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Remittance inflows face twin declines: month-on-month and year-on-year

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By Sanath Nanayakkare

Workers’ remittances amounted to US dollars 530.1 mn in November 2024, compared to US dollars 587.7 mn in October 2024, and US dollars 537.3 mn in November 2023, according to the Weekly Economic Indicators of the Central Bank.

This means that remittance inflows have declined by US$ 57 million month-on-month, and by US$ 7 million year-on-year in spite of the fact that more migrant workers are supposedly remitting their money to Sri Lanka.

However, there is an encouraging ray of hope for the domestic economy as earnings from tourism have amounted to US dollars 272.9 mn in November 2024, compared to US dollars 185.6 mn in October 2024 and US dollars 205.3 mn in November 2023.

Another metric that adds to this optimism is during the year up to 06th December 2024, the Sri Lanka rupee has appreciated against the US dollar by 11.5 per cent.

Further, there was a very slight drop in Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 06th December 2024, as it decreased by 1 bps to 9.09 per cent compared to the previous week.

The report included the following.

Reserve money had increased compared to the previous week mainly due to increase in the currency in circulation.

The total outstanding market liquidity was a surplus of Rs. 176.865 bn by 06th December 2024, compared to a surplus of Rs. 146.910 bn by the end of the last week.

During the week, T-Bill yield rates remained broadly stable in the primary market while a slight reduction was observed in the yield rates of T-Bills and T-Bonds in the secondary market.

The rupee value of T-Bills and T-Bonds held by foreign investors increased by 17 per cent during the reporting week.

In the reporting week, the auction for T-Bills experienced oversubscription rate of approximately 2.0 times.

An increase of 8.7 per cent was observed in the total volume of secondary market transactions in T-Bills and T-Bonds in the reporting week compared to the week before.

The net purchases by the Central Bank from the domestic foreign exchange market amounted to US dollars 327.0 mn in November 2024.

Meanwhile, marking an increase, the gross official reserves were provisionally estimated at US dollars 6,462 mn as at end November 2024. This includes the US $ 1.4 billion equivalent yuan swap with the People’s Bank of China.

“The once-dormant Chinese swap facility has become usable as Sri Lanka’s foreign reserves have exceeded three months of imports, but the authorities have still not chosen to utilize it,” a source familiar with the matter told The Island Financial Review.



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SLEIS 2026 to examine Sri Lanka’s energy transition and its implications

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Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.

Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.

The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

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A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

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The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

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Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

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Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.

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