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Value of the rupee against USD to remain stable in Q4 2021

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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.



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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