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Central Bank of Sri Lanka maintains policy interest rates at their current levels

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The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 04 April 2023, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 15.50 per cent and 16.50 per cent, respectively.

Having considered the recent and expected economic developments, and macroeconomic projections on domestic and global fronts, the Board viewed that the maintenance of the prevailing tight monetary policy stance is necessary to ensure that monetary conditions remain sufficiently tight to facilitate the continuation of the ongoing disinflation process amidst the improvements in market sentiments following the finalisation of the Extended Fund Facility (EFF) from the International Monetary Fund (IMF) and the downward shift in elevated market interest rates reflecting the falling risk premia.

Inflation is projected to follow a faster disinflation path, thereby further anchoring inflation expectations Headline inflation (year-on-year) based on the Colombo Consumer Price Index (CCPI) continued to decelerate for the sixth consecutive month in March 2023. Despite a sizeable impact from the recent hike in electricity tariffs and envisaged second round effects of previous hikes, headline inflation moderated in March 2023, mainly reflecting a larger-than-expected reduction in food inflation. Meanwhile, core inflation also decelerated for the sixth consecutive month in March 2023, reflecting the continued moderation in underlying demand pressures in the economy.

A faster deceleration of inflation is expected from April 2023 with the reduction in domestic prices of essentials following the greater passthrough of the moderation of global commodity prices and the recent appreciation of the Sri Lanka rupee, and the large disinflationary impact arising from the base effect. The subdued aggregate demand on account of tight monetary and fiscal policies and improved domestic supply conditions will ensure the envisaged disinflation process in the period ahead, supported also by anchoring inflation expectations.

Accordingly, headline inflation is projected to reach single digit levels by end 2023 and stabilise at desired levels thereafter over the medium term.



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Mattala Wildlife Unit to boost revenue, tourism and investor confidence

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Dignitaries at the MOU signing ceremony.

The launch of a dedicated wildlife unit at Mattala Rajapaksa International Airport is expected to deliver significant economic benefits by improving aviation safety, strengthening eco-tourism and enhancing Sri Lanka’s investment appeal, Wildlife Conservation Department Director General Ranjan Marasinghe said.

Speaking at the signing of a Memorandum of Understanding between the Department of Wildlife Conservation and Airport and Aviation Services (Sri Lanka) Limited, Marasinghe said the initiative links conservation directly with national development and revenue generation.

“This is more than an administrative step—it is a forward-looking initiative that aligns conservation, aviation safety and national development in a single strategic effort,” he said.

He noted that wildlife management at airports is globally recognised as essential for reducing bird strikes and wildlife-related disruptions, which can lead to costly repairs, delays and operational losses.

By proactively managing such risks, the Mattala Wildlife Unit is expected to lower potential costs for airlines and airport operators while improving efficiency and confidence among carriers considering future operations.

Marasinghe said the airport’s proximity to premier tourism destinations such as Yala National Park and Udawalawe National Park, together with marine tourism opportunities including Blue Whale watching, gives Mattala a strong commercial advantage.

“This convergence of aviation and wildlife tourism creates an extraordinary opportunity,” he said, adding that the airport has the potential to become a major gateway for high-value eco-tourism.

Industry observers note that wildlife tourists generally spend more on guided safaris, hotels, transport and local experiences, generating stronger foreign exchange earnings and employment opportunities for surrounding communities.

Marasinghe said integrating environmental standards into airport operations would also improve Sri Lanka’s global image at a time when investors and international travellers increasingly value sustainability.

“By integrating environmental considerations into airport operations, we position Sri Lanka more favourably on the global stage, demonstrating that we are a nation committed to sustainability, responsibility and innovation,” he said.

He expressed hope that the Mattala model would be replicated at other international airports, creating long-term savings, stronger environmental governance and wider economic returns.

The Director General said the Department of Wildlife Conservation remains committed to supporting the national economy through new and meaningful avenues while protecting Sri Lanka’s natural assets.

“Conservation must also contribute to development,” he said, stressing that protecting biodiversity and generating growth can go hand in hand.

By Ifham Nizam

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Aitken Spence Elevators and CINEC usher in a new era for Sri Lanka’s elevator industry

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Aitken Spence Elevators, in collaboration with CINEC Campus, recently held the Certificate Awarding Ceremony for the latest batch of trainees of the Elevator Serviceman Course at the Elevator Training Centre (ETC). The graduates were awarded their NVQ Level 3 certifications, marking a significant milestone in their professional journey within Sri Lanka’s vertical transportation industry.

The certification programme was developed in partnership with the National Apprentice and Industrial Training Authority (NAITA) and the Ministry of Vocational Training & Skills Development, ensuring trainees received industry-recognised qualifications, alongside strong practical competencies. The ceremony was attended by directors of both Aitken Spence and CINEC Campus, as well as staff members, lecturers, and invited guests of the graduating students

Anuka Prashan Pieris was recognised as the Most Outstanding Student of the batch in appreciation of his exceptional performance and commitment throughout the programme. The Elevator Training Centre plays a vital role in addressing the growing demand for skilled elevator service technicians through structured training and hands-on learning. The facility features Sri Lanka’s first Elevator Training Tower, offering trainees practical exposure aligned with both local and international standards.

All graduates of the current batch have already commenced their careers as technicians and supervisors at Aitken Spence Elevators. Their seamless transition into the workforce reflects the programme’s strong emphasis on developing job-ready professionals capable of contributing effectively from day one.

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Sterling Steels wins Merit Award at SLIA Annual Product Awards 2026

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COLOMBO, SRI LANKA– Sterling Steels (Pvt) Ltd, a premier manufacturer of high-quality globally renowned steel roofing & cladding, announced it has been honored with a prestigious Merit Award at the Sri Lanka Institute of Architects (SLIA) Annual Product Awards 2026. The national recognition was awarded in the highly competitive Zinc-Aluminium Coated Profile Steel Sheet category, underscoring the company’s dedication to excellence, innovation, and superior quality in the Sri Lankan construction industry.

The award was presented during a grand ceremony held at the esteemed Nelum Pokuna Theatre, a key event in the nation’s architectural and construction calendar. The SLIA Annual Product Awards are widely regarded as a benchmark for quality and design excellence, with products rigorously evaluated by a panel of distinguished architects and industry experts. Receiving this Merit Award positions Sterling Steels among the top-tier suppliers of building materials in the country.

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