News
Cabraal says Central Bank will guide markets

ECONOMYEXT – Sri Lanka’s central bank will guide markets and deploy monetary tools mindful of repercussions, and guide markets in turbulent times, newly appointed Central Bank Governor Nivard Cabraal said last week.
“The policy measures must be taken,” Cabraal told a forum of senior central bankers and finance officials after taking office as Governor for the second time on September 15.
“There are no short cuts. Sometimes there are tough policy measures to be taken.
“When we take policy measures there are always repercussions from another side. Sometimes if you do not take those policy measures you meander along.”
“When a tool is used, and one area is getting cured, it can emerge as a problem in another area,”
“It is not easy to manage this balance. You have to be conscious of all the outcomes that generally arise when you take certain policy measures.”
Cabraal who was previously central bank chief from 2006 to 2014 said the central bank hoped to guide markets.
“We would need to lead the economy in these measures,” he said. “That means we have to be always one step ahead, two steps ahead sometimes three steps ahead.
“I think we would from now onwards take the lead in providing guidance to markets as well as the economy.
“We have got to take that step clearly and boldly so that the market would be able to read the signs that the central bank is making so that would need to use that guidance particularly in turbulent times like what we having now.
“This is not the time to abrogate that leadership role.”
Cabraal said he expected to seek the views of market participants and also staff.
He said some people wanted advice from outsiders like the International Monetary Fund but there was a lot of knowledge within the bank.
“Once course of action is decided, it has to be steadfastly followed, he said.
Sri Lanka’s gross forex reserves are now down to 3.5 billion US dollars and net reserves depleted after record money printing not seen in the history of the soft-pegged central bank.
Central banks that print large volumes of money and lose reserves become helpless and market participants also become helpless as the newly injected liquidity creates forex shortages, hit the exchange rate and drives up asset prices.
When rate normalization is delayed and net foreign assets turn negative, a central bank itself can rapidly accumulate quasi fiscal losses and lose its ability to carry out policy, analysts say.
News
Turkish Naval Ship TCG BÜYÜKADA departs island concluding her visit

The Turkish Naval Ship TCG BÜYÜKADA which arrived in Sri Lanka on a formal visit, departed the island on 18 Jun 25.
The Sri Lanka Navy bade customary farewell to the departing
ship at the Port of Colombo, following naval traditions. Upon leaving, the Turkish Naval Ship engaged in a successful Passage Exercise (PASSEX) with SLNS Gajabahu in Colombo seas. The PASSEX involved training exercises in communication and tactical maneuvering, concluding with the traditional cheer ship salute.
Meanwhile, the Ambassador of the Republic of Turkey to Sri Lanka, Semih Lütfü Turgut, accompanied by the Commanding Officer of the visiting ship, Lieutenant Commander Anil
BİLGİN met with the Commander of the Navy, Vice Admiral Kanchana Banagoda at the Navy Headquarters on 13 Jun 25. The cordial discussion mainly focused on several matters of
bilateral importance and it importance of the occasion.
During her stay in Colombo, crew members of TCG BÜYÜKADA took part in several programmes including sporting events organized by the Sri Lanka Navy, aimed at enhancing mutual cooperation. In addition, they also explored some tourist attractions in the island.
Further, personnel of Sri Lanka Navy had the opportunity to visit the Turkish Naval Ship gaining insights into the ship’s operational capabilities.
Meanwhile, the enhanced cooperation and interoperability fostered through this nature of port calls made by foreign naval ships will provide a strong foundation for the Sri Lanka Navy to
collectively and effectively respond to emerging trends and challenges in the maritime fraternity.
News
Students of Nittambuwa Sanghabodhi National School visit President’s House

A group of students from Nittambuwa Sanghabodhi National School visited the Presidential Secretariat and the President’s House on Wednesday (18).
The visit was facilitated under the ‘Vision’ programme series, a collaborative initiative for schoolchildren organised by the Presidential Secretariat, the Ministry of Education and the Department of Communication of the Parliament of Sri Lanka.
As part of the visit, the students toured the Old Parliament building located within the Presidential Secretariat and received a briefing on the history of parliamentary democracy in Sri Lanka.
The students and teaching staff were also briefed on the Clean Sri Lanka initiative, spearheaded by President Anura Kumara Disanayake, as well as on the functions of the executive branch and the importance of the rule of law.
To symbolically emphasise the importance of environmental preservation, K.M.N. Kumarasinghe, Senior Additional Secretary to the President, presented the school with a valuable plant sapling.
Among those in attendance were Colonel Dhananjaya Senarath, Deputy Director of the Tri-Forces Security Operations Coordinating Unit; N.A.L. Wijerathna, Principal of Nittambuwa Sanghabodhi National School; and members of the school’s teaching staff.
News
President commends the service of outgoing Treasury Secretary Mahinda Siriwardana

President Anura Kumara Disanayake on Wednesday (18), lauded Mahinda Siriwardana, the outgoing Secretary to the Treasury, for his exemplary service, stating that it is the responsibility of public officials to strive to prevent adverse outcomes and contribute to positive change.
The President particularly commended Mr Siriwardana’s exceptional dedication and commitment in expertly navigating the nation’s economy through the transformative period following the recent economic crisis, ultimately achieving significant economic victories for the country. President Disanayake expressed his gratitude for Mr Siriwardana’s invaluable contributions.
These remarks were made by President Disanayake at a farewell ceremony organised at the Presidential Secretariat on Wednesday (18) morning to mark Mr Siriwardana’s retirement from his post as Secretary to the Treasury.
The President highlighted the need for a new value system focused on individual merit in an era where material possessions often overshadow genuine human values. He stressed that the country requires a public service driven by humanity and empathy towards others, fulfilling its duties rather than one marred by excessive consumerism and corruption.
President Disanayake further emphasised that the public service should not be an inaccessible mechanism aloof from citizens. He underscored the importance of considering the impact of decisions on people’s lives when making policy choices. The President concluded by stating that young public officials have much to learn from the distinguished career of Mr Mahinda Siriwardana, a senior public servant with extensive experience and profound understanding.
In his address, Mr Siriwardana described his three-year tenure as Secretary to the Treasury as the most significant period of his professional life. He thanked the President for maintaining confidence in him and allowing him to continue in the position despite a change in government leadership, noting that the President’s support was a great source of strength. Mr Siriwardana added that the country might not have overcome its economic crisis without President Anura Kumara Disanayake’s faith, resilience and boundless dedication.
During the ceremony, the President also presented Mr Siriwardana with a token of appreciation for his outstanding service.
The event was attended by Dr Anil Jayantha Fernando, Minister of Labour and Deputy Minister of Economic Development; Dr Harshana Suriyapperuma, Deputy Minister of Finance and Planning; Dr Nandika Sanath Kumanayake, Secretary to the President; Dr Hans Wijayasuriya, Chief Presidential Adviser on Digital Economy; Duminda Hulangamuwa, Senior Presidential Adviser on Economic Affairs; other government officials; and family members of Mr Siriwardana, amongst other invited guests.
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