Business and economics news
Chinese loan interest rate not high, over 50% of loans only on 2% interest rates: CCCSL spokesperson

Referring to an allegation by a high-ranking official of Sri Lanka’s Finance Ministry that the interest rates on Chinese loans are high, the spokesperson of the Chinese Chamber of Commerce in Sri Lanka (CCCSL) told Xinhua that the interest rates of Chinese loans are not high.

During the past 10 years, at the request of Sri Lankan government, China has provided loans amounting to several billions of US dollars in supporting the country’s economic and social development, among which more than half are at the interest rates of only 2%.

China provides preferential loans at low interest rates to developing countries world-wide with the purpose of helping them upgrade infrastructure construction and improve the people's wellbeing. By granting discount loans, the Chinese government extends its goodwill to developing countries. The interest rates of Chinese commercial loans are also much lower than most of those in the international market or the Sri Lankan commercial banks during the same period, the spokesperson added.
Aqua, Honda Fit, Honda Fit Shuttle, Vezel car prices up; Nissan Leaf price down through budget

The price of a Toyota Aqua motorcar would go up by around Rs. 670,000 and a GP01 Honda Fit by around Rs. 625,000 due to the tax imposed on hybrid vehicles through the new government’s interim budget, says the Sri Lanka Motor vehicle Importers’ Association president.
Sri Lanka Motor vehicle Importers’ Association president Indika Sampath Merinchige told the price of a Honda Fit Shuttle would increase by about Rs. 625,000.
In addition, the price of a brand new Honda GP05 would go up by around Rs. 645,000, a Honda Vezel by around 930,000, a Prius by about Rs. 975,000, an Axio car by around Rs. 800,000 and an Outlander vehicle by around Rs. 1,300,000,said Merinchige.

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Car registration sets new record. Maruti Suzukis hog Sri Lankan roads

Latest data reveal that following the new government slashing duties on smaller motorcars through its interim budget, the Maruti Suzuki motorcars registered in Sri Lanka in May 2015 has grown to 2,512.

While presenting the latest data, JB Securities Stock Brokers state that only 325 Maruti Suzuki motorcars registered in Sri Lanka during November 2014. By December 2014 this number had increased up to 1,100 and by January 2015 it has gone up to 1,363.

During May 2015, 2,311 Maruti Alto motorcars which has recorded the highest sales, have been registered in Sri Lanka.

Meanwhile, 384 Geely Panda motorcars marketed by Micro Motors Limited have been sold during May 2015 while it had sold 325 in April.

Sales of the recently most sold Honda Vezel hybrid motorcars has dropped to 308 during last May whereas 1,263 cars had been sold in Sri Lanka last January.

The registration of hybrid cars have dropped to 2,791 in May 2015 due to the government increasing the duty on such vehicles through the interim budget while 4,320 hybrid cars had been registered during January this year.

Accordingly, when compared to the same period last year, during May 2015 the number of motorcars registered in Sri Lanka has grown by 205 per cent to 5,999.

This is so far the largest number of motor vehicles registered in Sri Lanka within a month.

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