Encouraging statistics, but
tourist resorts hard hit!
Despite the encouraging statistics
showing an increase in the number of tourists coming into
the country all is not well with this sector.
Fund Managers have begun to be
cynical about the state produced statistics and point out
to the Hotels which they say are struggling hard to keep
their heads above water.
One said: "Take a look at the
extent to which Hoteliers have gone to in the form of
gimmicks to entice occupancy". But Fund Managers
fear there would be no profit growth in these companies
even this year. They say our hotels have had to increase
their occupancy rates and, besides, the escalating prices
of refurbishing and improving other facilities.
Meanwhile, operators of tourist
resorts have been hard hit. One operator explained why
the statistics trotted out by the state organisation is
wrong. He said that for instance statistics showed an
influx of around 40,000 Indian tourists to the country.
"But did it bring any economic benefits to the
country", he asked.
Tourists from India are said to be
those who come in for specific purposes and stay for not
more than one or two days the most; closeted in small
guest houses. This was the same in the case of tourists
from Pakistan, said to have totalled to 18,000.
Meanwhile mostly expatriates
visiting their homes from other countries are also
included as tourists. "These people have become
citizens of those countries and come here to stay for a
few days with friends and relatives", travel
operators say.
These numbers although very
encouraging on the face of it do not bring any economic
benefits to the country travel trade says.
Whatever is said, nobody seems to
believe there would be an upsurge in tourist earnings
this year.
In the meantime even the Maldives,
it is said, has had a very low influx of real tourists.
Informed sources say tourism into the Maldives has fallen
by over 20 percent.
The Central Bank's Spot Rates for
transactions with Commercial Banks on the morning of
January 26, 1999.
| |
Buying |
Selling |
| 100 US Dollars |
Rs.
67.3596 |
Rs.
68.7204 |
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.
| Saudi Arabia Riyal |
Rs.
18.14 |
| Bahrain Dinar |
Rs.
180.49 |
| Kuwait Dinar |
Rs.
225.71 |
| Qatar Riyal |
Rs.
18.70 |
| UAE Dirham |
Rs.
18.53 |
| Oman Riyal |
Rs.
176.74 |
Average rates at which the following
currencies were quoted by Commercial Banks in Colombo for
Telegraphic Transfers.
| |
Buying |
Selling |
| 100 US Dollars |
Rs.
68.4480 |
Rs.68.7860 |
| 100 Sterling
Pounds |
Rs.
113.2276 |
Rs.
114.4950 |
| 100 Deutsche Marks |
Rs.
78.7988 |
Rs.79.9008 |
| 100 French Francs |
Rs.
49.1300 |
Rs.49.9013 |
| 100 Japanese Yen |
Rs.0.5989 |
Rs.
0.6089 |
The European Commission Locking Rates
of 11 member countries that came into existence from
January 1st, 1999 as are follows.
| Belgeam Franc |
40.339900 |
German Mark |
1.95583 |
| Spanish Peseta |
166.386000 |
French Franc |
6.55957 |
| Irish Punt |
0.787564 |
Italian Lira |
1936.27000 |
| Luxemberg Franc |
40.339900 |
Dutch Guilder |
2.20371 |
| Austrian Schiling |
13.760300 |
Portuguese Becude |
200.48200 |
| Finnish Markka |
5.945730 |
|
|
The maximum and minimum Average
Weighted Prime Lending Rate (SWPLR) & (LPR) during
the week ended January 22nd, 1999 by all commercial banks
were 12.5 per cent and 14.3 per cent respectively.
The Average Weighted Deposit Rate
(AWDR) of Commercial Banks for the month ended December
31st, 1998 was 9.2 per cent.
Comtrust
Equity Fund
| Manager's
Selling Price |
Rs. 5.33 (per unit) |
| Managers
Buying Price |
Rs. 5.00 (per unit) |
|
National
Equity Fund
| Manager's
Selling Price |
Rs. 8.10 (per unit) |
| Managers
Buying Price |
Rs. 7.61 (per unit) |
|
Namal
Growth Fund
| Manager's
Selling Price |
Rs. 9.36 (per unit) |
| Managers
Buying Price |
Rs. 8.76 (per unit) |
|
Namal
Income Fund
| Manager's
Selling Price |
Rs. 10.69 (per unit) |
| Managers
Buying Price |
Rs. 10.58 (per unit) |
| |
Rs. 10.68* (Ex.div.per unit) |
|
* After deducting exit fees
**Without deducting exit fees |
Ceybank
Unit Trust
| Manager's
Selling Price |
Rs. 6.02 (per unit) |
| Managers
Buying Price |
Rs. 5.63 (per unit) |
|
Ceybank
Century Growth Fund
| Manager's
Selling Price |
Rs. 8.52 (Ex.div.per unit) |
| Managers
Buying Price |
Rs. 8.36 (per unit) |
|
| * After deducting the relevant
exit fees applicable. |
|
Pyramid
Unit Trust
| Manager's Selling
Price |
Rs. 5.99
(per unit) |
| Managers Buying Price |
Rs. 5.58
(per unit) |
|
Eagle
Gilt Edged Fund
| Manager's
Selling Price |
Rs. 11.24 |
| Managers
Buying Price |
|
| More than
one year |
Rs. 11.23 |
| Less than
one year |
Rs. 10.12* |
|
Eagle
Income Fund
| Manager's
Selling Price |
Rs. 11.19 |
| Managers
Buying Price |
|
| More than
one year |
Rs. 11.17 |
| Less than
one year |
Rs. 11.06* |
|
Eagle
Growth Fund
| Manager's
Selling Price |
Rs. 8.68 |
| Managers
Buying Price |
|
| More than
one year |
Rs. 8.33* |
| Less than
one year |
Rs. 8.24* |
|
| * After deducting exit fees
applicable |
