Business
Govt’s main statistics office rebases inflation indices
The Department of Census and Statistics (DCS) rebased NCPI with a new base year (2021=100) and discontinued compilation of the NCPI (2013=100) series effective from January 2023.
Accordingly, on year-on-year basis, NCPI (2021=100) based headline inflation recorded at 53.2 per cent in January 2023. The food inflation recorded at 53.6 per cent while the non-food inflation recorded at 52.9 per cent in January 2023. Monthly change of the NCPI recorded at 0.69 per cent in January 2023 mainly due to price increases observed in items of the food and non-food categories which amounted to 0.08 per cent and 0.61 per cent, respectively. Furthermore, the NCPI based core inflation recorded at 52.0 per cent in January 2023.
During the period under review (18.02.2023 to 24.02.2023) crude oil prices showed a mixed performance. At the beginning of the period crude oil prices increased owing to optimism over Chinese demand and continued production curbs by major producers. However, prices reported declines later owing to grim global economic outlook, before accelerating again towards the end of the period with Russia’s announcement to cut its oil production from March 2023. Overall, during the period under review, Brent and WTI prices declined marginally.
Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 24th February 2023 decreased by 114 bps to 24.21 per cent compared to the previous week.
The reserve money decreased compared to the previous week mainly due to the decrease in the deposits held by the commercial banks with the Central Bank.The total outstanding market liquidity was a deficit of Rs. 53.937 bn by 24th February 2023, compared to a deficit of Rs. 125.151 bn by the end of last week.
By 24th February 2023, the All Share Price Index (ASPI) increased by 5.28 per cent to 9,315.87 points and the S&P SL 20 Index increased by 4.45 per cent to 2,833.45 points, compared to the index values of last week.
During the year up to 24th February 2023, the Sri Lankan rupee appreciated against the US dollar by 0.1 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee appreciated against the Japanese yen by 1.7 per cent, the Euro by 0.7 per cent and the pound sterling by 0.3 per cent while depreciating against the Indian Rupee by 0.04 per cent during this period.
Business
DevPro and WCIC come together to accelerate women’s economic empowerment in Sri Lanka
DevPro and Women’s Chamber of Industry and Commerce (WCIC) signed a formal partnership on Wednesday, 28th January to collaborate in promoting women’s economic empowerment and inclusion in Sri Lanka.
DevPro builds on 30 years of OXFAMs legacy in Sri Lanka and works towards Inclusive Economic Development leveraging expertise in inclusive and climate-resilient market systems and enterprise development and innovation. DevPro’s work is guided by the core values of gender justice, inclusivity and community-led development. Through its recent projects, DevPro has supported over 270 women-led MSMEs, across agriculture, handloom, and tourism-related value chains in five provinces in Sri Lanka through a mix of interventions combining skills development, enterprise strengthening, market linkages, and gender-sensitive community engagement to improve income, resilience, and economic participation.
WCIC is the first women-only trade chamber in the world, dedicated to empowering women entrepreneurs and women-led MSMEs in Sri Lanka through skills-building, business advisory services, networking etc. Among its many initiatives, WCIC’s flagship annual event, “Prathibhabhisheka” – Women’s Entrepreneurs Awards has empowered many women owned and women-led businesses in Sri Lanka to enhance their business resilience and competitiveness through improved governance processes, financial health, market recognition and global expansion.
Through this partnership, both DevPro and WCIC, will leverage their collective expertise, networks and resources to advance women’s economic empowerment and inclusion through projects, capacity building, research and policy advocacy focused on women entrepreneurship development, innovative business models, sustainability certification and credentials, export readiness and market integration and financial literacy and inclusion.
The MoU was signed by Gayani de Alwis, Chairperson of WCIC and Chamindry Saparamadu, Executive Director of DevPro in the presence of senior members of both teams.
Business
FRELLA launches world class wellness products locally with Baurs & Co.
FRELLA, Sri Lankan-born and internationally-respected natural beauty and wellness brand, is setting the stage to expand operations by entering the Sri Lankan retail market. As the country’s only dedicated wellness company operating at an international scale, this move marks a new chapter for a brand with a growing global presence that has already earned the trust of luxury hotels and international customers.
For over seven years, FRELLA has emerged as Sri Lanka’s leading wellness brand, serving clients and partners across more than 15 international markets. The brand’s entry into the Sri Lankan retail market marks a significant milestone, allowing local consumers to access globally respected wellness products developed from the island’s own healing traditions. This retail expansion is supported through a strategic partnership with Baurs, a trusted 170-year-old Swedish multinational company, ensuring sophisticated distribution and access aligned with international retail standards.
FRELLA is rooted in Sri Lanka’s ancient healing traditions and inspired by centuries-old Ayurvedic wisdom. All FRELLA products are specially designed as holistic wellness solutions for the body, skin, hair, and soul, and focuses on providing nourishment, balance, and healthy aging through refined, modern wellness systems.
Business
Writer Business Services enters Sri Lanka to partner with institutions to provide information management and payments solutions
Writer Corporation, one of India’s leading business groups, announced the launch of its subsidiary, Writer Business Services Pvt. Ltd., and the commencement of its operations in Sri Lanka. The expansion reflects Sri Lanka’s strategic importance in Writer’s regional growth plans and its role in supporting a highly regulated digital and financial services market which is currently undergoing digital transformation.
Sri Lanka’s continued focus on strengthening regulatory frameworks, digital platforms, and financial systems is shaping how institutions across banking, government, and enterprise sectors approach their business operations. There is a clear emphasis on secure, compliant, and resilient information and transaction environments that can scale with regulatory and business needs. Writer’s entry into Sri Lanka aligns with this direction, bringing global experience and a partnership-led approach to the market.
As part of its launch, Writer will establish a secure records and information storage facility in Seeduwa, Colombo. Designed to meet global standards for security, compliance, and disaster resilience, the facility will support banks, financial institutions, government bodies, and large enterprises in managing physical and digital information across its lifecycle.
Alongside information management, Writer brings established expertise in integrated payment services to support the modernization of transaction infrastructure across the banking and financial services sector. Its payments capabilities focus on strengthening availability, transaction continuity, and transparency across critical payment channels that underpin institutional reliability and customer confidence.
Writer’s digital payments offerings in Sri Lanka include end-to-end ATM and self-service terminal outsourcing, integrated channel ownership and managed services, field management applications, payment and reconciliation platforms, and remote monitoring with near real-time reporting. These solutions support financial institutions in improving uptime, strengthening governance, and enhancing operational efficiency across payment networks, in line with the continued evolution of electronic and automated payment systems.
Across information management and payments, Writer operates with an integrated portfolio spanning records and information management, business process outsourcing, cloud and digital services, data privacy, cybersecurity and enterprise payments infrastructure. These capabilities support institutions in addressing evolving regulatory requirements, digitization of legacy environments, and rising operational and cyber risks.
Writer’s local presence enables closer collaboration with clients and on-ground delivery, while supporting the development of Centres of Excellence across cybersecurity operations, SOC and NOC services, AI-led solutions, and payments operations and monitoring.
Writer’s Sri Lanka operations will be built, led, and run by Sri Lankan professionals, reflecting a long-term commitment to local talent growth and development.
Commenting on this development, Satyamohan Yanambaka, CEO, Writer Global Services Pvt. Ltd., assured Writer’s long-term commitment to the country’s digital ambitions. He said, “Writer’s entry into Sri Lanka reflects our belief that digital ambition in regulated environments must be supported by trust, sound governance, and strong execution. As institutions scale digital services, the reliability of information and payment systems, channel operations, and governance frameworks becomes increasingly important to public and institutional confidence. Our experience across information management, digital transformation, and enterprise payments enables us to support secure, large-scale financial ecosystems, with a clear commitment to building and leading these capabilities locally.”
Sri Lanka’s Digital Personal Data Protection framework raises expectations around how personal and sensitive information is secured and governed.
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