Tourist reservations worth over Rs. 20 million made with Cinnamon Group Lka, in lieu of the upcoming December holiday season has been cancelled due to the prevailing political unrest in Sri Lanka.
A motion of No Confidence was passed for the third occasion today against Mahinda Rajapakse & his government with the faction refusing to yield power.
Meanwhile the Central Bank yesterday reduced the Statutory Reserve Ratio (SRR) by 1.50 percentage points with the aim of injecting Rs. 90 billion into the market to spur growth and shrink the output gap, but raised the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) to counter a possible hike in inflation.
The market meanwhile closed 0.20 percent lower today (Friday) as the constitutional crisis continues to deepen.
Loyalists of Mahinda Rajapaksa occupied the Speaker's Chair to prevent a fresh vote of no-confidence against him.
The speaker later entered the chambers under heavy police security and took a voice vote and adjourned parliament until November 19.
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