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Saturday March 2nd, 2024

Sri Lanka schedules up to 5 hours of power cuts on March 28

ECONOMYNEXT – Power cuts of 5 hours for some areas in Sri Lanka and over three hours for other areas were approved in two blocks for March 26 Saturday, Public Utilities Commission Chairman Janaka Ratnayake said as a forex crisis creates power shortages in the dry season.

Areas PQRSTUVW will have 2 hours and 15 minutes of power cuts from 8.30am to 5.30pm and 1 hour and 50 minutes from 5.30pm to 11.00pm.

Areas ABCDEFGHIJKL will have 3 hours and 20 minutes of power cuts from 8.00am to 6.00pm and 1 hour and 40 minutes from 600pm to 1100pm.

Download the power cut schedule for March 28 from 28-03-2022-Power-Interruption-Schedule

Over the weekend the PUCSL increased the power cuts after demand went up. The regulator has not yet given a price increase for power and people are shifting to electricity as gas prices went up and shortages emerged.

Sri Lanka is facing forex shortages due to money printed to keep interest rates low and the country has run out of reserves and the currency has been floated.

However, the float has not yet taken place and the rupee has fallen from 203 to 275 to the dollar and prices are getting validated at that level. (Colombo/March28/2022)

Comments (3)

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  1. Lalith chandrasiri says:

    Wrong schedule. ‘Q’ category ekata 28 dina ude 8.30ta Power cut kala.

  2. Vijini says:

    The government mad or what? We are here now time at 11.45, Boralesgamuwa once power cut in the afternoon, night until 9.30pm and now again at 11 power cut, is it coming at midnight or 1am? I think this is huge mistake and hate you all…. mad fellows how we gonna live

  3. Lorance says:

    Scheduled time kelae ko Current

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Comments (3)

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Your email address will not be published. Required fields are marked *

  1. Lalith chandrasiri says:

    Wrong schedule. ‘Q’ category ekata 28 dina ude 8.30ta Power cut kala.

  2. Vijini says:

    The government mad or what? We are here now time at 11.45, Boralesgamuwa once power cut in the afternoon, night until 9.30pm and now again at 11 power cut, is it coming at midnight or 1am? I think this is huge mistake and hate you all…. mad fellows how we gonna live

  3. Lorance says:

    Scheduled time kelae ko Current

Sri Lanka eyes SOE law by May 2024 for better governance

ECONOMYNEXT – Sri Lanka is planning to pass a Public Commercial Business (PCB) Act improve governance of state-owned enterprise by May 2024 as part of an anti-corruption efforts following an International Monetary Fund assessment.

Sri Lanka’s state enterprises have been used by politicians to give ‘jobs of the boys’, appropriate vehicles for personal use, fill board of directors and key positions with henchmen and relatives, according to critics.

Meanwhile macro-economists working for the state also used them to give off-budget subsides or made energy utilities in particular borrow through supplier’s credits and state banks after forex shortages are triggered through inflationary rate cuts.

The government has taken billons of dollars of loans given to Ceylon Petroleum Corporation from state banks.

There have also been high profile procurement scandals connected to SOEs.

An SOE Reform Policy was approved by Sri Lanka’s cabinet of ministers in May 2023.

The Public Commercial Business (PCB) Act has now been drafted.

A holding company to own the SOEs will be incorporated and an Advisory Committee and Board of Directors will be appointed after the PCB law is approved, the statement said. (Colombo/Mar01/2024)

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Sri Lanka rupee closes at 308.80/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 308.80/90 to the US dollar Friday, from 309.50/70 on Thursday, dealers said.

Bond yields were broadly steady.

A bond maturing on 01.02.2026 closed at 10.65/75 percent up from 10.50/70 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent from 11.90/12.10 percent.

A bond maturing on 01.07.2028 closed at 12.15/35 percent down from 12.20/25 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent up from 12.30/45 percent.

A bond maturing on 15.05.2030 closed at 12.30/45 percent down from 12.35/50 percent.

A bond maturing on 01.07.2032 closed at 12.50/13.00 percent from 12.55/13.00 percent. (Colombo/Mar1/2024)

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Sri Lanka stocks close up 0.37-pct, Expo to de-list

ECONOMYNEXT – The Colombo Stock Exchange closed up 0.37 percent on Friday, and SG Holdings, the parent company of Expolanka Holdings Plc, said it was taking the company private.

Expolanka is the largest listed company on the Colombo Stock Exchange.

“Expolanka Holdings PLC has, at the Board Meeting held on 1st March 2024, considered a request from its principal shareholder and resolved to initiate the de-listing of the Company’s shares from the Official List of the Colombo Stock Exchange subject to obtaining necessary shareholder approval and regulatory approvals,” the company said in a stock exchange filing.

As per arrangements with SG Holdings Global Pte Ltd, the Company’s majority shareholder, it will purchase its shares from shareholders who may wish to divest their shareholding in the Company at a purchase price of Rs 185.00 per share. The share closed up at 150.50.

The broader All Share Index closed up 0.37 percent, or 39.47 points, at 10,691; while the S&P SL20 Index closed down 0.64 percent, or 19.59 points, at 3,037.

Turnover stayed above the 1 billion mark for the sixth consecutive day, registering 1.4 billion.

Crossings in Melstarcorp Plc (135mn) up at 89.50, Hatton National Bank Plc (64mn) up at 158.00, Hemas Holdings Plc (53mn) up at 75.00 and Central Finance Company Plc (26mn) up at 103.50, added significantly to the day’s turnover.

“The upward trend is continuing, with more retail buying also coming in, the number of trades was more than 10,000 today,” a market participant said. “Investors are looking for undervalued stocks and buying in quantities.” (Colombo/Mar1/2024).

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