Business
‘SL’s inflation reduced to single digit levels in 2023 along with restoration of price stability’
The Central Bank of Sri Lanka released the Monetary Policy Report – February 2024 in keeping with the requirements of the Central Bank of Sri Lanka Act, No. 16 of 2023. The content of this Report is mainly based on information that was considered by the Monetary Policy Board of the Central Bank of Sri Lanka in formulating the monetary policy decision during the January 2024 review.
This is the second Monetary Policy Report published by the Central Bank to provide forward-looking insights about the economy, particularly in terms of inflation and economic growth. The Report also aims to provide an assessment of risks to the projections on inflation and economic growth, considering the ongoing and expected developments of domestic and global fronts. Through this report, the Central Bank strives to improve its transparency and accountability by communicating the rationale for the recent monetary policy decisions of the Central Bank.
The key highlights of the Monetary Policy Report – February 2024
Sri Lanka successfully reduced inflation to single-digit levels in 2023 and restored price stability, after containing the historically highest inflation observed in 2022
Supported by corrective policies and structural reforms, economic activity gradually regained momentum in 2023
Monetary policy was relaxed on several occasions since June 2023 as inflation decelerated and inflation expectations remained anchored, while external sector pressures eased
Inflation may deviate from the target in the near term mainly due to the recent tax amendments and supply side disruptions, although such impact is likely to be short-lived.
Inflation is projected to stabilise around the targeted level of 5 per cent (year-on-year) over the medium term
Annual economic growth is expected to turn positive in 2024 and gradually reach its potential over the medium term
The Executive Summary of the Monetary Policy Report – February 2024 is given below:
The Sri Lankan economy progressed on the path towards restored macroeconomic stability in 2023 where inflation was brought down from its highest levels in history observed in 2022, to single-digit levels. Moreover, amidst uncertainties and challenging conditions following the worst crisis in the country’s history, economic activity resumed gradually, supported by the gradual easing of monetary policy and monetary conditions and the revival in the external sector.
Corrective macroeconomic policies and the implementation of required structural reforms were instrumental in achieving domestic price stability, thereby reinforcing overall macroeconomic stability. Following the rapid disinflation observed in the first half of 2023, year-on-year headline inflation, as measured by the Colombo Consumer Price Index (CCPI), moderated to single-digit levels, dropping to as low as 1.3 per cent in September 2023 within a year since striking its peak.
Inflation accelerated somewhat to 4.0 per cent by end 2023 due to supply-driven factors and the dissipating effect of the favourable base. Core inflation based on the CCPI also moderated significantly during 2023, reflecting subdued underlying demand pressures.
Meanwhile, the domestic economy made a steadfast recovery in 2023 benefitting from the gradual return of overall macroeconomic stability with the implementation of long-term-oriented economic policies by the Government and related authorities. Moreover, the strong commitment to reviving the economy through the adoption of such policies helped improve investor sentiments.
Accordingly, with uncertainties dissipating and improvements observed on all macroeconomic fronts, the economy recorded an expansion in its activity in Q3-2023, after six consecutive quarters of contraction. Supported by the easing of monetary policy and improvement in domestic economic activity, an expansion in credit to the private sector was observed since mid-2023, and this momentum is expected to continue in the period ahead.
The Central Bank continued to relax monetary policy during the second half of 2023 as the economy reached a state of stability with inflation remaining low and inflation expectations remaining anchored, while external sector pressures eased. Following the rapid disinflation process, current inflation remains closer to the inflation target.
However, projections indicate a deviation of inflation from the target, primarily due to amendments to Value Added Tax (VAT) introduced in January 2024, before it retraces towards the target from around end 2024. This uptick in inflation is expected to be short-lived, thereby posing no significant threat to maintaining inflation at the targeted level of 5 per cent over the medium term. On the whole, risks to the near-term inflation projections are skewed to the upside, largely due to supply-side factors, while risks to medium-term inflation projections are balanced. Economic growth is expected to remain
subdued in the short term but is expected to recover gradually towards its potential. Risks to real economic growth projections are skewed to the downside both in the near term as well as in the medium term, as economic activity is susceptible to adverse developments on the global front that affect export recovery, as well as loss in productivity due to outmigration of skilled labour and structural impediments to growth.
(CBSL)
Business
Dialog & IESL open National Startup Challenge to empower Sri Lanka’s entrepreneurs
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, joins the Institution of Engineers, Sri Lanka (IESL) to launch the IESL National Startup Challenge, creating a national pathway for aspiring entrepreneurs to transform innovative ideas into commercially viable, investment-ready startups. The initiative reflects a shared commitment to strengthening Sri Lanka’s entrepreneurship ecosystem through structured development, expert mentorship and practical support that enables promising ideas to progress towards market readiness and scale.
Launched through the IESL Entrepreneurship Forum at the Dialog Auditorium on 5 October 2026, the competition invites Engineering Undergraduates, Engineering Practitioners and participants in an Open Category for Non-Engineers to submit ideas across 12 innovation verticals aligned with national priorities, emerging technology and market trends, and inclusive innovation. Participants will progress through idea development, pitching, incubation, prototyping, validation, minimum viable product development and business scaling, supported by industry experts, mentors and ecosystem partners. The programme will culminate in a Top 10 selection, with the first-place winner receiving an award of LKR 1 million.
As title sponsor and a key ecosystem enabler, Dialog is contributing practical expertise and resources beyond sponsorship, providing technical expertise, mentors and digital resources to help participating teams develop, validate and scale their solutions. Each of the Top 10 teams will also receive a Dialog Digital Startup Support Package valued at LKR 250,000, comprising selected Dialog digital products and services.
“Dialog is committed to enabling Sri Lanka’s next generation of innovators by connecting entrepreneurial ambition with the technology, expertise and practical resources needed to turn ideas into scalable ventures. Through the IESL National Startup Challenge, Dialog is extending its digital capabilities, mentorship and ecosystem support to help promising teams progress from concept to validation and investment readiness,” said a representative of Dialog Axiata PLC.
Eng. Jasmine Nanayakkara, Chairperson of the Entrepreneurship Forum at the Institution of Engineers, Sri Lanka, added, “The IESL National Startup Challenge is designed to turn innovative ideas into viable businesses by connecting aspiring entrepreneurs with industry expertise, mentorship and continuous practical support. More importantly, it is about creating an ‘Engineer to Entrepreneur’ transformation and nurturing a stronger entrepreneurial culture within the IESL community. By encouraging our engineers and aspiring founders to create, commercialise and scale solutions, we aim to contribute to new ventures, new opportunities and meaningful job creation for Sri Lanka’s skilled and educated next generation. We are grateful to Dialog for partnering with IESL to create this pathway for innovation, entrepreneurship and national economic growth.”
Driving innovation across Sri Lanka, the National Startup Challenge also brings together a strong network of partners, including The Ceylon Chamber of Commerce as Ecosystem and Mentoring Partner, Helago as Official Mobility Partner, Helakuru as Official Digital News Partner, and Real Life as Official Climate Action Partner.
The IESL National Startup Challenge represents a collaborative effort to strengthen Sri Lanka’s innovation and entrepreneurship ecosystem by creating a structured pathway from promising ideas to market-ready businesses. Applications are now open via www.iesl.lk/announcements, giving aspiring entrepreneurs an opportunity to access the resources and funding they need to succeed. Applications close on 16th November 2026. For more information, contact mgr.pub@iesl.lk / 071 109 4393.
Business
Why Convenience Is Reshaping Household Cleaning Habits
Keeping a home clean involves more than dealing with one kind of mess. Kitchens face grease and cooking splashes, bathrooms develop soap scum and limescale, while frequently used areas around the home collect marks, fingerprints and everyday dirt.
For households looking to simplify this routine, multi-surface cleaners offer a practical solution by allowing one product to tackle multiple cleaning needs across suitable surfaces.
One home, many everyday messes
In the kitchen, grease, splashes and burnt-on food can build up around hobs and hotplates. Cupboard doors and appliance exteriors can also collect smudges and marks through daily use.
Bathrooms present different challenges, including limescale, soap scum, toothpaste residue and water marks around sinks, washbasins and shower doors.
Even outside these rooms, surfaces such as door handles, baseboards, table mats and PVC areas can require regular attention.
Making everyday cleaning simpler
This is where the versatility of products such as CIF Cream becomes useful.
CIF Cream can help tackle a range of common household cleaning challenges across suitable surfaces, from grease and burnt-on food in the kitchen to limescale and soap scum in the bathroom.
Its uses can also extend to other suitable areas and items around the home, including cupboard doors, appliance exteriors, PVC surfaces and more, when used according to product directions.
For busy households, the benefit is straightforward: a versatile cleaner can help reduce the complexity of everyday cleaning by addressing several common cleaning needs with one product.
Consumers should always follow product instructions and check suitability before using any cleaner on a particular surface.
CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif or https://www.daraz.lk/cif/
As household routines continue to evolve, multi-surface cleaning provides a simple approach to keeping different areas of the home clean — one versatile solution for many of the everyday messes that come with daily life.
Business
Dreams in motion for group of young Olympiad contenders
SriLankan Airlines set dreams in motion for 24 young students selected to represent Sri Lanka at the 2026 International Mathematics and Science Olympiad, held in Indonesia from 2 to 7 October 2026, helping make their journey to Indonesia and back an extra special one.
The students were selected through a four-stage national selection process covering school, zonal, provincial and national levels, with the highest-performing students progressing at each stage.
As a special initiative for Children’s Day, the Ministry of Education sponsored the air travel of all 24 students for the first time. Returning to Sri Lanka with an impressive haul of three Silver Medals and 10 Bronze Medals, the young contestants competed alongside students from 23 countries.
SriLankan Airlines was privileged to be part of their special journey, helping make their experience even more memorable as they represented Sri Lanka on the international stage.
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