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Monday September 25th, 2023

Sri Lanka to raise bus fares by 22 percent from midnight June 30

ECONOMYNEXT – Sri Lanka will increase bus fares by 22 percent from June 30 midnight onwards, National Transportation Commission (NTC) officials said.

NTC Director General Nilan Miranda said the price revision is according to a policy decision to revices prices on July 01 every year under the national policy.

With the Central Bank of Sri Lanka letting the rupee float in mid-March, all services and goods increased in prices overnight to make up the loss with rapid rupee depreciation that was observed.

Public transport fares also rose  four times.

“However in those times, only the price changes in fuel was considered in increasing the prices,” Miranda told reporters at a media briefing held on Thursday June 30.

“In the annual price revision, 12 factors including the fuel prices will be taken into consideration.”

Miranda said, according to other public transportation associations’ suggestions and calculations, a total of 32.04 percent increase in price should have happened.

“But in April, when the last price revision happened, it should have only increased by 24.76 percent. But with the rupee depreciation, and price increase of spareparts and other factors, the then transport minister gave the authority to increase it by 35 percent,” he said.

It was decided after discussions with transport unions and associations, said Miranda, to deduct the additional 10.24 percent received during the last price revision from the annual price revision of 35 percent.

After the deductions, he said, it was decided to increase all bus fares by 21.85 percent, or by rounding it off to 22 percent.

He said the current minimum bus fare of 32 rupees will be increased to 39.04 rupees after the revision.

“To make it practical it will be rounded off to 40 rupees, and other prices will be increased by 22 percent,” said Miranda.

The official said price revision will be in effect from midnight June 30 onwards and will be applicable for normal, semi luxury and luxury buses in both private and state sectors.

The bus fare price revision was done a day after the cabinet of ministers had given their approval to hike railway fares to meet the rising costs of the department. (Colombo/Jun30/2022)

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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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