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Relative stability was the outcome of a united effort from the outset: CB Governor

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Dr. Nandalal Weerasinghe

By Sanath Nanayakkare

The relative stability the country has managed to achieve having put the worst behind it was the result of collaborative effort of the policymakers, the parliament and the Central Bank of Sri Lanka, Central Bank Governor Dr. Nandalal Weerasinghe said addressing a forum at the Central Bank recently.

The Governor said so responding to a comment from a participant at the forum to the effect: “Governor, there are a number of individuals claiming to be the ‘owners’ of the relative stability the country has achieved, but we know who the ‘real owner’ of this remarkable shift is.”

Responding to the above comment the Governor said,” First of all I must say it is wrong to say that there is an owner for this. We have been able to achieve some success as a team; the CBSL and the government. In fact, difficult decisions were made by the parliament such as increasing taxes, implementing cost reflective pricing on utilities which were made possible with stability in the political realm. Firm decisions had to be taken by the government. So it was a collaborative effort in one direction. Both the monetary policy and the fiscal policy were appropriately coordinated to take the stability effort in one direction. And that coordinated effort brought the volatile situation to some semblance,” he said.

“Now the Central Bank has independence that insulates monetary policy from political interference and thus the institution has been strengthened. The other side of the coin is the government’s fiscal policy. People elect their representatives to make fiscal policy to direct the economy besides other legislations. That’s the right of the people and that lever is in the hands of the people. If people think that the current path is correct, then they have to tell their representatives to stick to that direction. If their representatives say that they are going to take another path, then the people have to question them and make sure that the alternate path will have no pitfalls. I am not saying which way the people need to choose. It is their right.”

The Governor went on to say that the country needs to have an institutionalized framework to strengthen government fiscal policy.

“There was a Fiscal Management (Responsibility) Act in 2001- 2003, but the budget deficit targets and central government debt targets set by it were changed by the elected representatives themselves from time to time. That contributed to what has happened today. A new Public Financial Management Bill will be brought to parliament next year. I think currently the Ministry of Finance is drafting it. Once it is approved, elected members can’t increase budget deficit, government debt or expenditure as they wish. If they deviate from it under any circumstances, it is mandatory for them to restore the desired situation as per the law.”

“An Independent Budget Office (IBO) has been established to ensure checks and balances. If the parliament brings any tax proposals/expenditure proposals, the IBO will independently analyze and assess and ask where do you get the money for this- by borrowing or raising taxes, and then that independent assessment will be communicated to the parliament. The elected representatives may not always be fiscal policy experts. That is why this has happened today. The technical assistance the elected representatives need will be provided by the IBO. If we have checks and balances through such institutions and the Executive branch, the legislature branch and the Judiciary branch’s checks and balances – then decisions can’t be made because there is majority power in parliament. Ways and means of handling the economy in a sustainable way need to be justified to the people. The 4-year IMF reform programme is very important down this path. The independence of the CBSL has been assured already. It is done already. Once the Public Finance Management Act is in place, it will ensure predictability of the government’s budget deficit as well as debt stock beyond the predictability of interest rate levels. The parliament needs to enact that and establish these practices. Further, the Governance Diagnostic Report will be vital in this context as an assessment of the Anti-Corruption Landscape of Sri Lanka,” he said.



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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