Business
Central Bank eyeing USD 8 -10 billion currency reserves in 3-4 years
IMF has shown the way and now Sri Lanka has to dig itself out of the mess, says Governor
by Sanath Nanayakkare
Central Bank Governor Dr. Nandalal Weerasinghe recently said that Sri Lanka needs to build and keep a ‘comfortable level’ of currency reserves in order to maintain the country’s balance-of-payments situation in the event of any external shocks or unforeseeable emergencies.
The Governor made this comment during an interview with Sri Lanka Rupavahini Corporation’s Big Question’ programme.
“Foreign debt restructuring will be a key pillar in this exercise. Sri Lanka’s foreign loan repayments currently stand at USD 6 billion per year. If a part of these debt repayments can be restructured, that will give the country more space to secure the funds it needs to repay its loans and pay for its essential imports going forward. Say, for example, if it can be restructured to pay USD 2 billion per year, then the balance USD 4 billion will remain in our reserves. Thus we should be able to gradually increase our reserves within 3-4 years to build it up to USD 8-10 billion. If this could be achieved, it would be a relatively strong position because in case of an oil price shock or any other unforeseeable emergency, we would have enough reserves to face it. This is why bringing the currency reserves to a comfortable and safe level while repaying our foreign debt is important,” he said.
“The depletion of currency reserves was the main cause for going into the crisis last year. When I was appointed Governor of the Central Bank in April 2022, there was only USD 20 million usable reserves. Once we paid our loans, there was no money left in hand to import essential commodities. Those days we had to depend on daily inflows to tide us over. That’s not a good situation. For the economy to stabilize, we need to increase our reserves up to at least USD 8 billion,” he said.
According to the Governor, country’s currency reserves would reach close to USD 3 billion at the end of this month with the Chinese SWAP of USD 1.6 billion.
However, the Governor emphasized that there are two main pillars the country must prioritize in building foreign reserves before looking at foreign debt restructuring.
“We have to increase our export earnings by diversifying our exports and increase our expatriate workers’ remittances. Keeping our imports at a manageable level as against our exports is another key element. Thirdly, working proactively to increase our tourism earnings would help increase our reserves. These should be our prime targets. Yes, then as you mentioned, if we receive a loan from the IMF, the World Bank or the Asian Development Bank, that will also help boost our reserves. It’s important to methodically reduce the import expenditure and increase export earnings, then the surplus would add to our reserves.
When asked whether the IMF would really dig Sri Lanka out of the mess, the Governor said,” What is the need for IMF to dig Sri Lanka out of the mess? It’s not a problem of the IMF. The government now has to keep its pledges on fiscal discipline and fiscal consolidation and move ahead in the right direction with consistency, without veering away from the agreed upon benchmarks for political reasons. India, Korea, Thailand and Indonesia also went to IMF post- Asian financial crisis. They didn’t go to IMF again because they implemented the programmes and there was no need to go again. IMF gives its members’ money and that is why it took a long for them to give us money as our debt was unsustainable. They help member countries facing balance of payment issues with members’ funds and show them the way to stabilize themselves. So it is up to us to dig ourselves out of the mess,” the Governor said.
Business
Shark and Ray Karawala
When we buy shark dry fish (Mora Karawala), do we really know what species we are consuming? What if endangered sharks are hiding in our meal? Most consumers are unaware.
In Sri Lanka, dried fish is more than food; it is a flavour, a tradition and a way of life. Affordable, long-lasting, and rich in taste, it has become a staple across the island, mainly in rural communities, the dry zone, and hill country. While most fish are eaten fresh, about 14% of the catch is preserved through age-old methods, such as salting, sun drying, smoking and fermentation. Whether served as a main dish (Karawala) or as a flavourful condiment (Umbalakada), dried fish has secured a special place on Sri Lankan plates.
Today, nearly two-thirds of the demand for dry fish is met locally, with dried sharks being the most common and popular in markets. And many people believe that milk sharks are particularly nutritious for lactating mothers.
Typically, part of the excess fish supply in peak seasons, fish arrive late from multiday fishing boats, fish from the bottom of nets, fish that are susceptible to quick spoilage or have low market appeal, are used to produce dry fish rather than letting this resource go to waste. In many coastal villages, drying fish is carried out at the fishing “waadi” (fishing villages/houses) level, often led by women as a means of earning supplementary income.
- Salting (not an elasmobranch
- Cutting rays into pieces prior to salting
But this comes with a cost. Sharks and Rays are slow-growing, late maturing and producing only a few young cannot keep up with rising demand. Sharks and Rays are captured by large-scale artisanal fisheries and often retained as bycatch. Mainly exploited for their meat and other derivatives, including gill plates, fins, and skins. Overfishing has pushed their populations into serious decline.
In Sri Lanka, over 60–70% of shark and ray species are threatened with extinction according to the IUCN Red List, with many others listed as Data Deficient — meaning their true status may be even worse. Only a handful of species might be considered less at risk, but even those assessments are uncertain.
Once dried, it becomes nearly impossible to identify which species are being sold. Drying removes distinguishing features, making it impossible to verify the species or ensure sustainability. Labelling is virtually non-existent, and consumers have no reliable way to tell which species they are purchasing.
This means endangered sharks are likely ending up on plates across the country — without anyone realising it. Given the high proportion of threatened species and the lack of transparency, the safest and most responsible choice is to avoid all shark-based dried fish entirely.
By choosing alternative dried fish products made from more sustainable species, we can protect Sri Lanka’s marine biodiversity and ensure that our cultural traditions remain part of a future where sharks still swim in our oceans.
About the Author:
Apsara Rupasinghe, a zoologist with a BSc (Hons) Degree in Zoology, is pursuing MPhil research on shark and ray genetics at BRT-FiPo, with a background in conservation genetics and population genetics. Her work involves combining genetics and conservation to improve species identification and protect endangered elasmobranch species. Apsara pays special attention to the dry fish industry in Sri Lanka as part of her research.
by Apsara Rupasinghe
(Researcher, Fisheries and Policy Programme, Blue Resources Trust)
Business
SPAR Sri Lanka opens first Kandy outlet, redefining modern retail in hill capital
SPAR Sri Lanka marked a significant milestone with the opening of its 12th outlet—its first in the historic city of Kandy and only the second outside the Western Province. Established in 2018 as a joint venture between SPAR South Africa Group and Ceylon Biscuits Limited, SPAR Sri Lanka combines global expertise with strong local roots.
Speaking at the launch, CEO of SPAR Sri Lanka highlighted the cultural and commercial significance of Kandy, noting that the brand’s aim is “not just to open a store, but to serve the community in a meaningful and relevant way.”
The Kandy outlet offers over 6,200 products, with nearly 3,900 locally sourced, supporting farmers, producers, and SMEs, while the remaining range includes imported SPAR international brands. Innovative features such as a dedicated pet care section, TOPs liquor store, pharmacy, and banking facilities create a one-stop lifestyle destination.
SPAR Sri Lanka is also fostering youth employment and professional development, providing structured training programs to equip staff with globally recognised retail skills. The store has created over 50 jobs in the region and supports local suppliers in meeting international standards, opening doors for broader market access.
With its SPAR2U online platform and SPAR Rewards app, customers can enjoy convenience and value, while the company’s ecosystem approach supports retailers, suppliers, and communities alike. The brand’s next expansion is scheduled in Kurunegala, underscoring SPAR Sri Lanka’s vision of reshaping retail while uplifting local economies.
Text and Pic By S.K Samaranayake
Business
Sri Lanka Insurance Life Honoured at Great Managers Awards, Becoming First SOE to Achieve this Recognition
Sri Lanka Insurance Life (SLIC Life) was recognised at the prestigious ‘Great Managers Awards 2025’, held on 26th March 2026 at Cinnamon Grand, Colombo, marking a significant milestone as the first State-Owned Enterprise (SOE) to receive this recognition.
Organised by CLA Coaching in collaboration with the Colombo Leadership Academy, the awards recognise organisations and individuals who demonstrate excellence in leadership and managerial effectiveness, benchmarked against global best practices through a rigorous evaluation process.
Sri Lanka Insurance Life was recognised under the category of ‘Companies with Great Managers’, reflecting its commitment to nurturing leadership talent and building a culture that supports sustainable performance and people development.
Several SLIC Life team members were also honoured across multiple categories, highlighting the depth of leadership within the organisation. Duminda Pieris, Assistant General Manager/Zonal Head, was recognised for Driving Results and Execution Excellence, while Chaminda Athauda, Deputy General Manager – Life, received recognition for Aligning Organisational Vision. Jagath Welgama, Deputy General Manager – National Sales, and Manjula Darmaprema Branch Manager – Pilimathalawa were acknowledged for Building Team Effectiveness and Collaboration. Amali Gomez, Manager – Corporate & Marketing Communications, was recognised for Integrality and Holistic Approach. Ruchira Edirisinghe, Brand Manager, and Uththara Kapugamage, Manager – Employee Engagement, were both recognised as Great Millennial Managers.
Commenting on the achievement, Nalin Subasinghe Chief Executive Officer of Sri Lanka Insurance Life stated: “We are truly humbled and honoured to be recognised at the Great Managers Awards 2025, especially as the first State-Owned Enterprise to receive this accolade. This achievement is a testament to the strength, dedication, and professionalism of our team, who continue to demonstrate exceptional leadership across all levels of the organisation. We take great pride in this collective success.” He further added, “We also commend this initiative for its role in encouraging organisations to nurture and develop future leaders. Platforms such as these are vital in shaping strong leadership cultures that drive sustainable business success and industry-wide progress.”
This recognition underscores Sri Lanka Insurance Life’s ongoing commitment to developing its people, strengthening leadership capabilities, and fostering a high-performance culture that contributes to long-term organisational success.
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