Business
Value of the rupee against USD to remain stable in Q4 2021
By Sanath Nanayakkare
The Central Bank would make efforts to maintain the Rupee at the very competitive level of Rs. 199 to Rs. 203 against the USD over the next three months and would be reviewed thereafter, the Central Bank said unveiling its six-month Road Map on Friday.
The Central Bank is poised ensure forex inflows into formal channels with the use
of existing and restored licenses and will act to avoid informal, and/or illegal channels of forex inflows and outflows thus disallowing parallel market activity at diverse exchange rates
In managing foreign exchange reserves, due regard will be paid to the differential between building reserves through borrowing and investing in low-yielding global assets.
With regard to resolving debt and forex issues in the banking/ non-bank sector, plans are afoot to mobilise fresh forex funding on competitive terms based on the strength of the bank’s / financial institution’s own balance sheets. The target for this has been set at USD 1.5 bn.
Further, forex positions will be closely monitored while prudently screening the forex outflows with the implementation of the Tax Amnesty through the Finance Act.
At the same time, forex investments will be encouraged in government securities and Sri Lanka Development Bonds.
Essential imports will be facilitated wherever possible while engaging with counterparties to dampen undue speculation on the debt situation and enhance their knowledge on the Sri Lankan economy and the financial system.
Foreign investors will be supported to invest in non-bank sector institutions while also supporting the establishment of equity funds for SMEs.
The repatriation and conversion of proceeds of services exports and adherence to systems that monitor forex flows related to services will be ensured.
Support will be extended to prepare for the resumption of tourism, and ensure the repatriation and conversion of earnings
Moves will be taken to avoid speculative demand for imports and the build-up of large inventories thus ensuring the supply of goods to the domestic market with a reasonable profit, rather than generating super-normal profits through speculative price increases.
Utilising domestic inputs will be encouraged to diversify businesses with a greater focus.
New opportunities are being explored through investment in production for the domestic and export markets. Increased domestic investment and partnerships with foreign investors will be facilitated in dedicated industrial zones.
Campaigns will be expanded to attract foreign investors for Sri Lankan real estate, including condominiums.
Foreign investment in Sri Lankan real estate will be promoted based on the resident/long-term visa incentives, as well as investment in warehousing, plug & play services, and dedicated zones for IT.
With the return of stability in the forex markets and the interest rates opportunities will open up for investment and expansion With the passing of the new SEC Act investments into listed corporate debentures will be more attractive For resolving debt and forex issues of the government, the target is to increase to exports to above USD 1.0 bn per month, on average during the remainder of 2021.
High-level discussions with respective governments to secure short to medium term G2G financing to buttress inflows (short-term target: USD 1.0 bn; Next 3 months: USD 500 mn).
Monetising selected non-strategic and under-utilised assets to accrue USD 1.0 bn. Publishing Port City Commission by-laws to attract FDIs into the Colombo Port City Facilitating inflows from the implementation of the Tax Amnesty through the Finance Act (Target: USD 100 mn).
Rebasing GDP (which is overdue by 1 ½ years) without further delay, to reflect the true size of the economy.
Introducing appropriate tax adjustments to promote domestic value addition of exports and ensure conversion of export earnings; Discouraging forex leakages through online and informal channels Considering to introduce a mechanism to allow the import of motor vehicles to Sri Lanka using foreign earnings or FDI, with relevant taxes being paid to the Government in forex.
The contents of the Road Map of the Central Bank thus signals a business-friendly budget in November 2021 with detailed financing strategies.
Business
HNB Assurance Recognized with Merit Award at the Great HR Awards 2025
HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.
Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”
Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”
Business
MullenLowe Sri Lanka named Creative Agency of the Year in South Asia
MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.

Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka
Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.
Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”
The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.
Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”
The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.
Business
ComBank named Sri Lanka’s Best Trade Finance Bank at Euromoney Awards 2025
The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.
This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.
In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.
At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.
The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.
Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.
As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.
Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
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