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Tuesday, 12 April 2011

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CB predicts 8.5 percent growth for 2011

Increase in revenue collection from import taxes:

Central Bank Governor Ajith Nivard Cabraal said the Bank is predicting a growth of 8.5 percent for this year. The 61st annual report of the Monetary Board was submitted to the President and Finance and Planning Minister Mahinda Rajapaksa at the Central Bank yesterday. Speaking at the presentation of the annual report 2010 the Governor said the year 2010 showed a great improvement and it was a good year amidst many challenges that the country had to face in 2009.

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Shortage of containers:

Reduction in freight charges

The shipping industry is looking forward to take advantage of the reduction in freight charges in certain parts of the world. The freight charges have come down for Europe, USA and Far East including China. “This is a welcome reduction for exporters. They need to work towards taking advantage of this situation,” Sri Lanka Shippers Council Chairman Gihan Kuruppu told Daily News Business.

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Laugfs Leisure eyes more hotels

Laugfs Leisure is looking forward to take over the management or to buy hotels. It has a five year plan to aggressively enter the leisure sector by building hotels in the Cultural Triangle and in attractive locations in South coast and East coast. The first hotel to be constructed by the Laugfs Group at a cost of Rs 500 million investment is expected to complete construction by June next year.

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Central Bank Governor Ajith Nivard Cabraal addressing the gathering after presenting the Central Bank annual report yesterday. President Mahinda Rajapaksa, Economic Development Minister Basil Rajapaksa, Deputy Minister Geethanjana Gunawardena and Finance Ministry Secretary Dr P B Jayasundara look on. Picture by Lalith C Gamage



 
 
 
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