Palm Sunday, the first day of Easter.

The Catholics carried placards saying “It started with a crisis and will end with a crisis”, referring to the Easter Sunday attack in 2019 in which Islamist militants’ suicide attacks killed 269 people mainly Christians. The attack helped Rajapaksa to ensure the victory in the presidential poll.

It was the first time people rose against the Rajapaksa dynasty which has dominated Sri Lankan politics in the last 18 years.

People across the country suffered due to President Rajapaksa’s economic mismanagement and resulted in a drop in crop harvest which threatens a looming food shortage and depletion of foreign reserves.Severe shortage of dollars has resulted in lower imports of cooking gas, fuel, milk powder, and medicinal drugs.

It also led to extended power cuts as the country failed to import required fuel in the face of severe dollar shortage. 

Rajapaksa’s overnight ban on agro chemicals hit the agriculture sector and farmers have said they are angry because the president never consulted them or apologized for his wrong policy.

Meanwhile sources close to President Rajapaksa said he is likely to appoint a cabinet with young legislators from his party with a face lift after he has got confirmation that he has the backing of at least 117 ruling Sri Lanka Podujana Peramuna (SLPP) legislators in the 225-member parliament.

Political analysts say anything below the resignation of President Rajapaksa or removing all his powers will not ease the protests.

Meanwhile, some supporters of President Rajapaksa’s party staged protests in three areas of the country demanding the president not to resign. (Colombo/April 10/2022) 

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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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