Business
CBSL lowers limit on public’s foreign currency note holdings; violators to be taken to task
By Hiran H.Senewiratne
The Central Bank will lower the limit on foreign currency note holdings of the public to US $10,000 from US $ 15,000 and would crackdown on anyone holding on to such notes for over three months in violation of the regulation, Central Bank Governor Dr Nandalal Weerasinghe said.
“Under Sri Lanka’s Foreign Exchange Act, a new circular will be released, where currency notes which are held in contravention of the rules, will be seized. Therefore, any holders of currency notes will be given a grace period of 14 days from today and they will then be expected to deposit the money in the banking system, Weerasinghe added.The Governor made these remarks at the Central Bank monetary policy review meeting held yesterday at the Central Bank auditorium. He said that the CBSL Monetary Board had decided to continue the current monetary policy stance. Recently two seizures had taken place.
Police and Central Bank officials will take action to seize foreign currency held by the public in contravention of the law. Many people were holding notes at home and also in bank vaults, Governor said.Weerasinghe explained that Monetary Board, at its meeting held the previous day, had 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 13.50 per cent and 14.50 per cent respectively.
Weerasinghe added: ‘Although inflation is projected to remain elevated in the near term, the substantial policy measures taken by the Board, at its meeting held on April 8, 2022, combined with other measures to stem the firming up of aggregated demand pressures, are expected to contain any further build-up of inflation expectations and ease inflationary pressures in the period ahead.
‘Market interest rates have notably adjusted upwards reflecting the significant monetary policy tightening measures taken by the Central Bank in April 2022.‘Headline inflation is projected to remain escalated in the near term on account of domestic supply shortages, increased global commodity prices and the effects of the large depreciation of the Sri Lanka rupee against the US dollar.‘However, inflation is expected to moderate thereafter reflecting the impact of corrective policy measures of the Central Bank and the expected improvements in both domestic and global supply conditions.
‘We expect economic growth to record a setback this year as economic activity is expected to be affected considerably by the ongoing supply shortages, energy related issues and social tensions.‘The policy measures implemented by the Central Bank need to be reinforced by adequate and timely policy adjustments by the government.In order to prevent further deterioration of economic conditions and complement the efforts of the Central Bank implemented thus far, urgent measures are required to restore greater political stability through consensus governance and social harmony.’
Business
Sri Lanka betting its tourism future on cold, hard numbers
National Airport Exit Survey tells quite a story
Australia’s role here is strategic, not charitable
In a quiet but significant shift, Sri Lanka’s tourism sector is moving beyond traditional destination marketing and instinct-based planning. The recent launch of the “From Data to Decisions” initiative jointly backed by Australia’s Market Development Facility and the Sri Lanka Tourism Development Authority, sent an unambiguous message: sentiment is out, statistics are in.
The initiative is anchored by a 12-month National Airport Exit Survey, a trove of data covering 16,000 travellers. The findings sketch a new traveller profile: nearly half are young (20–35), independent, and book online. Galle, Ella, and Sigiriya are the hotspots; women travellers outnumber men; and a promising 45% plan to return. This isn’t just trivia. It’s a strategic blueprint. If Sri Lanka Tourism listens, it can tailor everything from infrastructure to marketing, moving from guesswork to precision.
The keynote speaker, Deputy Minister Prof. Ruwan Ranasinghe called data “a vital pillar of tourism transformation.” Yet the unspoken truth is that Sri Lanka has long relied on generic appeals -beaches, heritage, smiles. In today’s crowded market, that’s no longer enough. As SLTDA Chairman Buddhika Hewawasam noted, this partnership is about “elevating how we collect, analyse, and use data.”
Australia’s role here is strategic, not charitable. By funding research and advocating for a Tourism Satellite Account, it is helping Sri Lanka build a tourism sector that is both sustainable and measurable. Australian High Commissioner Matthew Duckworth linked this support to “global standards of environmental protection” – a clear nod to the growing demand for green travel. This isn’t just aid; it’s influence through insight.
“The real test lies ahead,” a tourism expert told The Island. “Data is only as good as the decisions it drives. Will these insights overcome bureaucratic inertia? Will marketing budgets actually follow the evidence toward younger, independent, female travellers?,” he asked.
“The comprehensive report promised for early 2026 must move swiftly from recommendation to action. In an era where destinations are discovered on Instagram and planned with algorithms, intuition alone is a high-stakes gamble. This forum made one thing clear: Sri Lanka is finally building its future on what visitors actually do – not just what we hope they’ll do. The numbers are in. Now, the industry must dare to follow them,” he said.
By Sanath Nanayakkare
Business
New ATA Chair champions Asia’s small tea farmers, unveils ambitious agenda
In his inaugural address as the new Chairman of the Asia Tea Alliance (ATA), Nimal Udugampola placed the region’s millions of smallholders at the core of the global tea industry’s future, asserting they are the “indispensable engine” of a sector that produces over 90% of the world’s tea.
Udugampola, who is also Chairman of Sri Lanka’s Tea Smallholdings Development Authority, used his speech at the 6th ATA Summit held in Colombo on Nov. 27 to declare that the prosperity of Asian tea is “entirely contingent” on the resilience of its small-scale farmers, who have historically been overlooked by premium global markets.
“In Sri Lanka, smallholders account for over 75% of our national production. Across Asia, millions of families maintain the quality and character of our regional teas,” he stated, accepting the chairmanship for the 2025-2027 term.
To empower this vital community, Udugampola unveiled a vision focused on Sustainability, Equity, and Digital Transformation. The strategic agenda includes:
Climate Resilience: Promoting climate-smart agriculture and regenerative farming to protect smallholdings from environmental disruption.
Digital Equity: Leveraging technology like blockchain to create farm-to-cup traceability, connecting smallholders directly with premium consumers and ensuring fair value.
Market Expansion: Driving innovation in tea products and marketing to attract younger consumers and enter non-traditional markets.
Standard Harmonization: Establishing common regional quality and sustainability standards to protect the “Asian Tea” brand and push for stable, fair pricing.
Linking the alliance’s goals to national ambition, Udugampola highlighted Sri Lanka’s target of producing 400 million kilograms of tea by 2030. He presented the country’s “Pivithuru Tea Initiative” as a model for other ATA nations, designed to achieve this through smallholder empowerment, digitalization, and aligned policy objectives.
By Sanath Nanayakkare
Business
Brandix recognised as Green Brand of Year at SLIM Awards 2025
Brandix Apparel Solutions was recognised as the Green Brand of the Year at the Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards 2025, taking home Silver, the highest award presented in the category this year.
The ‘Green Brand of the Year’ recognises the brand that drives measurable environmental impact through sustainable practices, climate-aligned goals and long-term commitment to protecting natural resources.
A pioneer in responsible apparel manufacturing for over two decades, Brandix has championed best practices in the sphere of sustainable manufacturing covering environmental, social, and governance aspects. The company built the world’s first Net Zero Carbon-certified apparel manufacturing facility (across Scope 1 and Scope 2) and meets over 60% of its energy requirement in Sri Lanka via renewable sources.
Head of ESG at Brandix, Nirmal Perera, said: “Being recognised as Green Brand of the Year is an encouraging milestone for our teams working across sustainability.”
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