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Sri Lanka reduces government budget deficit by Rs. 643 bn between Jan – Sep 2024

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Rupee value up by 11.3% against US dollar so far this year

During the year up to 22nd November 2024, the Sri Lanka rupee appreciated against the US dollar by 11.3 per cent, according to the Weekly Economic Indicators report issued by the Central Bank of Sri Lanka.During the period from January to September 2024, the overall budget deficit decreased to Rs. 970.0 bn compared to Rs. 1,613.6 bn recorded in the corresponding period of 2023, the report stated.

The following are some facts reproduced from the report.

On-year-on-year basis, National Consumer Price Index (NCPI) based headline inflation remained in the negative territory for the second consecutive month, recording a deflation of 0.7 per cent in October 2024 from 0.2 per cent deflation reported in September 2024.

In October 2024, Purchasing Managers’ Indices indicated expansions in both Manufacturing and Services activities, on a month-on-month basis.

Between 18th and 22nd November 2024, crude oil prices followed a general upward trend due to intensifying concerns over supply disruptions arising from geopolitical tensions between Russia and Ukraine despite the increase in US crude stockpiles. Overall, Brent and WTI prices rose by US dollars 3.36 and US dollars 3.38 per barrel, respectively, over the period.

Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 22nd November 2024 decreased by 3 bps to 9.08 per cent compared to the previous week.

The total outstanding market liquidity was a surplus of Rs. 93.291 bn by 22nd November 2024, compared to a surplus of Rs. 112.535 bn by the end of the last week, the report stated.



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Ceylinco Life agent among three global finalists for award

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Ceylinco Life’s Ambalantota branch agent AIP Manjula

Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.

The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.

Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.

The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.

The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.

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CEAT Kelani retains AA+ rating for sixth year

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CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.

The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.

Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.

The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.

Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.

The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.

CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.

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Commercial Bank leads nationwide aquatic clean-up drive

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Sanath Manatunge, Managing Director/CEO of Commercial Bank and some of the Bank’s staff participating in the coastal cleanup programme

Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.

Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.

The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.

Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.

The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.

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