The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of October 22, 1998 were as follows:

The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on October 22, 1998 were as follows:

Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on October 22, 1998 were as follows:

Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended October 16th,1998 was 15.5 per cent for all banks. The Lowest Prime Rate among banks during this week was 12.3 per cent.

Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended September 30th, 1998 was 9.6 percent.

PRI Awards tonight

Hon. Minister Indika Gunawardena - Minister of Housing & Construction will be the Chief Guest at the Annual Plastics and Rubber Institute Awards Night at the Hotel Taj Samudra on today.

The Awards Night is the premier event in the PRI calendar and the awarding of Merit Awards for distinguished services to the Rubber Industry will take pride of place. Awarding of certificates to successful candidates at the Institute Examinations and the upgraded members will also take place.

According to the president of the Institute, Mr. Thilak De Zoysa, this year has been a very significant year for the Institute. The PRI was involved in presentation made to the Government in making rubber a thrust Industry. Institute was also allocated a plot of land in Rajagiriya on a lease from the Government to build their own Head Quarters. Presently their Office is housed at the RRI - Head Office at Ratmalana. The President expressed his grateful thanks to Dr. L. M. K. Tillekaratne, Director of the RRI for his support and co-operation to the PRI over the years.

The Merit Award Winners who will be felicitated at the ceremony are as follows :

Mr. Anver Dole - A Chemistry honours graduate of the University of Ceylon and a Director Austin Gloves [Lanka] Ltd. He has served the Plastics Industry over decade and is visiting lecturer in Paint. and Plastics Technology to the University of Colombo. He has also been a past Chairman of institute of Management Services Sri Lanka Branch and the President of Chemical Science Section of the Sri Lanka Association for Advancement of Science in addition to being a past Governor of Lions Club International.

Mr. Rohan Soysa, who is a Director of the Richard Pieris & Hayleys Collaboration venture, Dipped Products Ltd. has served the Sri Lankan Rubber Industry for over 25 years. He started his career at Richard Pieris and has been with Dipped Products Ltd., from its inception. His experience in Latex Technology is extensive and currently Dipped Products, an ISO 9002 certificated firm, is ranked as 5th largest Rubber Glove Manufacturer in the world. He was the recipient of Commonwealth and Foreign Office Scholarship from the British Government to work under Dr. D. C. Blackly who is an authority on Latex Technology at the London School of Polymer Technology.

Mr. Anil Wickremaratne. Chairman of Microcells Ltd. counts over 25 years of experience in the Rubber industry. He had his initial training at the Tyre Corporation and founded his own Company, Microcells Ltd. in 1978; Microcells Ltd is a 100%. Export company manufacturing rubber mats for the world market. They have won Export Merit Awards for performance and Productivity Awards in 1996 and 1997.

Mr. Tissa Jinasena, a Director of the Jinasena Group of Companies Horde B(Tech) honours from Loughborough University of UK and a MSc from Reading University of UK.. He has specialized training in Production Management from APO, Material Resource Planning and rubber Manufacturing technology from American Chemical Society and Smithers corporation. He is considered a pioneer in the field of Solid Tyre Manufactures in Sri Lanka for his association with Ms Loadstar (Pvt) Ltd and has over 15 years of service to the Rubber Industry.

Dr. Gamini Seneviratne is a chemistry honours graduate from the University of Peradeniya and a PhD from the University of Sussex in Polymer Science and Technology. He is the head of the Chemical Engineering Department and Raw Rubber process development of the PRI. His recent research and development is on a treatment mechanism for the treatment of rubber effluent. This process has won international acclaim as a viable cheap system and was awarded Prestigious Silver Medal at the International Exhibition of inventions in Geneva, Switzerland. He was in Australia in 1995 on a Post - doctoral fellowship to study waste recycling technologies at the Royal Melbourne Institute of Technology.

The Principal Sponsors for this event are Ms. Richard Pieris & Co. Ltd, Associated Motorways Ltd, Associated Ceat (Pvt) Ltd., D Samson Industries Ltd. Microcells Ltd and Loadstar (Pvt) Ltd, while co sponsors are Ansell Lanka Ltd and DFCC Bank. The President, Mr. Tilak De Zoysa expressed his gratitude for the excellent support given by the sponsors.

CIMA Convocation

CIMA Sri Lanka Division is pleased to announce that their Convocation was held yesterday (22nd October) at BMICH Colombo. The Chief Guest for the occasion was Mr. G. C. B. Wijesinghe, Precedent Partner, KPMG Ford, Rhodes Thornton & Company. Mr. Nilam Jayasinghe, President of the Sri Lanka Divisional council chaired this ceremony.

This was an event eagerly awaited by members and students of the Institute and around 600 members, invitees and well wishers usually attend this important and colourful event in the CIMA calendar. The most recent batch of passed finalists numbering 83 and members admitted to Associateship and Fellowship during the past five months received their certificates at this ceremony.

Local and world prize winners at the May 1998 examination received their prizes as well on this day. This time too, two of our Sri Lankan students secured world prizes for 2 subjects of stage 2 and 3 respectively. Mr. U. Jeyatheepan of Dehiwala won the Dr. James Risk Prize for obtaining the joint highest mark for Management Science Applications at stage 2. Mr. Dinesh Surtani of Colombo 03 scored highest in the world in Management Accounting Applications at stage 3 winning the Leverhulme Prize.

Our students have obtained better results compared with those of other countries in the region. Worth mentioning are the achievements by Ms. Neluni T Fernando at the May 98 examination. Ms. Fernando obtained the joint eighth place on the list of highest placed candidates at stage 4. This was the highest aggregate at stage 4 in Sri Lanka. In May '98, 5,394 candidates sat the stage 4 world wide and to be among the top ten for the final stage is regarded by the Institute as a considerable achievement. She also scored the highest marks. In Sri Lanka for all subjects in this stage thus winning the subject prizes as well.

The other prize winners are Ms. H C R Fonseka (highest mark in Sri Lanka at stage 1 ) and Ms. C H Baranasuriya (highest mark in Sri Lanka at stage 2).