Way forward with cryptocurrencies
The Sunday Times Business Club organised a discussion on ‘Bitcoins and Cryptocurrency- stable or risky?’ this week at the Shangri-La Hotel, Colombo, host hotel of the club. The speakers were Dr. (Ms.) Subhani Keerthiratne, Director/Financial Intelligence Unit, Central Bank (right) and Mr. Savan Wijewardene, an entrepreneur and co-founder of Redhill, Singapore’s largest local public relations [...]
Regulatory Framework for cryptocurrencies on the horizon
A subcommittee set up under the National Coordinating Committee, on Anti-Money Laundering and Countering Terrorist Financing (AML/CFT), is preparing a regulatory process to govern Virtual Assets and Service providers (VASP) such as cryptocurrencies. The governing board of the Central Bank (CB) has agreed to set up a regulatory framework for VASPs, Dr. Subhani Keerthiratne, Director-Financial [...]
National Audit Office undergoes major changes
The National Audit Office (NAO) is undergoing a major transformation with the enhancing of capacity in governance, audit planning, and specialised audits, the Auditor General’s Department announced. This programme is being implemented under the public financial management strengthening project, supported by the World Bank, European Union (EU), and the Agence Française de Développement (AFD). The [...]
Tea factories face financial disruption
Sri Lanka’s tea industry is facing a number of factory closures as authorities are clamping down on adulterated teas from reaching the market while some others are closing due to financial constraints. The Sri Lanka Tea Board did not disclose the number of factories closed or whose operations have been suspended. It is learnt that [...]
No relief for apparel workers
Sri Lankan apparel workers would have to wait longer to receive the increased minimum wage of Rs.30,000 which should have been implemented in the month of January 2026. The minimum wage of Rs.30,000 per month for all categories of workers was published in a gazette notification effective January. Earlier the minimum wage of Rs.21,000 was [...]
Apparel industry studying India EU FTA
Sri Lanka’s apparel industry believes that the newly signed trade agreement between India and the European Union could threaten the local competitiveness globally. The challenge Sri Lanka could face as a result of this trade deal between the two blocs could be the impact of the duty free access to the EU based on certain [...]
Coffee: On the road again
Sitting down to write this week’s column on an unusual topic: coffee, I was reminded of the song ‘On the road again’ by American country music legend Willie Nelson. What is the connection here? Well……coffee appears to be making a comeback since the days, many moons ago, when coffee was Sri Lanka’s (then Ceylon) main [...]
“Ceylon is fortunate”
The Minister of Finance in Ceylon’s first national government (1947–1953) was J. R. Jayewardene. Remarkably, this government was elected through universal franchise even before Independence in 1948. In his 1951 Budget Speech, Jayewardene proudly stated: “Ceylon is in a fortunate position. Unlike other countries in Asia, we do not suffer from a foreign exchange problem. [...]
Sri Lanka faces risks of being grey-listed by FATF, affecting banking relationships and investment
Sri Lanka is at a crucial juncture of potentially being sanctioned or blacklisted by the Financial Action Task Force (FATF) due to deficiencies in Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) measures, affecting international banking and foreign investment, a top official from the Central Bank of Sri Lanka told this week. Dr. [...]
Hayleys unveils OJ (OMODA and JAECOO) vehicles
Hayleys Mobility Ltd, the mobility arm of Hayleys Fentons Ltd, recently unveiled OJ (OMODA & JAECOO) at The Kingsbury Colombo. As the exclusive authorised distributor, Hayleys Mobility introduces OJ to address growing demands from urban and corporate customers seeking premium vehicles with reduced environmental impact and advanced connectivity, the company said in a media release. [...]
Tishan Subasinghe appointed new CA Sri Lanka President
Top accountant Tishan Subasinghe was recently appointed 28th President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). “To serve as your 28th President is not merely a title, but a commitment,” he declared, after receiving the recognition. “It is a commitment to uphold the values of our esteemed profession and to [...]
IMF Chief’s engagement signals Sri Lanka’s crucial economic phase
Next month’s visit to Sri Lanka by IMF Managing Director Kristalina Georgieva along with the completion of a 6-day fact-finding mission by the IMF underscores the significance the international agency places on the country’s reform programme. IMF Asia and Pacific Department Director Krishna Srinivasan, disclosed that the Managing Director’s visit is envisioned to “take stock [...]
Pussalla Meat Producers receives accreditation for Microbiology Lab
Pussalla Meat Producers Pvt LTD has reached a historic milestone in the nation’s food safety landscape, becoming the first organisation in Sri Lanka’s livestock sector to receive formal accreditation for its microbiology laboratory. This landmark achievement places the company’s internal testing facility at the forefront of the industry, surpassing even government-sector laboratories attached to the [...]
ComBank to boost SME financing with IFC’s $60 m, shares risk
The Commercial Bank of Ceylon is partnering with the International Finance Corporation (IFC), a member of the World Bank Group, to significantly expand the bank’s capacity to lend SMEs nationwide. Under this partnership, IFC will provide risk cover for a US$60 million (equivalent to over Rs. 18.5 billion) portfolio of new SME loans issued by [...]
National vision needed to integrate climate risk across all sectors, says climate finance expert
While Sri Lanka is facing the devastating impacts of Cyclone Ditwah in late 2025 on vulnerable communities and that climate action must prioritise people, cultures and dignity, the country must develop a national vision integrating climate risk across all sectors. Fund for responding to Loss and Damage (FRLD), Deputy Executive Director, Mathilde Laurans made these [...]
FIT removal threatens RE companies
The proposed National Electricity Policy raises concerns over the abolition of the Feed-in Tariff (FIT) for Renewable Energy Developers, potentially undermining investments, industry experts say. The Renewable Energy Developers Association (REDA) urged immediate government intervention and supportive policies to retain energy security. The proposed removal of the FIT system, which currently supports approximately 92 per [...]
Shangri-La Colombo appoints Andreas Streiber as General Manager
Shangri-La Colombo has announced the appointment of Andreas Streiber as General Manager, effective immediately, the hotel said in a statement on Thursday. A distinguished hospitality leader with decades of global experience in upscale hotel operations, Mr. Streiber brings a proven track record of elevating guest and colleague engagement, strengthening operational excellence, and delivering sustainable financial [...]
Moderate growth for SL this fiscal year
First Capital Holdings PLC has raised concerns about the re-emergence of Sri Lanka’s debt issues, noting a moderate slowdown in the country’s economic growth this year. The company, in its ‘Investment Strategy: Jan 2026 – Sri Lanka’ report discussed recently at the First Capital Investor Symposium, emphasised that fiscal discipline alone will not stabilise debt [...]
Sri Lanka set to grow amidst fluid supply chains
South Asia is being looked at by companies in Britain, India, and the US for extensions in exports this year, particularly as they look for diversification of their supply chains, which will be a massive opportunity for Sri Lanka, an international trade analyst said. Britain is targeting South Asia through the Developing Countries Trading Scheme [...]
WCIC Prathibhabhisheka Awards 2025 celebrates women entrepreneurs
Sri Lanka’s women entrepreneurs were recognised for their resilience, innovation and leadership at the WCIC Prathibhabhisheka Women Entrepreneur Awards 2025, held recently, reaffirming the critical role women-led enterprises play in the country’s economic and social development. The prestigious Woman Entrepreneur of the Year 2025 title was awarded to Vera Wickramasinghe of Worldlink Shipping Colombo (Pvt) [...]
SCB says rupee to remain stable, growth at 3.5 %
The Sri Lanka Rupee is anticipated to remain stable this year, supported by rising tourism receipts and remittances, alongside improved foreign exchange results, and a projected current account surplus of approximately US$600 million. The growth forecast is conservatively set at 3.5 per cent, influenced by the impacts of cyclone Ditwah, top economists said. Overall consumption [...]
Unplanned urbanisation, untreated sewage among root causes of Beira Lake issues
Colombo’s Beira Lake stands at a critical state suffering from pollution due to unplanned urbanisation, poor waste management, and untreated sewage. Despite its historical importance, the lake has become toxic, impacting public health, urban liveability, and the city’s image. The government, under the leadership of the President, has prioritised environmental restoration as part of a [...]
NDB strengthens long-term strategic tie up with IFC
National Development Bank PLC has further strengthened its strategic partnership with the International Finance Corporation, on three new fronts, to support its journey forward as an impactful contributor to Sri Lanka’s banking and financial services landscape. The relationship between NDB and IFC, which dates back to 1998 having collaborated on multiple fronts over the years, [...]
SL’s solar success will stall without storage reform
Over the past decade, Sri Lanka has made notable progress in rooftop solar adoption, driven largely by the Soorya Bala Sangramaya programme. Thousands of households and businesses invested in solar PV, reducing daytime grid demand and cutting fuel imports. This phase was essential and it proved market appetite, built installer capacity, and positioned solar as [...]