Business
Sri Lanka’s economy is in ‘careful rehabilitation’, says analyst
Sri Lanka’s economy shows signs of a fragile recovery, with improving yet uneven vital signs, according to an analyst who reviewed the Central Bank’s latest indicators. Describing the economy as a ‘patient in careful, deliberate rehabilitation,’ the source pointed to strong industrial growth and financial stabilisation, tempered by a lagging agricultural sector and persistent vulnerabilities.
Elaborating on the economic data he said:
“The most encouraging signals are emerging from industry. The Index of Industrial Production surged by 7.6% year-on-year in August 2025, propelled by a staggering 488.5% increase in refined petroleum production and a robust 14.7% growth in wearing apparel manufacturing. This industrial momentum appears to be translating into broader business optimism, with Purchasing Managers’ Indices indicating an expansion in both manufacturing and services.”
“Simultaneously, the financial system is stabilising. A steady decline in the key lending rate (AWPR) to 7.93% is easing credit conditions for businesses. Furthermore, a 8% increase in foreign holdings of government bonds and oversubscribed auctions signal that international investors are cautiously returning a significant vote of confidence in the country’s fiscal stability.”
“However, the recovery is not uniform. While industry charges ahead, the traditional agricultural sector tells a different story. Tea production remains stagnant, rubber is in decline, and coconut production for the January-August period still trails behind 2024 levels, indicating a slower, more fragile path to recovery’ for the rural economy.”
The analyst noted that falling global oil prices act as an unexpected stimulus for the import-dependent nation, easing pressure on the trade deficit and inflation. Yet, a 3.4% depreciation of the rupee year-to-date serves as a stark reminder of ongoing pressures on foreign exchange reserves.
“The trajectory is positive, suggesting painful reforms are beginning to yield a fragile, but hopeful, return to growth,” he noted.
“However, the upcoming 2026 budget will be critical, demonstrating the government’s preparedness for major debt repayments due in 2028,” he said in conclusion.
By Sanath Nanayakkare
Business
People’s Bank drives push towards cash-lite economy
Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.
It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.
In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.
People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.
At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.
In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.
In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.
The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.
Business
ANC Campus and Adelaide University launch new Australian study pathway for Lankan students
ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.
Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.
The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.
Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.
“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.
Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.
“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.
Business
Union Assurance honours new batch of certified financial advisers
Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.
The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.
The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.
Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”
Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.
-
News3 days agoMIT expert warns of catastrophic consequences of USD 2.5 mn Treasury heist
-
News5 days agoCJ urged to inquire into AKD’s remarks on May 25 court verdict
-
News6 days agoUSD 3.7 bn H’tota refinery: China won’t launch project without bigger local market share
-
Editorial3 days agoClean Sri Lanka and dirty politics
-
Editorial6 days agoDeliver or perish
-
Opinion5 days agoSecurity, perception, and trust: Sri Lanka’s delicate balancing act
-
Editorial2 days agoThe Vijay factor
-
News1 day agoSLPP expresses concern over death of former SriLankan CEO
