Business and Economics
Tea Exporters commence exports to revive the economy

The Tea Trade is anxiously  waiting for the next tea auction on the Digital platform scheduled for 16th , 17th and 18th April after successful completion of the first ever tea sale on a  Digital platform last week.  The Tea exporters despite the current situation came forward to support the digital auction with minimum user training to help the producers including Plantation Companies (RPC) and the Tea Small Holder farmers of over 650,000 to generate the required revenue to pay the New Year wages and also help the Government to earn the much needed foreign exchange for the country.

The exporters were concerned of the global situation at the time of commencement of the sale. However, despite the impact of COVID 19 that affected almost all countries in the world, the buyers of Ceylon Tea in Russia, Turkey, Ukraine, EU, Middle East helped to keep the last tea auction buoyant and the depreciation of the Rupee by about 8 % against the US Dollar compared to the rate prevailed during the manual tea auction held on 18th & 19th March 2020 also contributed to a significant gain in prices. Since the Digital platform auction was held after a gap of two weeks,

Siddhalepa donates Ayurveda medicines to IDH hospital

As the leader in Ayurveda industry of Sri Lanka, Siddhalepa made a donation of Ayurveda medicines to IDH hospital.
Siddhalepa extended this donation of Ayurveda goods with the aim of enhancing the immunity of medical heros who are tirelessly looking after the worst affected Covid19 patients at IDH.
“In the fight against Covid 19 pandemic in Sri Lanka, the wisdom of Ayurveda and its remedies to enhance the immunity has been recognized,” an official from Siddhalepa said.

As the country’s pioneer and leading Ayurveda products manufacturer, Ayurveda health-care service provider and promoter, Hettigoda Group with a heritage of over 200-years, passing on to the 6th generation is playing the key role in shaping the future of Ayurveda industry in Sri Lanka and the Asian region.

Read More
‘Govt initiatives to reduce interest rates and boost economy’

The government was acting in a manner to boost the economy and to reduce interest rates said, Verite Research Economist Deshal De Mel.

He warned that due to a large informal sector the impact of COVID 19 on livelihoods would be harsh. He was speaking as part of the Hatch Co-Working Space’s Resilience Series on April 7.

He said that though the Central Bank had been aggressively pushing down rates market forces had kept them stable. It was only in March when the government instructed captive funds to enter did they see a decline in rates. He said “that artificially brought interest rates down. The trend of deposit rates had been trending upwards. The market pressure is for a gradual increase in rates.”

De Mel said, “The Central Bank has been on aggressive loosening cycle. All of which are looking to push liquidity in the system and get companies to borrow at lower rates.”

He said there might be negative long term impacts. Oil prices have come down by about 50 percent.

Read More