Features

Inflation – Public Enemy Number One

Published

2 years ago

2023/12/20

Central Bank Governor Dr. Nandalal Weerasinghe

[An article based on the Keynote Address delivered by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, recently at the Annual Research Symposium 2023 of the University of Colombo]

Introduction

Inflation affects every aspect of our lives; it is a force that shapes our purchasing power, influences our financial decisions, and impacts the overall stability of our society. In the year 2022, inflation reached extraordinary levels globally, driven by the lagged effects of ultra-easy monetary and fiscal support following the COVID-19 pandemic, supply shortages and capacity constraints, along with supply chain issues. Affected by global as well as domestic factors, Sri Lanka also experienced inflation at unprecedented levels in 2022. However, in late 2022, Sri Lanka entered an impressive disinflation path, eventually bringing inflation down to the targeted levels within a period of one year. Sri Lanka’s swift disinflationary process was supported by a combination of policy measures implemented by both the Central Bank and the Government.

In the forthcoming sections, I will delve into international experience and the academic outcomes on the causes and consequences of inflation; the role of monetary policy in coping with inflation; the dynamics of Sri Lanka’s high inflation episode; and the role of the Central Bank of Sri Lanka in managing inflation and inflation expectations, with special emphasis to the new Central Bank of Sri Lanka Act. A better understanding of the above could help shape academic research, which would also contribute towards effective policymaking and business decisions.

Declaring inflation as a public enemy

Inflation, a fundamental concept in economics, refers to the sustained increase in the general price level of goods and services in an economy over a period of time. When inflation occurs, each unit of currency buys fewer goods and services than it did before, leading to a decrease in the purchasing power of money. Over the years, economists and policymakers emphasised the seriousness and negative impact of inflation on the economy and people’s lives.

High inflation episodes have been a recurring phenomenon in economic history, causing significant challenges for nations and their citizens. It was in this context that Gerald Ford, the 38th president of the United States, even declared inflation as public enemy number one. In one of President Ford’s addresses to Congress in 1974 he stated “Only two of my predecessors have come in person to call upon Congress for a declaration of war, and I shall not do that. But I say to you with all sincerity that our inflation, our public enemy number one, will, unless whipped, destroy our country, our homes, our liberties, our property, and finally our national pride, as surely as any well-armed wartime enemy.” President Ford introduced the slogan “Whip Inflation Now (WIN)” as part of his campaign to fight inflation and even started wearing buttons with “WIN”. Although the outcome of this campaign is debatable, it illustrates how much of a problem inflation was in the 1970s.

Historical episodes of high inflation

Indeed, many countries have grappled with high inflation – and in some cases hyperinflation. One of the most infamous cases of hyperinflation occurred in Germany during the early 1920s. Following World War I, Germany experienced a severe economic crisis exacerbated by the reparations imposed by the Treaty of Versailles. The German government printed an excessive amount of money to meet its obligations, leading to hyperinflation. Prices skyrocketed, and people’s savings became worthless. At its peak, prices were doubling every few days, and workers were paid multiple times a day. Zimbabwe, in the late 2000s, faced hyperinflation due to a combination of economic mismanagement, land reforms, and political instability. The government printed money recklessly, causing prices to soar at an astronomical rate. At its peak, in mid-November 2008, Zimbabwe’s hyperinflation reached an astounding monthly rate of around 500 billion per cent (Moyo, 2023). The Zimbabwean dollar became practically worthless, and the country abandoned its own currency, relying on foreign currencies for transactions. Similarly, countries such as Argentina, Brazil and Venezuela experienced hyperinflation crises from time to time since the 1980s.

Why high inflation or hyperinflation is bad?

Inflation represents how much more expensive the relevant set of goods or services has become over a certain period, most commonly a year. To the extent that households’ nominal income does not increase as much as prices, they are worse off, because they can afford to purchase less. In other words, households’ purchasing power or real income (inflation-adjusted income) falls. Real income is a proxy for the standard of living. When real incomes are rising, so is the standard of living, and vice versa.

Savers and investors suffer significant losses during periods of high inflation. The real value of savings diminishes rapidly, while investors experience a decline in the real returns of their investments. Moreover, high inflation breeds uncertainty in the economy. Businesses face difficulties in planning for the future, unsure of their future costs and revenues. This uncertainty leads to reduced investments and hampers economic growth. Furthermore, nations experiencing high inflation find their international competitiveness severely compromised. As domestic prices rise, the cost of exports increases, making products less competitive in the global market. This situation can lead to trade imbalances and hinder economic recovery efforts, further exacerbating the challenges posed by high inflation.

Although high inflation hurts an economy, deflation, or falling prices, is not desirable either. When prices are falling, consumers delay making purchases if they can, anticipating lower prices in the future. For the economy, this means less economic activity, less income generated by producers, and lower economic growth. As you may know, Japan is one country with a long period of nearly no economic growth, largely because of deflation. Given the above, most economists now believe that low, stable, and most importantly predictable inflation is good for an economy. If inflation is low and predictable, it is easier to capture it in price-adjustment contracts and interest rates, reducing its distortionary impact.

What causes inflation?

Inflation could be influenced by numerous factors. Understanding these diverse causes of inflation is essential for academics as well as policymakers to recommend and implement appropriate measures to maintain stable prices and support sustainable economic growth. Demand-pull inflation occurs when the demand for goods and services exceeds their supply. When the demand outstrips supply, businesses often raise prices to maximise their profits. Cost-push inflation occurs when the cost to produce goods and services increases, leading businesses to pass these additional costs on to consumers in the form of higher prices. This can be caused by rising wages, increased costs of raw materials, or other production-related expenses. Expectations also play a key role in determining inflation. If people or firms anticipate higher prices, they build these expectations into wage negotiations and contractual price adjustments. To the extent that people base their expectations on the recent past (adaptive expectations), inflation would follow similar patterns over time, resulting in inflation inertia.

In the long run, inflation is primarily caused by factors related to the overall increase in the money supply in an economy relative to the growth in the real output of goods and services. If the money supply grows too big relative to the size of an economy, the unit value of the currency diminishes; in other words, its purchasing power falls and prices rise. Milton Friedman, a Nobel laureate in economics, argued that “inflation is always and everywhere a monetary phenomenon.” Friedman argued that changes in the money supply, driven by central bank policies and other monetary factors, are the primary drivers of inflation in the long run, while other factors can cause short-term fluctuations in prices. While Friedman’s insight into the monetary roots of inflation remains a fundamental principle, economists and policymakers now consider a broader array of factors when analysing inflationary trends. Modern economic analysis incorporates a more holistic approach, recognising the interplay of various elements in shaping inflationary outcomes.

How policymakers deal with inflation and the role of monetary policy

The policies aimed at reducing inflation depend to a great extent on the causes of inflation. If the economy has overheated and inflation is primarily demand-driven, central banks can implement contractionary monetary policy that rein in aggregate demand. Indeed, the central banks play a crucial role in controlling inflation through monetary policy.

One of the primary objectives of monetary policy, as emphasised by many central banks around the world, is maintaining price stability. Price stability is crucial for a healthy economy as it ensures that the purchasing power of a currency remains relatively constant over time. Economists have argued that stable prices create a favourable environment for long-term economic growth and investment (e.g., Mishkin, 2007). Moreover, monetary policy also plays a role in promoting economic growth. Studies by Romer (1993) and Barro and Sala-i-Martin (2004) suggest that stable monetary policies are positively correlated with long-term economic growth.

Central banks use a range of tools to influence the money supply and interest rates, affecting inflation. Traditional tools include policy interest rates, open market operations, and reserve requirements. Following the 2008 financial crisis, central banks implemented unconventional monetary policies, such as forward guidance, quantitative easing (asset purchasing) and negative interest rates. Furthermore, central bankers are increasingly relying on their ability to influence inflation expectations as an inflation-reduction tool. Policymakers announce their intention to keep economic activity low temporarily to bring down inflation, hoping to influence expectations. The more credibility central banks have, the greater the influence of their pronouncements on inflation expectations.

However, monetary policy is faced with increasing challenges and trade-offs. For example, the Phillips curve, which describes the inverse relationship between inflation and unemployment or output, has been the subject of extensive research. Studies that integrate monetary policy, inflation, and output stabilisation, have provided insights into the trade-offs faced by policymakers (e.g., Clarida, Gali, and Gertler, 1999) when achieving price stability. Furthermore, with increased globalisation, international factors can have a heightened impact on domestic inflation (e.g., Obstfeld and Rogoff, 2002). This sheds light on the complexities of maintaining price stability in a globalised world.

Across the globe, monetary policy frameworks cover various approaches, strategies, and models employed by central banks to achieve their objectives, such as price stability. Among those, inflation targeting has been a widely adopted monetary policy framework since the 1990s. Under inflation targeting, central banks set explicit inflation targets and use policy instruments to achieve them. Studies show that countries adopting inflation targeting are benefited in terms of providing clear objectives to the stakeholders and enhanced transparency (Bernanke, Laubach, Mishkin, and Posen, 1999). Many central banks have moved toward flexible inflation targeting, a special case of inflation targeting, which allows temporary deviations from the target to accommodate shocks to the real economy. Flexible inflation targeting has its advantages in terms of stabilising both inflation and the real economy (Svensson, 2010).

Global inflation in 2023

Despite the advances in monetary policy frameworks, across the globe, inflation accelerated to unprecedented levels during the year 2022. According to the IMF, global inflation accelerated to 8.7 per cent in 2022, from 4.7 per cent in the previous year, reflecting the impact of the lagged effects of ultra-easy monetary and fiscal support following the COVID-19 pandemic, shortages of fuel and nonfuel commodities exacerbated by the Russia-Ukraine conflict, and capacity constraints along with supply chain issues. Many countries allowed the passthrough of high global prices to the domestic economy, as administrative price-setting measures that are not cost-reflective usually result in the government’s accrual of large subsidy bills to compensate producers for their lost income.

However, in light of substantial monetary tightening by major central banks in the world, the resultant slowing of economic activity, easing supply chain disruptions, and moderating prices of energy and other commodities, inflation started to moderate in 2023. Nonetheless, the forecast levels of inflation in 2023 and 2024 are still higher than the pre-pandemic (2017–2019) levels of around 3.5 per cent. Moreover, the underlying price pressures are proving sticky, with labour markets tight in several economies. Therefore, core (underlying) inflation is likely to decline more slowly in the period ahead. Further, with rising geopolitical tensions in the Middle East, upside risks to global inflation are on the rise.

Sri Lanka’s economic crisis and the rise in inflation

In 2022, Sri Lanka experienced its worst-ever economic crisis, which had been in the making for many years, triggered by policy errors and exacerbated by other exogenous factors. Failure to build fiscal and external buffers over time made the nation vulnerable to domestic and external shocks, and the COVID-19 pandemic and the related shocks exposed the vulnerabilities in the Sri Lankan economy, bringing about the worst economic crisis in Sri Lanka’s history. The resultant economic hardship led to public anxiety and political upheavals.

By early 2022, the economy faced severe challenges due to an unsustainable macroeconomic model along with persistent budget deficits and external account imbalances. These issues, influenced by global and domestic factors, had depleted the economy’s foreign reserves. As a result, the country experienced intense pressure on its balance of payments (BOP), leading to a shortage of foreign exchange, a weakened exchange rate, soaring inflation, and reduced economic activity.

Although Sri Lanka managed to have single-digit inflation for over 12 years since 2009, inflation rose to historically high levels in 2022 stemming from global oil and other commodity price hikes, adjustments to domestic administrative prices, domestic supply disruptions, the substantial depreciation of the Sri Lanka rupee against the US dollar and the lagged effects of extended period of relaxed monetary policy following the COVID-19 pandemic. Contrary to the co-movement in inflation and economic growth in regular business cycles, Sri Lanka witnessed inflation and economic growth moving in opposite directions, as supply, as well as demand-driven inflation, accelerated overall inflation and economic growth stalled.

Measures taken to overcome the sharp rise in inflation

Several policy measures have been taken by the Central Bank to stabilise the economy and tighten monetary and credit conditions. With a view to countering rising inflationary pressures and anchoring inflation expectations, the Central Bank tightened monetary policy significantly since August 2021, with a significant increase in policy interest rates happening in April 2022. Monetary policy had to be conducted with an unprecedented level of deliberations, as the country entered a phase of high inflation and economic stagnation and tightening of monetary conditions will not only result in a reduction in inflation, but also economic growth. In parallel, the Central Bank also implemented a series of policy measures aimed at maintaining external sector stability and reducing import demand.

Since the beginning of the monetary tightening cycle in August 2021, the Central Bank’s key policy interest rates, i.e., Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR), were raised by 11 percentage points till March 2023. Furthermore, during this tightening phase, the Central Bank increased the Statutory Reserve Ratio (SRR) by 2 percentage points, while several caps on interest rates were removed, allowing for greater upward adjustments in market interest rates. The unprecedented upward adjustment of policy interest rates helped arrest the further build-up of demand-driven inflationary pressures, thereby pre-empting the escalation of adverse inflationary expectations, easing the pressure on the external sector, and correcting anomalies observed in the market interest rate structure.

(To be continued)

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Features

Building a sustainable future for Sri Lanka’s construction industry

Published

2 days ago

2026/05/8

Thilina Walpola

Sri Lanka’s construction industry has long been a central pillar of sustainable development. From roads and bridges to homes, schools, and hospitals, construction shapes the country’s physical landscape and supports economic progress. As the nation continues to rebuild and modernise, the demand for construction materials and infrastructure keeps rising. However, this growth also brings a significant environmental cost. Cement, steel, bricks, aggregates, and timber all require energy, resources, and transportation, contributing to carbon emissions and environmental damage. If Sri Lanka continues with traditional construction practices, the long-term impact on the environment will be severe.

The encouraging news is that Sri Lanka has many opportunities to adopt more sustainable construction practices while still maintaining the highest standards of quality and safety. Sustainable construction does not mean weaker buildings or lower standards. It means using sustainable materials, reducing waste, improving design, and choosing methods that protect the environment. Many countries have already moved in this direction, and Sri Lanka has the potential to follow the same path with solutions that are practical, affordable, and suitable for local conditions.

A promising option

One promising option is the use of Compressed Earth Blocks (CEB), which are different from the concrete blocks commonly used in Sri Lanka for the past 25 years. CEBs are made from soil mixed with a small amount of stabiliser and pressed using machines. Unlike traditional fired clay bricks, CEBs do not require high-temperature kilns, which consume large amounts of firewood or fossil fuels. This makes CEBs a low-carbon alternative with a much smaller environmental footprint. In Sri Lanka, CEBs are already used in eco-resorts, community housing projects, and environmentally focused developments. They offer good strength, durability, and thermal comfort, making them suitable for many types of buildings. By expanding the use of CEBs, Sri Lanka can reduce energy consumption, lower emissions, and promote locally sourced materials.

Recycled aggregates also offer significant potential for sustainable construction. These materials are produced by crushing concrete, demolition waste, and construction debris. In Sri Lanka, recycled aggregates are already used in road construction, particularly for base and sub-base layers. They are suitable for non-structural building work such as pathways, garden paving, drainage layers, landscaping, and backfilling. Using recycled aggregates reduces the need for newly quarried rock and aggregates, decreases landfill waste, and lowers transportation emissions. With proper quality control and standards, recycled aggregates can become a reliable and widely accepted material in the construction industry.

Timber and sustainability

Timber is another important area where sustainability can be improved. In the past, timber for construction was often taken from natural forests, leading to deforestation and loss of biodiversity. Today, this approach is no longer sustainable. Instead, the focus must shift to legally sourced timber from managed plantations. Sri Lanka’s plantation-grown teak, jak, and kubuk can provide high-quality, legally sourced timber for construction while protecting natural forests and supporting rural economies. Using plantation timber ensures that harvesting is controlled, trees are replanted, and the supply chain remains legal and ethical.

Beyond materials, sustainable construction also involves better design and planning. Buildings that are designed to maximise natural ventilation, daylight, and energy efficiency can significantly reduce long-term operating costs. Simple design improvements such as proper orientation, shading devices, roof insulation, and efficient window placement can reduce the need for artificial cooling and lighting. These measures not only lower energy consumption but also improve indoor comfort for occupants. Sri Lanka’s tropical climate offers many opportunities to incorporate passive design strategies that reduce environmental impact without increasing construction costs.

Waste reduction is another key component of sustainable construction. Construction sites often generate large amounts of waste, including concrete, timber offcuts, packaging, and soil. By adopting better site management practices, recycling materials, and planning construction sequences more efficiently, contractors can reduce waste and save money. Proper waste segregation and recycling can also reduce the burden on landfills and minimise environmental pollution.

Promoting sustainable construction

Public projects such as schools, hospitals, and government buildings can play a leading role in promoting sustainable construction. When government projects adopt greener materials and designs, the private sector follows. This creates a positive cycle where environmentally responsible choices become the industry standard. Public sector leadership can also encourage local manufacturers to produce sustainable materials, improve quality standards, and invest in new technologies.

Sri Lanka also carries a proud and remarkable history in construction, with achievements that continue to inspire the world. The engineering brilliance behind Sigiriya, the advanced urban planning of Polonnaruwa, the precision of the Aukana Buddha statue, and the sophisticated water management systems of ancient tanks and reservoirs all demonstrate the deep knowledge our ancestors possessed. These historic accomplishments show that innovation is not new to Sri Lanka; it is part of our identity. As the world moves toward 2050 with increasing sustainability challenges, Sri Lanka can draw strength from this heritage while embracing modern technologies and sustainable practices. With the combined efforts of skilled professionals, industry experts, academic researchers, and strong government support, the country can introduce new systems that improve efficiency, reduce environmental impact, and strengthen resilience. By working together with determination and sharing knowledge across generations, Sri Lanka’s construction industry can build a future that honours its past while leading the way in sustainable development.

Foundation of sustainable development

Sri Lanka’s construction industry has always been a foundation of sustainable development. Today, it also has the chance to take a leading role in sustainability. By choosing sustainable materials, reducing waste, improving design, and supporting responsible sourcing, the country can build a future that is both modern and environmentally responsible. Sustainability is essential for Sri Lanka’s long-term goals of reducing carbon emissions and limiting the impacts of global warming. As Sri Lanka moves forward, the construction industry must embrace sustainability not only as an environmental responsibility but also as an opportunity to create stronger, smarter, and more resilient buildings for future generations. Sri Lanka has the talent, the heritage, and the technical capacity to shape a more sustainable future, and with the right national direction, the construction industry can become a model for the region. If professionals, policymakers, and communities work together with a shared vision, the country can transform its construction sector into one that protects the environment while supporting long-term progress.

About the Author: P.G.R.A.C. Gamlath Menike,

BSc (Hons) Quantity Surveying (University of Reading, UK), MSc Quantity Surveying (University College of Estate Management, UK), MCIArb, Doctoral Student, Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong, is a Senior Quantity Surveyor: Last Project (2022 -2025) Hong Kong International Airport Terminal 2 Construction Project, Gammon Engineering Construction (Main Contractor).

By P.G. R. A. C. Gamlath Menike

Features

Palm leaf manuscripts of Sri Lanka – 1

Published

2 days ago

2026/05/8

Thilina Walpola

Palm leaf manuscripts

Palm leaf manuscripts have been in existence in Sri Lanka since ancient times. The two oldest palm-leaf manuscripts found in Sri Lanka today are the Cullavagga Pâli manuscript of the H. C. P. Bell collection, which is held at the Library of the National Museum, Colombo, and the Mahavagga Pâli manuscript in the University of Kelaniya collection. Photocopies of both are available at the Library of the University of Peradeniya. Both are dated to 13 century. Cullavagga manuscript has wooden covers richly decorated in lac with a design of flowers and foliage.

Karmmavibhâga

However, the oldest known Sinhala palm leaf manuscript in the world is the Karmmavibhâga which was found in a Tibet monastery in 1936 by the Indian scholar Rahul Sankrityayan. Rahul Sankrityayan, (1893–1963) former Kedarnath Pandey, was an Indian polymath, who searched out rare Buddhist manuscripts on his travels abroad. Sankrityayan visited Sri Lanka as well. Vidyalankara Pirivena is mentioned.

Sankrityayan visited Tibet several times to collect manuscripts from the Buddhist monasteries there. In May 1936 on his second visit to Tibet, Sankrityayan visited the Sa-skya monastery. The Chag-pe-lha-khang Library in this monastery was specially opened for Sankrityayan.

He stated in his autobiography that when the clouds of dust which greeted this rare opening of its doors had subsided, they beheld rows of open racks where volume on volume of manuscripts were kept. “After rummaging around, I came across palm-leaf manuscripts. They were not wrapped in cloth, but were tied between two wooden planks with holes through them.” Sankrityayan found several important manuscripts he had been looking for, in that collection.

Sankrityayan catalogued fifty-seven manuscripts bound in thirty-eight volumes. The thirty-seventh volume was written in the Sinhala script. Sankrityayan records that this volume contained ninety-seven palm- leaves each of which measured 18 1/4 by 1 1/4 in. (46 x 3 cm.) and that there were seven lines of writing on each folio.

According to Sankrityayan, these Sinhala texts originally belonged to a Sri Lankan monk called Anantaśrî who had come to Tibet in the time of ŚSrî Kîrttidhvaja (Kirti Sri Rajasinha). Analysts noted that Sankrityayan does not give the source of this information and the manuscript makes no mention of Anantaśrî.

Sankrityayan had taken with him to Tibet, one Abeyasinghe, (Abhayasimha) to help him with copying manuscripts. They made hand-copies of the important manuscripts. Abhayasimha had copied about 250 to 350 strophes each day. But he fell ill due to the extreme cold and was sent home in June. Abeyasinghe had written letters home during his stay in Tibet.

Photographs of the manuscripts found during Sankrityayan’s expeditions in Tibet are preserved at the National Archives in Colombo. There is also a copy in Vidyalankara pirivena library The Historical Manuscripts Commission In its 1960/1961 report, drew attention to this manuscript, known as Sa-skya Codex, describing it as “a unique document.” (Annual Report of the Government Archivist 1960/61, 1963)

Sinhala scholar P.E.E. Fernando examined photographs of the Sa-skya Codex at the request of the Historical Manuscripts Commission and assigned it to the 13th century. The Historical Manuscripts Commission, dated it to either twelfth or the thirteenth century.

The Historical Manuscripts Commission observed that this manuscript was of great value for the study of the development of the Sinhala script. Ven. Meda Uyangoda Vimalakîrtti and Nähinne Sominda in their edition of the Karmmavibhâga published in 1961 agreed that the Sa-skya Codex represented an early stage in the evolution of the Sinhala language.

Mahavamsa

The Mahavamsa is considered a unique historical document. There is nothing like it in South Asia, and probably all Asia, with the exception of China. Mahavamsa provides a historical account of events, with emphasis on chronology and dating. This, it appears, was rare at the time.

However, Mahavamsa is not a political history, though that is the popular perception of it. It is a religious history. It was written to record the introduction and entrenchment of Buddhism in the country. Other Buddhist countries, such as Cambodia, Burma and Thailand value the Mahavamsa for this reason. They held copies of the Mahavamsa and used events from it in their temple frescoes.

But Mahavamsa is also an important reference source for reconstructing the political history of Sri Lanka. Political and social facts are included in the Mahavamsa narrative when describing religious events, and this makes the Mahavamsa important for historians. This tradition of history writing, beginning with the earlier Sihala Attakatha and Dipawamsa, it is suggested, started in Sri Lanka in 2^nd or 3^rd BC.

Today, the Mahavamsa has become a major source of historical information, not only for dating kings, temples and reservoirs, but also for reconstructing ancient Sinhala society. The fact that Kuveni was seated beside a pond, spinning thread has been used to indicate that there was water management and textiles long before Vijaya arrived. Dutugemunu (161-137 BC) paid a salary to the workers building the Maha Thupa. This shows that money was used at the time.

Copies of the Mahavamsa have been treasured and looked after in Sri Lanka for centuries. They have been copied over and over again. The manuscripts were held in temple libraries because the subject of the Mahavamsa was the entrenchment of Buddhism in Sri Lanka.

The Mahavamsa manuscripts did not pop up suddenly during British rule as people seem to think. The British did not ‘discover’ the Mahavamsa. It was there. When the British administration started to take interest in the history of the island, the sangha would have directed them to the Mahavamsa, in the same way that they directed HCP Bell to the ruins in Anuradhapura and the Sigiriya frescoes. HCP Bell did not discover those either.

The British administrators saw the value of the Mahavamsa and copies were sent to libraries abroad. The Bodleian library, Oxford has a well preserved Mahavamsa manuscript, taken from Mulkirigala, which Turner used for his translation. Cambridge has two Mahavamsa manuscripts. The two copies at India Office library, and the copy in East India Library are probably in the British Library today. The Royal Library, Copenhagen, has a copy, consisting of 129 sheets, 12 lines to a leaf, written in good handwriting.

In Sri Lanka there are several copies of the Mahavamsa in the Colombo Museum Library. One copy, known as the ‘Cambodian Mahavamsa ‘is in Cambodian script. University of Peradeniya has at least three copies.

It is interesting to note that the Mahavamsa was known to the Sinhala elite and some had copies in their private libraries. The Historical Manuscripts Commission of the 1930s said in its first report that five copies of the Mahavamsa and a 19^th century copy of the Dipawamsa were found in private collections.

The temple libraries had many copies of the Mahavamsa. Some were of very high quality. Wilhelm Geiger had looked at the copies held at Mahamanthinda Pirivena, Matara and Mulkirigala vihara. Asgiriya, Nagolla Vihara and Watagedera Sudarmarama Potgul vihara, Matara, are three of the many libraries that held copies of the Mahavamsa.

Sirancee Gunawardene examined the copy at Mahamanthinda Pirivena, Matara, very closely. She says that it is a very old manuscript. According to its colophon, the manuscript was first copied 400 years ago. It is in a very good state of preservation. It has 232 folios. Each 50 cm long 6.25 wide. Nine lines on each side, in Pali metric verse.

The writer of the manuscripts said that his version was an improvement on the copy. He wrote, “I will recite the Mahavamsa which was compiled by ancient sages. [their version] was too long and had many repetitions. This version is free from such faults, easy to understand and remember. It is handed down from tradition, for arousing serene joy and emotion’ .

The Mahamanthinda manuscript records the continuous history of 23 dynasties from 543 BC to 1758 AD. It refers to the principle of hereditary monarchy as 39 eldest sons of reigning monarch succeeded their fathers to the throne. It highlights the fact that fifteen reigned only for one year, 34 for less than four years, 22 kings were murdered by their successors, 6 were killed during battles, 4 committed suicide, 11 were dethroned.

Mahawansa as a World Heritage document

An ola manuscript of the Mahavamsa, held in the Main Library of the University of Peradeniya has been recognised by UNESCO as a part of World Heritage. UNESCO announced In 2023 that it has included the Mahavamsa as one of the 64 items of documentary heritage inscribed in the UNESCO’s Memory of the World International Register for 2023. The manuscript is dated to the early 19 century.

The certificate declaring the Mahawansa as a world heritage document was handed to the Chancellor of Peradeniya University by UNESCO Director General, who visited the University in 2024 specially to do so. She also unveiled a plaque marking the declaration.

The story began much earlier. The National Library of Sri Lanka and the Ministry of Buddha Sasana had jointly appointed a 6-member committee headed by Prof Malani Endagamage, to find the best preserved copy of the Mahavamsa in Sri Lanka. This would have been in 2000 or so. For two years, this team had examined copies from over 100 temples nationwide.

Temples around the country yielded copies, crumbling to well-preserved, reported Sunday Times. There was one from the Ridi Vihara that almost made the cut, but four other copies were shortlisted. One from the Dalada Maligawa, Kandy and three manuscripts from the Main Library of the University of Peradeniya. Three academics from the University’s History Department, Professors K.M. Rohitha Dasanayaka, Mahinda Somathilake and U.S.Y. Sahan Mahesh examined the three Peradeniya manuscripts

Dasanayaka said, “We poured over the copies together, and it became clear that one copy stood out. While the other two had numerous inconsistencies, this one, written in a curvy hand, was neat and beautiful. After more than two centuries, the manuscript was still very attractive, with a ‘flaming cinnamon orange’ cover and elegant lettering.

The first section of the manuscript ends with Mahasen (274–301 AD), written by the monk Mahanama. The second part ends at 1815. The author is given as Ven. Thibbotuwawe Buddharakkhita but he was dead by 1815. The final part was probably done by an acolyte. He has done a very neat job, seamlessly adding his bit, concluded Dasanayake.

This manuscript was acquired by the Library of University of Peradeniya when K. D. Somadasa, was the Librarian (1964 – 1970). It is held in the Main Library and its Accession Number is 277587.

National Library & Documentation Services Board of Sri Lanka, which administers the National Library of Sri Lanka submitted a nomination to UNESCO on behalf of this manuscript. UNESCO responded positively to the application.

UNESCO said the Mahavamsa was recognized as one of the world’s longest unbroken historical accounts, presenting Sri Lanka’s history in a chronological order from the 6th century BCE. The authenticity of the facts provided in the document has been confirmed through archaeological research conducted in Sri Lanka and India.

It is an important historical source in South Asia, said UNESCO. It was the first of its kind in South Asia, initiating a mature historiographical tradition. It has contributed singularly to the identity of Emperor Asoka in Indian history. The existence of a number of manuscripts of the Mahavamsa in several countries as well as the transliteration and translation of the text to several Southeast Asian and European languages stand testimony to its immense historical, cultural, literal, linguistic and scholarly values, .” UNESCO press release said.

Further, UNESCO found that this manuscript was correctly conserved at the University Library. The university and its library maintained high standards in safeguarding the palm-leaf manuscripts, preventing deterioration, declared UNESCO. (Continued)

REFERENCES

https://archives1.dailynews.lk/2021/02/25/local/242520/ola-leaf-mahavamsa-be-declared-world-heritage

Sirancee Gunawardana Palm leaf manuscripts of Sri Lanka . 1977 p 41,44-47 , 253 290 292, ,

N. E. I. Wijerathne Methods, Techniques and Challenges in Deciphering the Sa-skaya Codex. Vidyodaya Journal of Humanities and Social Sciences (2025), Vol. 10 (01) https://journals.sjp.ac.lk/index.php/vjhss/article/view/8571/6001

First report of the Historical Manuscripts Commision.1933 SP 9 of 1933. p . 53, 95, 96

https://journals.sjp.ac.lk/index.php/vjhss/article/view/8571/6001https://www.austriaca.at/0xc1aa5572%200x00314cc3.pdf

https://leftword.com/creator/rahul-sankrityayan/

https://www.reddit.com/r/IndianHistory/comments/1oc5tc2/in_his_autobiography_meri_jeevan_yatra_rahul/

https://www.sundaytimes.lk/230910/plus/in-search-of-the-perfect-mahavamsa-531513.html

https://www.dailymirror.lk/breaking-news/Mahawansa-declared-a-world-heritage/108-287528

https://mfa.gov.lk/en/visit-of-unesco-dg/

https://sundaytimes.lk/online/education/UNESCO-ready-to-support-digitalisation-of-Ola-leaf-books/290-1146314

https://media.unesco.org/sites/default/files/webform/mow001/53_131%252B.pdf

by KAMALIKA PIERIS

Features

A new Sherlock Holmes novel

Published

2 days ago

2026/05/8

Thilina Walpola

Tales of Mystery and Suspense – 1

“The House of Silk” is set in a grim Victorian winter, and moves from Baker Street to a luxurious suburban villa, from dingy pubs to elegant London clubs, from a correction school for boys high on a hill to Dr Silkin’s House of Wonders, which provided noisy low life entertainment. Holmes and Watson went there in search of the House of Silk, a name they had heard when looking into the death of one of Holmes’ Baker Street irregulars (slum children who ferreted out information for him) .

I do not think highly of sequels to books written by highly regarded writers, though I must admit that this dislike is based on just a few samples. But while in England I was given by my former Dean, with a forceful recommendation, a book about a Sherlock Holmes mystery, supposedly written by Dr Watson. I began on it soon after I got back home, and found it difficult to put down, so I suppose I will not look on Anthony Horowitz as an exception to my rule. I may even look out for his efforts at continuing the adventures of James Bond, though I suspect Fleming’s laconic style will be less easy to emulate.

“The House of Silk” is set in a grim Victorian winter, and moves from Baker Street to a luxurious suburban villa, from dingy pubs to elegant London clubs, from a correction school for boys high on a hill to Dr Silkin’s House of Wonders, which provided noisy low life entertainment. Holmes and Watson went there in search of the House of Silk, a name they had heard when looking into the death of one of Holmes’ Baker Street irregulars (slum children who ferreted out information for him). They had asked Holmes’ brother Mycroft for help in finding what and where this was, but he had warned them off, having been himself told by someone very senior in government that it might involve those in very high positions, and further inquiries might prove dangerous.

Needless to say, Holmes does seek further, and is lured to an opium den where he is drugged, to be found outside with a gun in his hand and the body of a girl beside him, the sister of the murdered boy Ross. A passer-by swears he had seen Holmes fire the shot, and the owner of the opium den and a customer swear that Holmes had taken too much opium and left the den in a demented condition. A police inspector who had been passing promptly arrests Holmes and Watson, and even their old acquaintance Inspector Lestrade finds it difficult to get access to him.

Watson eventually gets to see him when he is in the infirmary, after he has been told by a mysterious man that Holmes was going to be murdered before his case could be taken up. The man said he had earlier tried to get Holmes to investigate the House of Silk by sending him a white silk ribbon, such as had later been found tied round the hand of the murdered boy. But, as a criminal himself, he said, he could not reveal more, though he himself was horrified by the business of the House of Silk, which gave criminality a bad name, which is why he wanted it all stopped.

Holmes escapes from the infirmary, with a little help from the doctor whom he had once assisted earlier, right under the nose of the nasty Inspector Harriman. He then joins up with Watson, and having with the help of Lestrade overcome the men designed to kill him at Dr Silkin’s House of Wonders, he sets off, with an even large posse of policemen, to the House of Silk.

After much suspense, the habitues of the House of Silk are arrested, the Inspector having broken his neck in the course of a chase downhill, having fled when his misdeeds were exposed. The mastermind claims that he will not face a trial because of the important people involved, but instead falls down a staircase while in prison and breaks his neck. One of the noblemen involved commits suicide, but another, and the medical man who had sworn he saw Holmes kill the young lady, get off without charge.

But then we revert to the original story, which had involved an art dealer who came to Holmes because he was being followed by someone he thought was an American gangster out for revenge. This was because he had shipped some pictures to an American buyer, and these had been destroyed when a train was held up by an Irish gang and the coach with the safe in it dynamited. The buyer and the dealer had got a private agency to investigate, and this had ended with the gang being killed in a shootout, though one of the twins who led it had escaped. The buyer had subsequently been killed, and Mr Carstairs feared that the twin who survived had followed him to England.

Holmes and Watson went to Carstairs’ house, where they met his wife, whom he had met on the boat back from America, and his sister. Their mother had died some months earlier, when gas had filled her room after the flame had gone out. It transpired that there had been a break in, and some money and a necklace stolen from a safe, and it was in tracing these, through a pawnbroker, that Holmes and Watson had found the American murdered in the hotel where he had been staying.

The leader of the irregulars had come to tell Holmes that they had traced the man to the hotel, and Ross had been left on guard. He seemed terrified when Holmes and Watson and Carstairs turned up, but said he had seen nothing. When the boys had been dismissed, and the room opened up, the man was found dead, the murderer obviously having gained entrance through a window.

Holmes assumed the boy had seen someone he recognized, but he could not be traced, until he was found dead, horribly tortured. The silk band around his wrist then led Holmes to pursue the House of Silk. One of the boys at the school where Ross had been mentioned that he had a sister at a pub, and she, when confronted, asked in fear if they were from the House of Silk and then, having lunged at Watson with a knife, ran off – herself only to be found dead outside the opium den, which prompted the arrest of Holmes.

After the drama at the House of Silk, Holmes and Watson go to the Carstairs household, where he explains exactly what had taken place, identifying the murdered man as not a member of the gang but the head of the private agency which had investigated them. As my Dean told me, Horowitz then ties up all the loose ends with consummate skill, connecting with a fine thread all the malefactors, of various kinds.