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Pan Asia Bank signs MOU with ICC to propel real estate growth

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From left to right: Prabanjana Abeydeera - Sales Administration, Janaka Pradeep – Head of Sales, Priyashan Samarasinghe – Head of Sales, Randula Jayasuriya – Head of Marketing, Roshani Perera – General Manager Property, Nalin Fernando – Director Finance, Namal Pieris – MD/CEO; From Pan Asia Bank. Naleen Edirisinghe – Director/CEO, Gayanath De Silva – Deputy General Manager– Credit, Shiyan Perera – Assistant General Manager – Retail Credit, Yohan Ebell – Chief Manager – Bancassurance, Remittances & Housing Loans, Mohamed Rizan Rahim – Manager Branch Credit, Niranjala Molligoda – Manager – Housing Loans, Iroshini Kannangara – Manager – Legal, and Sirimevan Senevirathne – Chief Manager – Marketing.

Pan Asia Bank, The Truly Sri Lankan Bank, proudly announces the signing of a Memorandum of Understanding (MOU) with ICC Pvt Ltd, a leading Contractor, Developer & and Engineering Solutions Provider in Sri Lanka. This strategic partnership aims to drive growth and innovation in the property Development sector, leveraging the strengths of both organizations to deliver unparalleled value to customers and stakeholders.

As a result, customers will have the option to finance their property purchases through Pan Asia Bank’s housing loans, benefiting from customized financial solutions that meet their specific needs. This initiative is designed to support customers in their real estate needs by facilitating better access to financing options and innovative solutions tailored to their lifestyles.

Naleen Edirisinghe, Director/CEO of Pan Asia Bank, expressed his enthusiasm for the partnership, stating, “This MOU with ICC marks a significant milestone for Pan Asia Bank as we continue to expand our support for the real estate sector. We believe that by combining our financial expertise with ICC’s capabilities in the construction and real estate sector; we can drive transformative economic growth while providing value to customers with convenient and customized financial assistance under Pan Asia Banks housing loans.”



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Colombo Tea Auction: BOP struggles while lower-grade teas gain

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The varieties of Ceylon Black Tea include Broken Orange Pekoe Fanning’s (BOPF), Flowery Broken Orange Pekoe Fanning’s (FBOPF), Flowery Broken Orange Pekoe Fanning’s one (FBOPF 1) etc.

Analysts see budget-conscious international buying amid global economic pressures

This week’s Sri Lanka tea auction recorded the highest volume since February, with total offerings reaching 6.45 million kilograms (M/Kgs). However, the market displayed a mixed performance, with high-quality Broken Orange Pekoe (BOP) varieties facing price declines while lower-end teas saw appreciation.

Select Western BOP/BOPF teas, typically among the most sought-after, dropped by over Rs. 100 per kg, while others in the category saw smaller declines. Nuwara Eliya BOPs, known for their delicate flavor were mostly unsold, and when sold, fetched up to Rs. 200 per kg less than previous levels. Uva BOPs also declined by up to Rs. 50 per kg, reflecting weaker demand for premium liquoring teas.

In contrast, teas at the lower end of the market fared better. Below Best BOPs remained steady, while BOPFs in the same category fell by Rs. 50 per kg or more, influenced by inconsistent quality. Meanwhile, Low Grown PF1s (CTC grade) saw a firmer trend, with some appreciation in value.

The Leafy and Semi-Leafy sector saw Select Best BOP1s maintain stable prices, while OP1s (Orange Pekoe) were irregular—well-made varieties eased, but others appreciated. In the Tippy segment, high-priced FBOPs dipped, but Best and Below Best grades held firm, with the lowest-end teas gaining value.

Despite price corrections, all categories met fair demand, with Low Growns dominating at 2.6 M/Kgs. The Premium catalogue showed selective firmness for very tippy teas, while others eased or declined.

Analysts suggest that the dip in high-quality teas may reflect subdued demand from key export markets, while the resilience of lower-grade teas indicates steady domestic and budget-conscious international buying.

“With global economic pressures persisting, auction trends may continue fluctuating in the coming weeks,” they said.

– Reported using data from Forbes & Walker Tea Brokers

By Sanath Nanayakkare

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CBSL releases publication on financial statements for 2024

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The publication on the Financial Statements and Operations of the Central Bank of Sri Lanka 2024, a requirement under Section 99(2) of the Central Bank of Sri Lanka Act, No 16 of 2023, was presented to the President and the Minister of Finance, Planning and Economic Development, Anura Kumara Dissanayake, by Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka, 29 April.

Dr. N S Kumanayake, Secretary to the President, Ms. Lasanthi Sirimanne, Chief Accountant and Ms. Samudra Jayasundera, Director Policy Review and Monitoring Department of the Central Bank were also present at this occasion.

The Financial Statements and Operations of the Central Bank of Sri Lanka 2024 present an overview of the Central Bank’s institutional performance during the year 2024. The publication is structured into three main components: Operational Insights, Financial Statements, and Supplementary Information.

The Operational Insights section outlines the Central Bank’s strategy and its core responsibilities, including maintaining domestic price stability, ensuring financial system stability, overseeing payment and settlement systems, managing currency issuance, and strategic communication. This section also covers the Bank’s international engagements, the execution of other entrusted responsibilities including agency functions, and internal management arrangements.

The Financial Statements section presents the IFRS-compliant financial statements of the Central Bank of Sri Lanka for the year ended 31 December 2024, along with the independent report of the Auditor General. This segment also includes a financial review, providing an analysis of the Bank’s financial performance during the year.

The Supplementary Information section provides details on the Bank’s regional presence, the list of institutions regulated and supervised by the Central Bank, and a summary of corporate information.

The interactive PDF of this publication can be accessed through; https://www.cbsl.gov.lk/en/publications/economic-and-financial-reports/financial-statements-operations

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Emirates deepens strategic partnership with Sri Lanka Tourism Promotion Bureau to support local travel industry

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At the Arabian Travel Market 2025, Emirates and the Sri Lanka Tourism Promotion Bureau (SLTPB) have renewed their partnership aimed at further developing the country’s tourism and trade industries. The partnership was sealed through a Memorandum of Understanding (MoU) between the two parties.

The MoU was signed by Essa Sulaiman Ahmad, Emirates’ Senior Vice President of Commercial West Asia & Indian Ocean and Sampath Nissanka, Managing Director – Sri Lanka Tourism Promotion Bureau. The signing ceremony was also attended by Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer; Alexi Gunasekera, Consul General-designate of Sri Lanka to Dubai and the Northern Emirates in addition to other representatives of the airline and tourism board.

First inked in 2022, the renewed MoU will strengthen the collaboration between Emirates and SLTPB, with both the airline and tourism body reiterating their commitment to actively promote Sri Lanka as a destination to key markets within Emirates’ network.

Through joint initiatives, such as developing excursions and familiarization trips to promote the island nation to key feeder markets, Emirates and SLTPB aim to grow the tourism industry of the popular Indian Ocean destination by showcasing the destination to customers across the airline’s global network.

The joint efforts to boost the nation’s tourist industry have supported a steady increase in inbound traffic into the island, which recorded just over 2 million visitors in 2024. Between April 2024 and March 2025, Emirates carried over 240,000 passengers into Sri Lanka from key markets around its network including Russia, the UK, Germany, Australia, China, and the US, among others.

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