Business
‘Former govt.’s currency printing spree, chief among reasons for economic debacle’
By Hiran H.Senewiratne
The ousted regime’s prioritization of political expediency over the national interest coupled with their currency printing spree exercise aimed at keeping interest rates at a low level, resulted in the country’s economic woes, Central Bank Governor Dr Nandalal Weerasinghe said.
“Today the SME sector is badly hit due to high interest rates. The reasons for it is traceable to the ousted regime keeping interest rates at a low level together with heavy money printing. This resulted in the current high inflation rate in the country, Dr Weerasinghe told the media at the monthly monetary policy review meeting held at the Central Bank auditorium last week.
Dr. Weerasinghe added: ‘Steeply rising prices are a bigger threat to businesses than high interest rates which will have to be maintained for a time until inflation starts to ease.
‘Sri Lanka is now experiencing the result of past money printing and if rates are cut now, runaway inflation could be the result.
“Higher interest rates are a cost to any business, but inflation drives up all costs. Interest rates are raised by a Central Bank as an independent decision taking into account economic conditions and inflation.
“It is said that the rupee fell from Rs 200 to Rs. 360 to the US dollar in 2022 after two years of money printing to suppress rates and inflation had hit close to 70 per cent by September.
“Interest rates were kept down for a time. In the recent past enough money was printed. We are seeing the result of that.”
Meanwhile, a top economist who preferred anonymity told The Island Financial Review that ex-President Gotabhaya Rajapakse totally messed up the economy, independent of the Covid crisis. Towards the end of 2019, and in early 2020, the government enacted deep tax cuts in fulfilment of an election promise, presumably to help its election backers and stooges. This led to the loss of approximately one million taxpayers between 2020 and 2022. Therefore, the country lost more than Rs 500 billion in tax money per year, due to tax cuts.
The economist said that this year the economy is expected to contract by around 8 per cent of gross domestic product as investment and consumption falls as efforts are made to stabilize the economy, compounded by lack of capital inflows due to weak confidence and banks also repaying foreign credits.
Business
Financial literacy central to country’s development – CBSL Governor
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
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
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.
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