Business
Central Bank and government have not imposed limits on vehicle imports – CBSL Governor
The Central Bank and the government have not imposed any limits on vehicle imports. Referring to this the International Monetary Fund (IMF) earlier this month said that high-frequency data have suggested a steady growth in motor vehicle imports after the removal of import restrictions on February 1. Around US $ 675 million in letters of credit for vehicles were opened by June 10, Central Bank Governor Dr. Nandalal Weerasinghe said.
“There is no concern from the Central Bank on vehicle imports to Sri Lanka. There is no limit and the open market will continue for vehicle imports. The Central Bank, before vehicle reimports started, informed the Finance Ministry that the country could import up to US $ 1 billion worth of vehicles this year, Dr. Weerasinghe told reporters at a post-monetary policy media conference at the Central Bank auditorium yesterday in Colombo.
He said that the Central Bank will keep its policy rate unchanged at 7.75 percent.
“The Board arrived at this decision after carefully considering both domestic and global developments, the Governor said.
Dr. Weerasinghe added: “The Board is of the view that the current monetary policy stance will help steer inflation towards the target of 5 percent in the period ahead while supporting growth. The Central Bank has so far been running a broadly deflationary policy, providing East Asia style external stability.
“Globally, policy uncertainty has intensified due to the evolving trade landscape and recurring geopolitical conflicts. The Board will carefully monitor global uncertainties and assess the effect of incoming data on domestic developments. The Board is prepared to take appropriate policy measures to ensure that inflation stabilises around the target, while supporting the economy to reach its potential.
“Analysts have warned that rate cuts made too soon can drive up domestic credit and make it difficult to build reserves and repay debt and if rates are suppressed by open market operations, actual forex shortages will emerge putting the currency under pressure. Debt is repaid by domestic savings.
“The highest performing East Asian monetary authorities generally conduct a mild deflationary policy, building reserves above domestic reserve money, which action has been misinterpreted by US Mercantilists (the Treasury in particular) and the International Monetary Fund as ‘undervaluing’ currencies.
“A mild deflationary policy, however, keeps domestic prices and wages stable, making the country’s exports competitive and interest rates low while also allowing political policy stability. Such countries can liberalize at leisure. .
“Deflationary policies allow countries to become export powerhouses, easily triggering massive trade surpluses with the US. Though the modern doctrine of high statistical inflation dates back to a 1960s (inflation-growth or employment trade-off) that led to the collapse of the Bretton Woods and the Great Inflation of the 1970s, macro-economists also held up Japan as a main supporter to make people believe that inflation is good, in sharp contrast to classical economists.”
By Hiran H.Senewiratne
Business
ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push
Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.
“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”
Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.
During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.
With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.
Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.
Business
New Board appointed to lead Unit Trust Association of Sri Lanka
The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.
The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).
President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”
The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.
Business
Indiya at Cinnamon Life enters a flavourful new chapter
Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.
Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.
The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.
At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.
Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.
At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.
The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.
From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.
Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.
No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.
By Ifham Nizam
-
News7 days agoPeradeniya Uni issues alert over leopards in its premises
-
News5 days agoRepatriation of Iranian naval personnel Sri Lanka’s call: Washington
-
News7 days agoWife raises alarm over Sallay’s detention under PTA
-
Features5 days agoWinds of Change:Geopolitics at the crossroads of South and Southeast Asia
-
News4 days agoProf. Dunusinghe warns Lanka at serious risk due to ME war
-
Sports3 days agoRoyal start favourites in historic Battle of the Blues
-
Latest News7 days agoHeat Index at ‘Caution Level’ in the Sabaragamuwa province and, Colombo, Gampaha, Kurunegala, Anuradhapura, Vavuniya, Hambanthota and Monaragala districts
-
Features6 days agoThe final voyage of the Iranian warship sunk by the US
