Business
ADB encouraged to see policy rates beginning to normalise in Sri Lanka
Says ‘there is no one-size-fits-all for monetary policy’
Bank committed to reaching more than 100 billion dollars in climate finance
By Sanath Nanayakkare
Roberta Casali, ADB Vice-President for Finance and Risk Management recently said that she was encouraged to see policy rates beginning to normalise in Sri Lanka.She said so addressing the 2024 Asian Regional Forum on ‘Investment Management of Foreign Exchange Reserves’, held in Japan on 25th September 2024.
Delving into the topic, at the 14th Asian Regional Forum she said that one of the strengths of the forum was that they could bring together speakers and participants from large and small countries; upper-middle income and lower-middle income; east and west; north and south to exchange views, to prompt dialogues, and to share best practices in the management of foreign exchange reserves.
The following are some excerpts from her speech.
“We now find ourselves at an inflection point in the interest rate cycle. Inflation is moderating, and policy rates are being reduced – not only by the Fed and the ECB, but also in many of your countries. The question is no longer if interest rates will be cut, but by how much and over what time horizon.”
“Of course, there is no one-size-fits-all for monetary policy, as evidenced by our host country Japan which is currently emerging from a long period of negative interest rates. In March this year, the Bank of Japan increased its short-term interest rate for the first time in 17 years to a range of zero to 0.10%, and subsequently around 0.25% in July.”
“On the other hand, the People’s Bank of China continues to stimulate the PRC economy with interest rate cuts, most recently this week with a suite of adjustments to 7-day and 14-day repo rates to 1.5% and 1.85% respectively, as well as a 50 basis point reduction in banks’ reserve requirements ratio. The 3-month SHIBOR, which is often used by ADB to price our renminbi lending operations, is also sub 2%.”
“We have also seen significant adjustments in policy rates from central banks in other parts of Asia. I am particularly encouraged to see rates beginning to normalize in Pakistan and Sri Lanka. Policy rates in the Pacific Island countries have been somewhat protected from the sharper swings and have remained relatively low..”
“ADB’s liquidity buffer is partly debt-financed. This year, we will complete a 32 billion US dollar borrowing program to finance ADB’s loans, to re-finance maturing obligations and to support our investment portfolios. ADB’s most loyal and important investor segment is the central banks, and of course this includes all of you. So, I would like to acknowledge your generous support and underline how important this is to ADB operations and how much it is appreciated.”
High US dollar policy interest rates have resulted in higher US dollar bond yields, which obviously means that our portfolios have delivered better returns. In your case, this has meant higher annual transfers to government which in turn may assuage the need for borrowing or support fiscal expansion. In ADB’s case, it allows us to support more technical assistance and grants to our developing member countries while strengthening our capital base.”
“Let me now turn to one of the perennial topics of both ADB’s Public Debt Management and Reserves Management Forums: that is Local Currency Finance.”
” Brazil’s Ministry of Finance, its Ministry of the Environment, and the central bank of Brazil have formalized a multi-billion dollar agreement with the Inter-American Development Bank, our peer organization in Central and South America, to crowd-in more private capital while insulating such investments from exchange rate volatility. In Asia and the Pacific, we should also consider such initiatives. And as always, my ADB’s Treasury team is at your disposal to discuss how best to operationalize local currency operations in your markets.”
“Some of you may have seen ADB’s announcement earlier this month “to boost the region’s response to climate change, ADB will target for climate finance to reach 50% of its total annual committed financing volume by 2030. ADB is committed to reaching more than 100 billion dollars in cumulative climate finance from 2019 to 2030.”1
“Certainly, the formal development of an ESG Framework would require the reserve management objective to be defined/approved by the Board to add “sustainability” as a 4th factor besides security, liquidity and return, and this can prove contentious. But we must also evolve to meet our changing times – it wasn’t so long ago that quantitative easing was the new challenge facing our industry, but we can look back now and note how this has grown into a major monetary policy tool.”
“I urge you all to re-consider all possibilities to support climate change mitigation and adaptation in your financial markets. It is the time for bold measures and leadership. This represents a strategic evolution in our governance, our strategic asset allocation policies and our investment operations.”
Bank Lending Rate in Sri Lanka reached an all-time high of 27.89 percent in November 2022 and downward adjustment in market lending interest rates continued in the past 18 months. The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 26 September 2024, 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 8.25 per cent and 9.25 per cent, respectively.
Central Bank Governor Dr. Nandalal Weerasinghe on Sep. 27 assured that the implementation of a single policy rate mechanism is expected within this year.
Speaking to the media after announcing the latest Monetary Policy of the Central Bank, he said,” There is a lot of technical work to be dealt with as we move towards a single policy interest rate mechanism. We have already done a large part of the work and are having internal consultations with the Monetary Board to complete the remainder.”
Business
A nation reframed through food: Sri Lanka’s historic National Geographic debut
By Ifham Nizam
On a bright Colombo morning, beneath the polished lines of Cinnamon Life at City of Dreams Sri Lanka, Sri Lanka quietly redrew the contours of its global image.
This was not merely a programme launch. It was a recalibration.
For the first time, a Sri Lankan-made food and travel series will premiere across South Asia on National Geographic — a platform synonymous with global storytelling. In a region where culinary diplomacy has long been monopolised by larger neighbours, Sri Lanka has chosen its entry point carefully: flavour.
Jayaflava: Celebrating Sri Lanka is a six-part travel and food series hosted by Tasha Marikkar, airing on National Geographic South Asia. It premieres on Friday the 20th at 8.00 p.m., with a repeat on Sunday at 1.00 p.m. The series will broadcast across India, Sri Lanka, Bangladesh, Nepal and the Maldives — positioning Sri Lanka’s culinary identity before one of the most dynamic regional audiences in the world.
The series is the brainchild of Marikkar — author, food storyteller and an unapologetic champion of Sri Lankan cuisine. What began as a cookbook evolved — through persistence, private backing and creative risk — into a broadcast production that now carries Sri Lanka’s culinary narrative beyond its shores.
“This was never just about recipes,” Marikkar told the audience. “It was about representing Sri Lanka as it truly is — multi-ethnic, modern, chaotic, generous and absolutely obsessed with flavour.”
Her long-time collaborator Afdhel Aziz framed it in strategic terms.
“Sri Lanka has always had depth and brilliance,” Aziz said. “What it hasn’t always had is ownership of its narrative. When you tell your story authentically on a platform like National Geographic, you’re not just entertaining — you’re reframing perception.”
Perception, in tourism economics, is currency.
Bakmee Perera Vice President – Communications Planning and Media Strategy at Dentsu Grant Media, described the partnership with National Geographic India — part of the Jio Star Network and Disney International — as a structural milestone.
“This marks Sri Lanka’s first long-term content partnership agreement with an international network,” she said. “It extends beyond linear television into digital platforms. It is a significant step in global content affiliation.”
For Sri Lanka’s hospitality industry, the timing is strategic. Indian arrivals have rebounded strongly, surpassing pre-2018 levels, and industry leaders see culinary storytelling as a natural extension of destination branding.
Kamal Munasinghe, Senior Vice President – Colombo Hotels at Cinnamon Hotels & Resorts and General Manager of Cinnamon Life, put it plainly.
“We have always spoken about sun, sea and sand,” he said. “But we have not spoken enough about our food. Other destinations have built tourism identities around cuisine. Sri Lanka has not done enough in that space.”
He recalled stopping on the roadside en route to Ella for oil roti served with mushroom curry — a humble meal prepared by a woman supporting her family.
“That is the story we are bringing to the world,” he added. “There is culture, resilience and love in that plate.”
Cinnamon Hotels & Resorts, the title sponsor, features four of its properties in the series, including Cinnamon Grand Colombo, Cinnamon Wild Yala and Cinnamon Bentota Beach — the latter a tropical modernist icon designed by Geoffrey Bawa.
Bawa once reframed Sri Lanka architecturally, merging landscape with structure in ways that drew global admiration. In many respects, Jayaflava attempts a similar reframing — merging food, people and place into a narrative that feels both intimate and expansive.
The series moves through midnight kottu stalls, animated kitchen debates, artists’ studios and coastal bars. It captures contradiction — humour alongside hardship, ambition alongside nostalgia. It is not polished tourism propaganda, but textured storytelling.
Sri Lanka has often been presented to the world as either idyllic escape or troubled headline. Rarely as complex, contemporary and confident. By choosing food — the most universal of connectors — as its narrative vehicle, the country sidesteps cliché and leans into authenticity.
As the morning launch concluded, one message lingered: this is not simply a television debut. It is soft power in motion.
A nation, reframed — one dish at a time.
Business
Bourse buoyed by IMF chief’s positive observations
CSE grading was brisk and investor sentiment rose to a great extent when
the International Monetary Fund’s Managing Director Kristalina Georgieva, who is on a visit to Sri Lanka, made positive remarks on the progress of the local economy.
She made these comments after meeting President Anura Kumara Dissanayake and other relevant officials.
Consequent to these developments both indices moved upwards. The All Share Price Index went up by 37.02 points, while the S and P SL20 rose by 47.12 points.
Turnover stood at Rs 5.66 billion with nine crossings. Those crossings were reported in ACL Cables, where 1.5 million shares crossed to the tune of Rs 154.6 million; its shares traded at Rs 103,CW Macky two million shares crossed for Rs 82 million; its shares sold at Rs 41, Dipped Products 1 million shares crossed for Rs 61 million; its shares traded at Rs 58.
Colombo Dockyard 350,000 shares crossed to the tune of Rs 56.3 million; its shares traded at Rs 151, HNB 100,000 shares crossed for Rs 45.5 million; its shares traded at Rs 455,Royal Ceramics 500,000 crossed for Rs 25.5 million; its shares sold at Rs 51 and JKH one million shares crossed to the tune of Rs 22.4 million; its shares sold at Rs 22.40.
In the retail market top seven companies that mainly contributed to the turnover were; Softlogic Capital Rs 511 million (51.2 million shares traded), ACL Cables Rs 439 million (4.2 million shares traded), Asia Siyaka Rs 307 million (19.5 million shares traded), Sampath Bank Rs 251 million (1.6 million shares traded), HNB Rs 231 million (507,000 shares traded), Softlogic Finance Rs 205 million (31.4 million shares traded) and HNB Finance Rs 171 million (19 million traded). During the day 289.2 million share volumes changed hands in 42524 transactions.
It is said that the banking and manufacturing sectors performed well. Sampath Bank, for instance, was notable. Financial sector too performed well; especially Softlogic Finance.
Yesterday the rupee was quoted at Rs 309.42/44 to the US dollar in the spot market from Rs 309.40/50 the previous day, dealers said, while bond yields were broadly steady.
A bond maturing on 15.10.2029 was quoted at 9.40/45 percent.
A bond maturing on 01.03.2030 was quoted flat at 9.50/53 percent.
A bond maturing on 15.03.2031 was quoted at 9.70/75 percent, from 9.68/72 percent.
A bond maturing on 01.10.2032 was quoted at 10.10/42 percent, up from 10.10/13 percent.
A bond maturing on 01.06.2033 was quoted at 10.38/43 percent, up from 10.35/40 percent.
A bond maturing on 15.06.2036 was quoted at 10.60/65 percent.
An auction of Rs. 60,000 million Treasury bills was going on.
By Hiran H Senewiratne
Business
A photograph of a Jaffna youth becomes a global symbol for Sri Lanka’s stalled reconciliation
In the world of travel photography, some images do more than showcase a destination; they act as a silent mirror to a nation’s unresolved history. When British photographer Mark Julian Edwards’ portrait, ‘The Boy on the Bus,’ claimed the People’s Choice Award at the 2026 Travel Photographer of the Year (TPOTY) awards, it did more than celebrate technical brilliance. It signaled that the global community is still fixated on the scars of a region where the promise of a post-2009 peace has yet to be fully realised.
While the current NPP government often celebrates a ‘reunited’ Sri Lanka under President Anura Kumara Dissanayake, this award-winning shot turns the gaze toward Jaffna – a city that remains the emotional and political epicenter of the North-South divide. Captured through a rusting bus window, the boy’s expression – described as ‘fragile yet incredibly resilient’ – speaks to the persistent chasm between the North and the South that has remained unbridged nearly two decades after the war’s end.
Whatever the rhetoric from political platforms regarding the end of distrust, the international resonance of this image suggests that the world recognises a different reality. The capture of a northern commute is not merely a travel detail; it is a reminder of a landscape where the path to a predictable future is still viewed through a prism of distrust and uncertainty.
The significance of this win lies in its source: the public vote. Out of 20,000 entries, thousands of people from 160 countries chose this specific face. This global endorsement serves as a poignant reminder that while the local reconciliation process may be stalled in policy and paperwork, the human element of the conflict continues to haunt the international imagination.
The boy represents a generation born after the guns fell silent, yet his quiet, searching eyes reflect the weight of a reconciliation process that many feel has been more about infrastructure than true social healing. In the North, where the dust of history is still settling, such images strip away the veneer of normalcy to reveal the underlying scars that politicians often ignore.
The success of Edwards’ work comes at a time when the Sri Lankan Tourism Bureau and Jetwing Hotels are looking to nurture the next generation of local storytellers. However, the global acclaim for ‘The Boy on the Bus’ suggests that the most vital stories to be told are not the ones that look like postcards, but the ones that acknowledge the sensitivity and professional excellence required to document a people still waiting for a ta truly inclusive future.
As this image makes its way into international galleries and media outlets like the BBC, it stands as a testament to a hard truth: a photograph can win international accolades but the bridging of the political and social chasm remains Sri Lanka’s true, unfinished business.
The 2026 Travel Photographer of the Year winners were showcased and celebrated in Sharjah – UAE, Birmingham – UK and Rome – Italy. This year’s programme includes a special mentorship and winners’ trip to Sri Lanka, hosted by the Sri Lanka Tourist Board and Jetwing Hotels.
By Sanath Nanayakkare
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