Category: Economy and Markets
Sri Lanka Tightens Oversight on Outward Remittances for Imports
In a move to strengthen the monitoring of foreign exchange leaving the country, the Government of Sri Lanka has introduced strict new regulations targeting outward remittances for import transactions. The mandate was enacted under the Imports and Exports (Control) Act, No. 1 of 1969, through a Gazette Extraordinary issued by the Minister of Finance, Planning, […]
Sri Lanka Launches National Export Development Plan 2026 – 2030; Six Cross Sector Enablers and Eight Priority Sectors Identified
Marking a significant milestone in Sri Lanka’s economic development, the National Export Development Plan (NEDP) 2026–2030 was officially launched today, 16 June 2026. Hon. Sunil Handunneththi, Minister of Industries and Entrepreneurship Development, attended the event as the Chief Guest. In addition, several Ministers representing the Government, including Dr. Anil Jayantha Fernando, Minister of Labour and […]
UNDP and Central Bank of Sri Lanka Strengthen Partnership to Advance Financial Literacy
The United Nations Development Programme (UNDP) in Sri Lanka and the Central Bank of Sri Lanka (CBSL) today formalized the 2nd phase of a continued partnership, reaffirming their joint commitment to advancing financial literacy under Sri Lanka’s National Financial Literacy Roadmap (2024–2028), a key pillar of the National Financial Inclusion Strategy (NFIS). The partnership was symbolically […]
Sri Lanka GDP Growth Rate YoY increased to 5.1-pct
The GDP for the first quarter of 2026 at constant price (2015) has increased up to Rs. 3,652,503 million from Rs. 3,476,664 million which was reported in the first quarter of 2025. The GDP growth rate for the first quarter of year 2026 has been reported as 5.1 percent of positive growth rate. In the […]
Sri Lanka to Unveil National Export Development Plan 2026–2030
The Sri Lanka Export Development Board (EDB) has announced the official launch of the National Export Development Plan (NEDP) 2026–2030, marking a significant milestone in the country’s economic journey. Developed under the guidance of the Ministry of Industry and Entrepreneurship Development, with technical assistance from the Asian Development Bank (ADB), the Plan is aligned with […]
CBSL Updates Export Proceeds Rules; Mandates Monthly Rupee Conversion
The Central Bank of Sri Lanka (CBSL) has issued updated regulations governing the repatriation and utilization of export proceeds. Signed by CBSL Governor Nandalal Weerasinghe as Chairperson of the Governing Board, the new directive introduces strict timelines for exporters to convert their residual foreign currency earnings into Sri Lanka Rupees. The rules, officially titled the […]
CSE collaborates with European Union-funded Green Recovery Facility in Driving Sri Lanka’s GSS+ Bond Market
Sri Lanka’s sustainable finance market continues to gain momentum as the Colombo Stock Exchange (CSE) collaborated with the European Union-funded Green Recovery Facility, implemented by Expertise France, to advance the country’s growing pipeline of Green, Social, Sustainable and Sustainability-Linked (GSS+) bonds through a series of targeted market-building programmes earlier last month. CSE collaborated with the […]
Sri Lanka to End Duty-Free Vehicle Scheme, Cancel Existing Permits in 2027 Budget
Sri Lanka’s government has pledged to abolish the long-standing duty-free vehicle import scheme for public officials, with the cancellation of existing permits to be formalized in the 2027 Budget. The commitment was outlined in the government’s Memorandum of Economic and Financial Policies (MEFP) attached to the IMF Country Report No. 26/111 (May 2026). Under the […]
Why Sri Lanka’s SME apparel sector needs a national sustainable industries policy framework
By Nishantha Bakmeege President Sri Lanka chamber garment exporters (SLCGE) A clear national sustainable industries framework is becoming essential if Sri Lanka’s SME apparel manufacturers are to cut carbon, adopt renewable energy and remain competitive in global export supply chains. Sri Lanka’s apparel industry is entering a new phase where export competitiveness will increasingly be […]
IMF Board Approves Sri Lanka’s Fifth & Sixth Reviews, Unlocks USD 695 Mn for Reforms
The International Monetary Fund’s Executive Board has completed the combined Fifth and Sixth Reviews of Sri Lanka’s Extended Fund Facility, unlocking immediate access to SDR 508 million (approximately US$695 million) to bolster the country’s economic policies and reforms. Performance under the program has been described as broadly strong. Key prior actions, including restoring fuel and […]
Central Bank increases Overnight Policy Rate to 8.75-pct
The Monetary Policy Board, at its meeting held yesterday, decided to increase the Overnight Policy Rate (OPR) by 100 bps to 8.75%. Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR), which are linked to OPR with predetermined margins of ± 50 bps, are also increased to 8.25% and 9.25%, respectively. The Board […]
Sri Lanka’s Exports Surpass USD 5.7 Bn in First Four Months of 2026
Sri Lanka’s total exports, including both merchandise and services, reached US$ 1,380.93 million in April 2026, marking a year-on-year growth of 6% compared to April 2025. Based on provisional data from Sri Lanka Customs, along with estimated figures for Gems & Jewellery and Petroleum Products, merchandise exports in April 2026 rose by 9.87% to US$ […]