Business

Policymakers urged to shift gears from short term goals to a more stable course

Published

5 years ago

2021/04/29

by Sanath Nanayakkare

A former Deputy Governor of the Central Bank of Sri Lanka yesterday urged the country’s economic policymakers to develop and propose economic strategies and policies to benefit the overall economy in the medium to long term as their short-term measures such as import restrictions and excess money supply in the market through money printing could cause negative repercussions.

Dr. W.A. Wijewardena made this comment while speaking at a virtual presentation and panel discussion on the Sri Lanka Development Update 2021 launched by the World Bank.

“Increasing the money supply faster than the growth in real output will cause inflation. The money supply growth numbers so far warn us of an accelerated inflation. In fact, inflation in Sri Lanka is a ‘historical heritage’ which is higher than many global rates including the annual inflation rate in the US,” he said.

“The Central Bank quickly made an emergency pandemic response to limit the human and economic impact of the COVID-19 pandemic, and now it’s appropriate to come up with aggregate policy direction for sustaining the economy in a medium to long term scenario,” he said.

“The headline inflation as shown by the increases in the Colombo Consumers Price Index is widely believed to be misleading due to the wide range of price controls imposed by the government to relieve the public of high cost of living,” he said.

Wijewardena noted that import controls would not help keep the dollar-rupee exchange rate in check. “Import controls was a sort of ‘firefighting’ exercise by the government to preserve the depleting foreign reserves with the maturing debt stock looming large. Import controls disrupt the input supply and may harm the export performance. So we need to have an ‘exit time-line’ on import controls. However, if a ban is slapped on the import of chemical fertilizer, that would be seen as an extension of the current import controls”, Wijewardena said.

“Addressing the macroeconomic imbalances is crucial at this juncture. Short term policy has not addressed the new reality. Bank lending to the MSME sector remains low. Many individuals and businesses affected by the pandemic have been put into the CRIB, they need to be brought back to play their role in the economy. While informal workers are more likely to suffer earnings losses, formal workers have been affected as well, As the World Bank Update on Sri Lanka notes, social safety nets should be better targeted toward the poor and vulnerable, and adjusted to allow for support to be scaled up quickly and effectively in times of crises. I urge the authorities to review the overall situation and use it as an opportunity to introduce necessary socio-economic reforms,” Wojewardena said.

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Business

Financial literacy central to country’s development – CBSL Governor

Published

4 hours ago

2026/10/13

Sahan Weerasooriya

Dr. Nandalal Weerasinghe: ‘Financial literacy vital’.

By Hiran H. Senewiratne

Sri Lanka’s financial literacy rate is approximately 58 percent. Such literacy is absolutely necessary for the inclusion of people in the country’s financial system which in turn is central to overall economic development, Central Bank Governor Dr. Nandalal Weerasinghe said.

‘One needs to have knowledge and skills of a financial nature to figure in financial inclusiveness. While 86 percent of Sri Lanka’s population has access to the country’s financial system, 82 percent of the public has at least a savings account in the country’s banking system, Dr Weerasinghe said.

The Governor made these comments recently at the inauguration of Financial Literacy Month 2026 at the Central Bank’s Centre for Banking Studies, Rajagiriya.

Dr. Weerasinghe added: ‘Suitable, affordable and quality financial instruments are needed to enhance financial literacy in the country.

‘Financial information has to be accurate, risk-free and accountable, thus creating confidentiality in the financial system, which would enable the sector to reach greater heights’.

Meanwhile CBSL sources said: ‘The Literacy Month opened with the two-day ‘FinLit Expo Colombo’. The expo gives the public the opportunity to engage with institutions, better understand financial services, gain practical insights into managing their finances and learn how to protect themselves from financial fraud and scams.

‘The CBSL is leading the program in collaboration with stakeholder institutions. It forms part of the Financial Literacy Roadmap for Sri Lanka, which is implemented under the National Financial Inclusion Strategy (NFIS), the national framework for widening access to and use of formal financial services.

‘The Colombo event will be followed by six regional ‘FinLit Expos’ aimed at direct engagement with local communities. Partner institutions will also run awareness activities. Together, the events are intended to provide financial education to communities and encourage people to apply financial knowledge in everyday life.

‘A public awareness campaign on television, radio, newspapers and social media will extend the program’s reach. The program also includes digital financial literacy activities and the promotion of QR codes and other online payment methods.

‘The public and stakeholder institutions are encouraged to take part in the month’s activities under the theme, “Towards a Financially Literate Sri Lanka”.

Business

HUTCH strikes five awards as the only telco honoured at SLIM DIGIS 2.6

Published

4 hours ago

2026/10/13

Sahan Weerasooriya

HUTCH Sri Lanka strengthened its position as a leader in digital engagement by securing five accolades at SLIM Digis 2.6, emerging as one of the most recognized brands at this year’s digital excellence awards. The achievement was further highlighted by HUTCH being the only telecom operator to be recognized at the event.

Organized by the Sri Lanka Institute of Marketing (SLIM), SLIM Digis is Sri Lanka’s premier platform celebrating excellence, innovation, and outstanding achievements in the digital marketing industry. The recognition highlights HUTCH’s growing strength in digital-first, agile, and creative marketing, and its ability to respond to everyday moments, engage audiences, and deliver impactful digital campaigns.

The Gold Award for Best Use of Agile and Moment Marketing, a Silver for Best Use of Digital in a Marketing Campaign, and a Bronze for Best Performance Marketing were all awarded for “Keeping Sri Lanka Connected Through Ditwah,” HUTCH’s response to the cyclone that struck Sri Lanka in November 2025, recognised for the speed and relevance with which HUTCH kept customers better connected and informed.

HUTCH Roaming also earned two further Bronze awards for Best Use of Digital in a Marketing Campaign and Best Use of Creative Content. Bringing together AI-led storytelling, the campaign was designed around distinct customer clusters, each characterized by unique travel behaviours, needs, and perceptions, delivering relevant content for different audiences within a single overarching campaign.

“These wins are a strong reflection of how HUTCH approaches marketing today, staying close to the moments that matter to our customers and responding with speed, relevance, and creativity. Being the only telco recognised at SLIM DIGIS 2.6, and across five categories, is proof that agility and thoughtful storytelling can go hand in hand. This recognition reflects the collective efforts with our strategic partners, whose collaboration, expertise, and shared commitment brought great campaigns to life,” said Hamdhy Hassen, Chief Marketing Officer, HUTCH Sri Lanka.

Business

Fairway Colombo named Official Accommodation Partner of Manhunt International 2026

Published

4 hours ago

2026/10/13

Sahan Weerasooriya

(L-R): Gamunu Cooray, Ms. Tharushi Kulathunga, Avinga Wanigasekara, Arjuna Senanayake, and Jagath De Almeda at the signing ceremony held at Fairway Colombo.

Sri Lanka’s Smart Luxury Business Hotel to Host Delegates and Contestants from Over 40 Countries as the Island Nation Hosts Its First-Ever Global Pageant of This Scale

Fairway Colombo, a subsidiary of Fairway Holdings (Pvt) Ltd, has been appointed as the Official Accommodation Partner for Manhunt International 2026, one of the world’s most prestigious male pageants, scheduled to take place in Sri Lanka.

The event marks a historic milestone for Sri Lanka, as the country prepares to host a global pageant of this scale for the very first time. More than 40 contestants representing countries from across the world will arrive in Colombo, bringing together diverse cultures, international media attention, and a global audience — further strengthening Sri Lanka’s position as a premier destination for tourism, culture, and hospitality.

As the official accommodation partner, Fairway Colombo will welcome and host international delegates and contestants throughout their stay in Colombo, delivering the exceptional hospitality experience and personalized service that the hotel is recognized for.

A Landmark Partnership for Sri Lankan Tourism

“We are truly honored to be selected as the Official Accommodation Partner for Manhunt International 2026. This partnership is a proud moment not only for Fairway Colombo but also for Sri Lanka as a whole. Hosting an event of this global stature provides us with an opportunity to showcase our commitment to smart luxury, innovation, and authentic Sri Lankan hospitality to an international audience. We look forward to creating a memorable and seamless experience for all delegates and guests,” said Avinga Wanigasekara, General Manager of Fairway Colombo.

Strategically located in the heart of Colombo’s historic Fort district, Fairway Colombo is recognized as a Smart Luxury Business Hotel, combining modern comfort, advanced technology, and exceptional service. As part of Fairway Holdings (Pvt) Ltd, the property represents the group’s vision of delivering innovative, world-class experiences across the hospitality and leisure sectors.