Category: Lead Story
Oil Market Will Return to Oversupply Once Hormuz Reopens: Fitch Ratings
The Hormuz strait closure created a logistical supply shock but does not alter the direction of the market, Fitch Ratings says in a new report. A rapid production recovery in the region, strong non-OPEC growth and potentially more aggressive OPEC policy are likely to re-establish oversupply in 4Q26 and drive prices lower once the strait […]
Ceylon Chamber Expresses Concern Over New US Labour-Related Tariffs and Calls for Urgent Engagement
The Ceylon Chamber of Commerce is concerned by the announcement of new labour-related tariffs by the United States on several countries, including a proposed 12.5% tariff on exports from Sri Lanka. This development comes at a time when Sri Lanka was continuing discussions with the US following the suspension of the previously announced reciprocal tariffs […]
Fitch Upgrades Maldives to ‘CCC-‘ from ‘CC’
Fitch Ratings has upgraded the Maldives’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘CC’. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. A full list of rating actions is at the end of this Rating Action Commentary. The rating upgrade reflects Fitch’s assessment that default risks […]
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 […]
CBSL introduces maximum Loan to Value ratio for gold backed lending & tightens LTV ratios for motor vehicles
The Governing Board of the CBSL decided to introduce a maximum LTV ratio for credit facilities secured by gold and tighten the maximum LTV ratios applicable to credit facilities granted in respect of motor vehicles with effect from 25 May 2026. These steps are taken by the CBSL in line with its macroprudential authority, in […]
Prime Melwa Formally Commences Asia’s Global Marina-Front Architectural Masterpiece
Prime Melwa Port City (Pvt) Ltd has formally commenced its highly anticipated world-class marina living experience at Port City Colombo, marking a significant milestone in the development of one of the region’s most prestigious waterfront residential destinations. Positioned as Asia’s Global Marina Front Masterpiece, the landmark project is poised to redefine luxury waterfront living in […]
Energy Minister Dispels Coal Demurrage Rumors: Zero Extra Cost to Consumers
Energy Minister Anura Karunathilake has strongly refuted widespread social media claims alleging that the government is paying massive delay charges (demurrage) for ongoing coal shipments, assuring the public that the situation will place zero additional financial burden on electricity consumers. Speaking at a special media briefing, Minister Karunathilake clarified that the state-run Lanka Coal Company […]
The Ceylon Chamber of Commerce to Host Sri Lanka Climate Summit 2026
From Risk to Opportunity: Mainstreaming Climate Action into Sri Lanka’s Growth Story. As climate rules tighten globally and investor expectations shift from commitment to compliance, climate action is now directly tied to trade, competitiveness, and access to finance. Against this backdrop, The Ceylon Chamber of Commerce will host the second edition of the Sri Lanka […]
Rs. 8.5 Billion for 1,898 Employees under CEB Voluntary Retirement Scheme
In line with the ongoing restructuring of the Ceylon Electricity Board (CEB), the Ministry of Power and Energy has launched a major compensation program for employees opting for voluntary retirement. Under this initiative, a total of Rs. 8.5 billion has been allocated to reward 1,898 employees, marking one of the largest retirement compensation packages in […]
Vietjet Air announces Colombo – Ho Chi Minh City route, strengthening Sri Lanka – Vietnam cooperation
Vietjet Air, Vietnamese new-age hybrid airline, has announced its first direct service connecting Colombo to Ho Chi Minh City at the Sri Lanka – Vietnam Trade, Investment and Tourism Cooperation Forum. The announcement took place in the presence of General Secretary and President of Vietnam To Lam, Prime Minister of Sri Lanka Harini Amarasuriya, and […]
Research Vessel Dr. Fridtjof Nansen Completes Marine Scientific Survey in Sri Lankan Waters
The Research Vessel Dr. Fridtjof Nansen has successfully completed a marine scientific survey in Sri Lankan waters and departed Colombo, marking the conclusion of a critical mission to strengthen the country’s ocean knowledge base. As part of the EAF-Nansen Programme of the Food and Agriculture Organization of the United Nations (FAO) and Norway, the vessel […]