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Wednesday February 1st, 2023

Sri Lanka schedules power cuts of 3 hours 40 mins on May 17

ECONOMYNEXT – Sri Lanka will impose power cuts for May 17 up to 3 hours and 40 minutes, again after two days of continuous power supply on vesak holidays, Public Utilities Commission (PUCSL) Chairman Janaka Ratnayake said as Prime Minister Ranil Wickremesinghe warned of 15 hour blackouts.

All areas (ABCDEFGHIJKLPQRSTUVW) will have power cuts of 2 hours from 9.00 am to 5.00 pm and 1 hour and 40 minutes from 5.00 pm and 8.50 pm.

Between 6.00 am and 9.00 am, the Colombo City center could face a power cut of three hours.

Board of Investments, Industrial zones coming under MNOXY and Z areas will have a power cut of three hours from 5.00 am and 8.00 am.

On Monday, Prime Minister Ranil Wickremesinghe said “there is a possibility that the daily power outages will increase to 15 hours a day”, citing lack of fuel for thermal power generation.

The state-run Ceylon Electricity Board said the supply interruption time and restoration time will be varied within 30 minutes as indicated above.

Download the power cut schedule for May 17 from here Power-Interruption-schedule-for-May17-2022

With demand decreasing during the weekend due to the Vesak holiday and curfew, no power cuts were imposed on May 15 and 16.

In fuel supply, Shantha Silva, the joint secretary of Sri Lanka Petroleum Private Tanker Owners’ Association (SLPPTOA), said diesel distribution for all places have been resumed on Monday (16) with a diesel cargo of 40,000 arriving at Sri Lanka on Sunday (15).

“Prioritizing the diesel we started delivering the fuel to all places from Monday onward,” Silva told reporters on Monday.

“There is a shortage of Petrol, however according to our information a Petrol cargo will also arrive today, with that I believe the supply will be maintained.”

Meanwhile, the Minister of Power and Energy, Kanchana Wijesekera said three more fuel ships under the Indian Credit line is scheduled to arrive in Sri Lanka in the next 2 weeks and adequate fuel will be made available.

“I request the public not to queue up or top up the next 3 days until the 1190 fuel station deliveries are completed,” Wijesekara said in his Twitter platform. (Colombo/ May 17/2022)

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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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