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Wednesday February 1st, 2023

Sri Lanka to change legal definition of ‘child’ to person under 18

ECONOMYNEXT – Sri Lanka has decided to amend a law to change the legal definition of ‘child’ from a person under 16 years of age to a person under 18.

A parliament select committee has proposed an amendment to Sri Lanka’s Children and Young Persons’ Ordinance to enact the change, a statement from the government information department said on Wednesday, September 28.

It has also been proposed to amend the words “children and young persons ordinance” to “children’s ordinance” and the words “children and young persons” to “children”.

“Apart from the main statute, in any other written law or in any order or rule made under the main statute or in an advertisement, notification, agreement or other documents, the words “young people” should be removed from every place mentioned in the bill,” the statement said.

Accordingly, in sub-section (6) of section 71 that comes under section five of the ordinance regarding the prevention of cruelty and exposure to moral and physical danger, the amendment bill has removed the provision “nothing in this section shall be construed to affect the right of any parent, teacher or legal guardian to punish a child or youth”.

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Clause 23 of the Children and Young Persons Ordinance had to do with the establishment of juvenile courts for the supervision of juvenile offenders and for the protection of children and young persons, the statement said.

According to the Children and Young Persons (Amendment) Bill issued on July 18, 2022, that clause now stands amended and the amendments will come into effect on a fixed date published in the government gazette by the Minister of Justice, Prisons Affairs and Constitutional Reforms. (Colombo/Sep28/2022)

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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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