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The Amended (Interim) Budget, which was presented to Parliament on August 30, 2022, altered allocations in the Approved Budget for 2022. Following the revisions to the Amended (Interim) Budget, total government expenditure for 2022 surpassed LKR 4 trillion. The infographic on Verité Research’s Public Finace.lk shows the allocations to selected sectors in the Approved Budget and the Amended (Interim) Budget, as well as changes to sectoral allocations in 2022 in the Amended (Interim) Budget.
CMTA warns about impact of used electric vehicles
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The Ceylon Motor Traders Association (CMTA), the most senior automotive association in South Asia, has raised serious concerns about the importation of used electric vehicles to Sri Lanka. In order to minimize the negative impact to the consumer, environment, society, and the economy, it is imperative that the country imports EVs which are directly shipped by the manufacturer with the recommendation for this tropical climate. t
EVs built for colder climates may not be suitable for tropical regions as they might not have the required HV battery cooling systems. The CMTA further warns that EVs purchased and imported through importers who are not the agents for the respective brand, might not come with a proper warranty cover to protect the consumer. Used EVs that are shipped over to Sri Lanka may have HV batteries which could have damages that is not visible externally. Manufacturers’ warranties are a minimum of 5 years for passenger cars and 3 years for two-wheelers, in order to protect the consumer’s interest.
Another one of the CMTA’s biggest concerns is the disposal High Voltage (HV) batteries, as it can be extremely hazardous to both the environment and ground water systems, if not disposed of properly. Therefore, the CMTA recommends that EV importers should be signed up with a battery recycling/ re-exporting company Due to the impact that improper disposing of HV batteries and other components may cause, it is also important to establish a legal framework to prosecute people who do so.
It is important to note that the landed cost of an HV battery could vary from Rs.5 million upwards for most EVs, or approximately 50% of the CIF value of the vehicle. It is therefore imperative that any EVs imported into the country must be imported within 6 months of manufacture, as it would negate the negative impacts HV batteries might have. Charaka Perera, Chairman of the CMTA said, ‘It is imperative that we encourage the importation of brand new EVs directly from the manufacturer as opposed to used ones.”
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Cinnamon Hotels and Resorts recently won deserved recognition for its climate stewardship and active role in rainforest restoration as the recipient of the Asia-Pacific Nature-based initiative of the year award at the Environmental Finance’s Sustainable Company Awards 2022. Launched in July 2021, the Cinnamon Rainforest project is an initiative spearheaded by Ruk Rakaganno in partnership with the Forest Department and Cinnamon Hotels & Resorts, in memory of the former president of Ruk Rekaganno, late Mrs. Kamini Meedeniya Vitarana. The project is sponsored by the John Keells Foundation and aims to restore 59 acres of degraded land in the wet zone of Sri Lanka by March 2024, in order to create a sanctuary to safeguard and preserve the biodiversity for future generations.
The Environmental Finance Sustainable Investment Awards honour companies who have been leaders in the field of sustainable finance.
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The export unit value index increased by 4.9 per cent, (year-on-year), in August 2022 due to higher prices registered in agricultural and industrial categories of exports. Meanwhile, the import unit value index in August 2022 increased by 15.4 per cent, (year-on-year), due to higher prices recorded in intermediate and investment goods. Accordingly, the terms of trade deteriorated by 9.0 per cent, (year-on-year), to 82.5 index points in August 2022,” Weekly Economic Indicators of the Central Bank stated.
It further stated: The average price of tea (in the Colombo auction) increased to US dollars 4.25 per kg in August 2022 from US dollars 2.95 per kg in August 2021.The import price of crude oil increased substantially by 53.2 per cent in August 2022 year-on-year.
OPEC+ agreed to cut production targets by 2 mn barrels per day which were the producers’ largest reduction since 2020. Overall, during the period under review, Brent and WTI prices increased by US dollars 6.86 per barrel and US dollars 6.73 per barrel, respectively. Weekly AWPR for the week ending 07th October 2022 increased by 75 bps to 26.70 per cent compared to the previous week.
The reserve money decreased compared to the previous week mainly due to decrease in the currency in circulation. The total outstanding market liquidity was a deficit of Rs. 517.427 bn by the end of this week, compared to a deficit of Rs. 568.46 bn by the end of last week.
By 07th October 2022, the All Share Price Index (ASPI) decreased by 8.88 per cent to 9,049.52 points and the S&P SL 20 Index decreased by 12.43 per cent to 2,771.83 points, compared to the index values of last week.
During the year up to 07th October 2022, the Sri Lankan rupee depreciated against the US dollar by 44.8 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 38.9 per cent, the Euro by 36.2 per cent, the pound sterling by 33.3 per cent and the Japanese yen by 30.4 per cent during this period.The gross official reserves were provisionally estimated at US dollars 1,777 mn as at end September 2022.
Earnings from exports increased by 12.6 per cent (year-on-year) to US dollars 8,902 mn during the eight months ending August 2022 as a result of increased earnings mainly from exports of textiles and garments (19.2%), petroleum products (39.0%), gems, diamonds and jewellery (55.7%), machinery and mechanical appliances (14.2%) and animal fodder (40.9%).
Import expenditure decreased by 4.6 per cent (year-on-year) to US dollars 12,801 mn during eight months ending August 2022, mainly due to lower imports of machinery and equipment (-19.8%), telecommunication devices (-82.4%), base metals (-45.9%) and medical and pharmaceuticals (-34.7%). Accordingly, the deficit in the trade account narrowed to US dollars 3,899 mn during the eight months ending August 2022 from US dollars 5,507 mn in the corresponding period of 2021.
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