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Wednesday September 27th, 2023

Sri Lanka’s rupee guidance peg edges down; yields in govt securities pick up

ECONOMYNEXT – A guidance peg for interbank transactions announced by Sri Lanka’s central bank weakened by another 8 cents while yields in Sri Lanka Treasury Bills and T-Bond rose in dull trade on Tuesday (12) after the weekly bond auction, dealers said.

A bond maturing on 01. 06. 2025 closed at 28.30/29.00 percent, up from Monday’s close of 28.00/28.15 percent.

A bond maturing on 01.06.2032 closed 29.55/30.00 percent on Tuesday.
At the bond auction on Tuesday the debt office offered 75 billion rupees worth of bonds but only sold 48.7 billion rupees.
Sri Lanka’s central bank announced a guidance peg for interbank transactions weakened by 8 cents to 362.28 rupees against the US dollar on Friday from 362.20 rupees.
Data showed that commercial banks offered dollars for telegraphic transfers between 369.28 and 370.00 for small transactions.

Banks offered to buy inward remittances at 359.29 -360.00 rupees. (Colombo/Sep13/2022)

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Sri Lanka to introduce social security system: minister

ECONOMYNEXT – Sri Lanka’s Labour minister has said that they are set to introduce a comprehensive national social security system, covering all workers.

“The system will address the weaknesses of the current system and provide much-needed support to workers and their families,” Manusha Nanayakkara, Minister of Labour and Foreign Employment said on X (formerly known as Twitter).
He did not specify the details.

Nanayakkara also spoke of the need for robust social security when he met with exporters last week to discuss labor law reforms, boosting female workforce participation and attracting FDI.

Sri Lanka plans to reform labour laws for an export-oriented economy.

The pandemic and the economic crisis highlighted the need to improve the coverage of social security.

Studies have shown that Sri Lanka’s women are kept out of formal employment by childcare, elderly care and housework, as day care and elderly homes are either too expensive or too few.

The government imposed a Social Security Contribution Levy to increase its revenue last year. (Colombo/Sep27/2023)

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Sri Lanka’s stocks up in trading on Wednesday morning

ECONOMYNEXT – Sri Lanka shares were picking up in trading on Wednesday morning.

Turnover was at 50 million. Trading in the Capital Goods Industry Group was driving turnover.

The All Share Price Index was up 0.37 percent or 41.78 points to 11,289.94, while the S&P SL20 was also up 0.68 percent or 21.66 points to 3,187.65.

Hatton National Bank, Commercial Bank and LOLC saw gains in morning trade, while Tokyo cement and Lanka Hospitals were trading down during morning trading. (Colombo/Sep27/2023)

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Sri Lanka rupee opens at 323.50/324.10 to the US dollar, bond yields stable

ECONOMYNEXT – Sri Lanka’s rupee opened at 323.50/324.10 to the US dollar on Wednesday, after closing on Tuesday at 323.70/324.20 to the US dollar, dealers said.

A bond maturing on 01.08.2026 was quoted at 15.50/70 percent on Wednesday up from Tuesday’s close at 15.45/65 percent.

A bond maturing on 01.05.2028 was quoted at 14.50/55 percent from closing at Tuesday at 14.30/55 percent. (Colombo/Sep27/2023)

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