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Monday September 25th, 2023

Sri Lanka to give beer licenses to cheer tourist restaurants, hotels

ECONOMYNEXT – Sri Lanka will issue soft-liquor licenses to tourist hotels and restaurants under rules issued by President Ranil Wickremesinghe as Finance Minister, in a boost to tourism sector and government revenues.

The new rules are effective from July 28.

The beer and wine license will be issued by the Department of Excise following a recommendation from the Sri Lanka Tourism Development Authority to hotels and eating places in identified tourist areas.

Under the license which is priced at 25,000 rupees, has to be renewed annually and only beer and wine sales to be consumed within the premises.

It is part of a ‘flexible strategic’ move to boost the tourism sector, a gazette notice said.

The relaxation will also boost government revenues from tourism with easier access to alcohol as well as revenues of smaller hotels and restaurants, analysts say.

The license will be voided if the Sri Lanka Tourism Development Authority approval is revoked.

Star class hotels, boutique hotels, historic hotels, tourist hotels, tourist guest houses, tourist hostels, tourist bungalows, camp sites, tourist restaurants and food courts will be issued the license.

They will be prohibited on selling on full moon poya days continuing a practice started by ex-President Mahinda Rajapaksa.

After 2015 Sri Lanka steeply raised alcohol licenses putting many small businesses in difficultly.

In most East Asian nations beer is freely available to tourists. (Colombo/July29/2022)

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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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