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Sunday, 26 October 2014

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Peeling coconuts for copra production in the main coconut cultivation areas in the Kurunegala district. The coconut industry still contributes to the rural economy in job creation and income generation and earning foreign exchange. The 2015 Budget proposes special financial allocation to develop and uplift tea, rubber and coconut crops. Pic: Sudam Gunasinghe

Exchange Control regulations to be abolished

Sri Lanka has removed most of the Exchange Control regulations that stunted the country's economy and in the next 4-5 years, the remaining Exchange Control measures will be abolished facilitating business and trade, said the Deputy Governor of the Central Bank, P. Samarasiri at the launch of Lanka Money Transfer, a money transfer system of DFCC Vardana Bank.

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Tough action against those hoarding rice

Sri Lanka known as the Granary of the East is facing a shortage of rice which has made prices to skyrocket. The crisis has resulted in the importation of of rice by private sector merchants who determine the prices. Minister of Agriculture Mahinda Yapa Abeywardena said,

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DVB introduces local remittance service

DFCC Vardana Bank (DVB) introduced Lanka Money Transfer (LMT) in partnership with seven banks and financial institutions. LMT is a remittance service which allows customers, both sender and receiver to transfer money with ease using a bank they trust.

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Glitter of gold to fade further

Gold prices in Sri Lanka will slump further with the drop in global prices triggered by the recovery of the US economy and the strengthening of the US dollar.Gold futures fell 0.7 percent to $1,233.12 an ounce in New York, heading for the biggest decline since October 3, when the metal wiped out the year’s gains.

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SL exports high quality goods

Sri Lanka's export goods are of high quality and there is a big demand for Sri Lankan apparel in the United States, US Trade Representative for South and Central Asia, Michael Delaney told Economic Development Minister Basil Rajapaksa during a discussion at the Ministry last week.

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Budget 2015:

Government passes benefits of economic growth to people

Since 2005 Sri Lanka has achieved significant growth in economic and social sectors and the living standard of the people have improved as a result, President Mahinda Rajapaksa told Members of Parliament, presenting the 2015 Budget on Friday.

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