Business
Sri Lankan economy expected to contract by around 3.9 per cent in 2020
By Hiran H.Senewiratne
The Sri Lankan economy is expected to contract by around 3.9 percent in 2020, Central Bank Governor Deshamanya Professor W. D. Lakshman said.
“With observed developments in the fourth quarter, we expect the economy to record an annual contraction of around 3.9 percent, Lakshman said while delivering ‘The Road Map: Monetary and Financial Sector Policies for 2021 and Beyond.” He made these comments online yesterday.
Speaking further the Governor also said that moving along with the rest of the global economy, Sri Lanka suffered a notable economic setback in 2020, particularly in the second quarter. With inflation remaining under control, the Central Bank took multiple measures on an unprecedented scale to help support the real economy affected by the pandemic.
“These measures, together with stimulus programmes initiated by the government, led to a better-than-expected recovery in economic activity during the third quarter of 2020. The outbreak of the second wave of COVID-19, however, disturbed the momentum of economic recovery to some extent during the final quarter of the year, he said.
The Governor also said that the marginal decline in the first and the relatively large decline in the second quarter of 2020 were followed by a marginally positive growth in the third quarter. “The Central Bank is of the view that continued support through monetary and fiscal interventions is essential to provide adequate impetus to the economy amidst the challenging domestic and global macroeconomic conditions.”
“Therefore, the Central Bank will continue the prevailing accommodative monetary policy stance in 2021 to ensure the envisaged recovery of economic activity. We would, of course, be closely monitoring developments to avoid any strong demand-driven pressures on inflationary trends, he added.
Business
Ceylinco Life agent among three global finalists for award
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.
Business
CEAT Kelani retains AA+ rating for sixth year
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.
Business
SLT-MOBITEL Enterprise launches Premium Cloud
SLT-MOBITEL Enterprise, the enterprise services arm of Sri Lanka Telecom PLC, has launched its Premium Cloud service powered by Nutanix, aimed at helping Sri Lankan businesses modernise their IT infrastructure and accelerate digital transformation.
The service was unveiled at the Lanka Tech Summit 2026 held recently at ITC Ratnadipa, Colombo.
The Premium Cloud combines hybrid multi-cloud capabilities with enterprise-grade performance, enabling businesses to run mission-critical workloads, scale cloud deployments and strengthen business continuity through disaster recovery capabilities.
Hosted on SLT-MOBITEL’s Tier III data centre infrastructure, the platform is designed to provide enhanced security, reliability and flexibility while supporting the growing technology requirements of enterprises.
SLT-MOBITEL Enterprise said the platform would also support organisations seeking to adopt AI-ready capabilities and improve the management and performance of IT workloads.
A key feature of the launch was SLT-MOBITEL Enterprise joining the Nutanix Elevate Service Provider Program (NESPP), which the company said made it the first service provider in the region to join the programme.
Powered by Nutanix’s hybrid multicloud platform, the service enables application and data mobility across on-premises environments, public clouds and edge locations.
The company said the partnership combined Nutanix’s cloud technology with SLT-MOBITEL’s local expertise and support, strengthening its multi-cloud portfolio.
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