Business and Economics
Cinnamon exports notches highest turnover in 2020

Despite the pall of gloom which engulfed the world, last year, the only silver cloud which surrounded Lanka was the highest ever recorded level of cinnamon exports, which stood at US 38.2 Billion for 2020 for 18, 722 tonnes.

Cinnamon exports have performed extremely well in 2020 even with the Covid 19 lockdown. If not for Covid disturbance to production, transport, delays in shipments due non availability of containers and the shortage of high priced higher grades due to producers manufacturing easier grades, the value could have been very much more. Credit should go to all actors in the entire cinnamon value chain who overcame all the difficulties created by Covid lockdown. This is and excellent performance by any means, Chairman Cinnamon Training Academy Sarada de Silva, told the Daily News Business.

More than 62% of the value of Spice exports comes from Cinnamon. All most all of it comes in net foreign exchange, he said.

Latest model of OPPO F- Series tipped to launched in March

It is learnt that OPPO is set to unveil the latest addition to their range – the F19 Series in early March 2021. A rectangular camera module with four lenses, LED flash, and AI support adorns the rear design of the F19 Pro whilst a smart band which may get launched simultaneously - is seen alongside, in a post revealing the series.
OPPO F19 Pro looks quite elegant its design & features a button on the right side which is believed to be the power on/off button. As per the poster image, there is no physical fingerprint sensor at the back panel, which suggests the phone might come with an in-display fingerprint sensor.
Whilst OPPO might be working on the low-light camera performance, it is also suggested that it will have features like AI Colour Portrait Video, and Dual-View Video, which allow recording videos from both front and rear cameras.

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‘Rates to hold; CBSL assures liquidity as economy rebounds’

The Central Bank of Sri Lanka (CBSL) either can choose to hold policy rates steady or cut by a 25bps or 50bps while, hike is off the table due to the lackluster economic growth according to First Capital ResearchPre -policy Analysis.

“We believe that there is a 70% probability to hold rates due to the considerable improvement in high frequency indicators and with fiscal and monetary measures implemented so far. However, there is a 15% probability each for 25bps and 50bps rate cut to support economic growth.”

First Capital Research estimates the Sri Lanka’s GDP would recover to 3.2% in 2021, from its expected steepest contraction in the history of -5.8% in 2020. Lack of demand for credit, slowness in consumer demand recovery and import restrictions can be considered as a major factor favouring to ease the policy rates at the upcoming meeting.

In-line with First Capital expectations, at the previous policy meeting held on January 2021, CBSL maintained its monetary policy stance, after considering the macroeconomic conditions and expected developments on the domestic and global fronts.

The Board, having noted the reduction in overall market lending rates during 2020, stressed the need for a continued downward adjustment in lending rates to boost economic growth in the absence of demand driven inflationary pressures, particularly considering the significant levels of excess liquidity prevailing in the domestic money market.

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