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CB Governor says economy is estimated to have grown by 5% in 2024

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Dr. Weerasinghe

Sri Lanka’s economy is estimated to have grown by 5.2 percent, in the first three quarters of 2024, with key economic sectors recording expansions, Central Bank (CBSL) Governor Dr. Nandalal Weerasinghe said on Wednesday, at an event in Colombo.

Addressing the launch of ‘Central Bank’s Policy Agenda for 2025 and Beyond,’ Dr. Weerasinghe said leading economic indicators of industry and service sectors reflect a continuation of the expansion in output in the last quarter of 2024 as well. Thus, the real GDP is projected to have grown by around 5.0 percent in 2024, registering the highest annual growth since 2017, Dr. Weerasinghe said.

This higher-than-expected growth shows that deflation in recent months was not due to demand factors but mainly due to supply-side factors, the CBSL Governor said.

Dr. Weerasinghe said that in 2024, the Central Bank had eased monetary policy on three occasions leading to lower interest rates.

This supported the economy to progress and encouraged consumer spending and promoted investments that laid the basis for the economic recovery, he said.

He added that the credit extended to the private sector expanded notably in 2024, while credit obtained by the public sector contracted, freeing up financial resources for private-sector investment.

The CBSL Governor said the Central Bank facilitated the increased demand for currency by providing adequate currency notes and coins to the banking system, which ensured that transactions could be carried out unhindered amidst the recovery in domestic economic activity.

He added that in 2024, the public adoption of digital payments continued to increase rapidly, and customers’ payments to government institutions through online payment platforms have also recorded a notable expansion.

He added that the Central Bank purchased the highest-ever annual amount of foreign exchange from the domestic foreign exchange market in 2024, exceeding 2.8 billion (net) U.S dollars.

The gross official reserves increased to around 6.1 billion dollars by the end of 2024 compared to 4.4 billion dollars at the end 2023, Dr. Weerasinghe said.

He added that in 2024 restrictions, in place since 2020, on investments made outside Sri Lanka by resident Sri Lankans and capital transfers by emigrants were significantly relaxed.

Meanwhile, the rules relating to the repatriation of export proceeds to Sri Lanka and their conversion into Sri Lanka rupees were relaxed, he said.

He mentioned that the Central Bank’s focus going forward will be on stabilizing inflation around 5 percent, while ensuring that the economy remains on track towards achieving sustained growth over the medium term, thereby ensuring the prosperity of the nation.

Dr. Weerasinghe added that with a view to making low-interest rate credit accessible, the Central Bank will closely work with banks and other financial institutions, in 2025, to reduce the excessive interest rates still prevalent in the market.   (RK)



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“Investments in Professional Education Are Investments in Institutional Strength and National Progress” – PM

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Prime Minister Dr. Harini Amarasuriya stated that strengthening Sri Lanka’s professional education framework and aligning it with internationally recognised standards is essential to building a skilled, ethical, and globally competitive workforce.

The Prime Minister made these remarks while addressing the official launch of the QS-accredited Chartered Qualification in Human Resource Management (CQHRM) at SCQF Level 11 (New Syllabus), organised by the Chartered Institute of Personnel Management (CIPM) Sri Lanka under the theme New Heights of Recognition. The event was held on Wednesday, 18 February at the Cinnamon Life, Colombo.

Emphasising the importance of expanding professional and vocational education pathways, the Prime Minister stated:

“This is of crucial importance to us in broadening our educational pathways and opportunities. We need to increase access to education that is globally recognised and that offers multiple pathways in professional and vocational fields. This aligns closely with the reform process we have initiated in the education sector and with our commitment to lifelong learning where individuals can work and learn at the same time, and where education is not limited to a particular age group but continues throughout life.”

Highlighting Sri Lanka’s national priorities, the Prime Minister further observed:

“At a time when Sri Lanka is focused on economic recovery, institutional reform and sustainable growth, the need for competent and ethical human resource leadership is clear. A competitive economy depends not only on investment and infrastructure but also on skilled professionals who can lead institutions effectively.”

The Prime Minister noted that the QS accreditation of the CQHRM qualification strengthens international recognition of Sri Lankan human resource professionals, enhances professional progression pathways, and reinforces confidence in the country’s professional education system. She also underscored the role of human resource leadership in advancing equity and inclusion within workplaces, including fair recruitment practices, safe working environments, leadership development for women, and inclusive policies for persons with disabilities and neurodivergent individuals.

Addressing the future of work, the Prime Minister stressed the importance of preparing for rapid technological transformation, including the growing impact of artificial intelligence on industries and workforce management, encouraging institutions to proactively adapt to emerging demands.

The event was attended by Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe, along with other distinguished guests.

[Prime Minister’s Media Division]

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Advisory for Severe Lightning issued to the Western and Sabaragamuwa provinces and Nuwara-Eliya, Galle and Matara districts

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Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre  at 12.00 noon 19 February 2026 valid for the period until 11.00 p.m. 19 February 2026

The public are warned that thundershowers accompanied with severe lightning are likely to occur at some places in in the Western and Sabaragamuwa provinces and in Nuwara-Eliya, Galle and Matara districts after 2.00 p.m.

There may be temporary localized strong winds during thundershowers.

General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.

ACTION REQUIRED:

The Department of Meteorology advises that people should:
 Seek shelter, preferably indoors and never under trees.
 Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
 Avoid using wired telephones and connected electric appliances during thunderstorms.
 Avoid using open vehicles, such as bicycles, tractors and boats etc.
 Beware of fallen trees and power lines.
 For emergency assistance contact the local disaster management authorities.

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Navy and Coast Guard seize 04 Indian fishing vessels poaching in Sri Lankan waters

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During operations conducted in the dark hours of 18 Feb 26, the Sri Lanka Navy and Coast Guard seized 04 Indian fishing boats and apprehended 22 Indian fishermen, while they were poaching in Sri Lankan waters north of Mannar and off the Delft Island, Jaffna.

Recognizing the detrimental effects of poaching on marine resources and the livelihoods of local fishing communities, the Sri Lanka Navy and Coast Guard continue to conduct regular operations as proactive measures to deter such activities. These efforts underscore the collective robust approach and steadfast commitment to safeguarding the nation’s marine ecosystems while ensuring the economic security and wellbeing of its citizens.

The 02 fishing boats along with the 10 fishermen held in Mannar were handed over to the Fisheries Inspector of Mannar and the remaining 02 fishing boats intercepted off the Delft Island, together with 12 Indian fishermen were handed over to the Fisheries Inspector of Myliddy for onward legal proceedings.

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