Connect with us

Business

I came to serve the people and not any politician – CBSL Governor

Published

on

By Hiran H.Senewiratne

“My intention is to maintain the Central Bank as a highly independent institution that could take decisions without any political interference and to also get the support of multi-lateral agencies in Sri Lanka’s efforts to overcome its economic difficulties. I came to serve the people and not any politician, newly appointed Central Bank Governor Dr. Nandalal Weerasinghe said at his first media briefing held at the Central Bank Head Office in Colombo after assuming duties last Friday.

The CBSL Governor said a virtual meeting had been requested for April 11 with the IMF. The Letter of Intent to the IMF is to be presented later, he said.

Dr. Weerasinghe said that he can’t reverse what has happened but will use all his experience, including his exposure to multi-lateral partners, such as IMF and World Bank, to serve the people.

Weerasinghe added: “I want to run the Central Bank independently without any external influence and I have been given the authority to do so by the President. I have been asked by him to expedite measures to get the country out of the current crisis.

‘Overcoming the crisis was not something that could be done overnight and would take some time, but political and social stability is essential to overcome the present crisis.

‘I would be taking a number of correct decisions without any political interference. I also pledge to work with transparency and truthfulness. I would not be hiding anything from the public and I hope to work independently.

‘The Monetary Board of the Central Bank of Sri Lanka has decided to increase policy interest rates by 7% to offset the imbalance in the country’s financial system. This is the first time in Sri Lanka that the interest rate has been raised so high.

‘The new rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible.

“We want to give a firm signal. We are serious in what we are doing and we are independent in what we are doing. We took the necessary and sufficient actions today immediately to address the situation. With this measure I expect to see some stability in the market and a positive reaction from it from Monday when it opens.

‘We met with the bankers soon after assuming duties and gave them a clear message that we will be very transparent in dealing with them. We will be open, transparent and truthful and we need their full support. I want to be very clear that this message is not one of blind positivity.

“Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the brakes to this vehicle before it crashes.

‘It won’t turn around immediately. The situation could get worse and take weeks or months. But the turnaround will happen at some point. I am very confident that we can turn it around but the necessary conditions for it are not only the economic policies but also the two key components; political stability and social stability.

‘What we expect is a stable government, evolved democratically and constitutionally, and the social unrest at present should come down sooner so that people can get into normal activity so that their actions will be much more effective.’



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dialog delivers strong growth, stronger national contribution in FY 2025

Published

on

Dialog Axiata PLC announced, Friday 6th February 2026, its consolidated financial results (Reviewed) for the year ended 31st December 2025. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).

Group Performance

The Group delivered a strong performance across Mobile, Fixed Line and Digital Pay Television businesses recording a positive Core Revenue growth of 16% Year to Date (“YTD”). Group Headline Revenue reached Rs179.6Bn, up 5% YTD, despite the continued strategic scaling down of low-margin international wholesale business. In Q4 2025, Revenue was recorded at Rs46.5Bn up 2% Quarter-on-Quarter (“QoQ”) and 2% Year-on-Year (“YoY”).

The Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) reached Rs86.0Bn up 30% YTD supported by Core Revenue performance and Cost Rescaling Initiatives. On a QoQ basis Group EBITDA demonstrated a modest growth to record at Rs23.0Bn up 2% QoQ with an EBITDA margin of 49.5% in line with the Revenue performance. Group EBITDA margin reached 47.9% for FY 2025, up 9.2pp.

Group Net Profit After Tax (“NPAT”) reached Rs20.8Bn for FY 2025, up 67% YTD mainly resulting from robust EBITDA growth, despite higher tax and net finance costs. Normalized for forex impact, NPAT growth was recorded at +>100% YTD to reach Rs22.1Bn. On a QoQ basis NPAT grew 3% to reach Rs5.9Bn resulting from strong EBITDA performance.

On the back of strong operational performance, the Group recorded Operating Free Cash Flow (“OFCF”)

of Rs49.3Bn for FY 2025 up >100% YTD.

Dividend Payment to Shareholders

In line with the dividend policy and financial performance of the Group and taking into account the forward investment requirements to serve the nation’s demand for Broadband and Digital services, the Board of Directors of Dialog Axiata PLC at its meeting held on 6th February 2026, resolved to propose for consideration by the Shareholders of the Company, a dividend to ordinary shareholders amounting to Rs1.50 per share. The said dividend, if approved by shareholders, would translate to a Dividend Yield of 5.0% based on share closing price for FY 2025. The dividend so proposed will be considered for approval by the shareholders at the Annual General Meeting (AGM) of the Company, the date pertaining to which would be notified in due course.

Company and Subsidiary Performance

At an entity level, Dialog Axiata PLC (the “Company”) continued to be the primary contributor to Group Revenue (76%) and Group EBITDA (74%). Aided by sustained growth in the Data segment and cost-rescaling initiatives, Company revenue was recorded at Rs135.8Bn for FY 2025, up 18% YTD, EBITDA rose 32% YTD to reach Rs63.6Bn. On a QoQ basis, Q4 2025 Revenue was recorded at Rs34.8Bn, down 1% QoQ due to a reclassification of Hubbing Revenue, while EBITDA decline 1% QoQ to record Rs17.0Bn, largely attributable to network restoration costs and donations made in relation to the Cyclone Ditwah relief efforts. Furthermore, NPAT was recorded at Rs15.6Bn for FY 2025, up 41% YTD. Normalised for forex impacts, the company NPAT was up +>100% YTD to reach Rs17.0Bn. On a QoQ basis, Company NPAT was recorded at Rs4.5Bn, down 6% QoQ.

Continue Reading

Business

Ceylinco Life’s Pranama Scholarships reach 25-year milestone

Published

on

Ceylinco Life has announced the launch of the 25th consecutive edition of its flagship Pranama Scholarships programme, marking a significant milestone in the company’s long-standing commitment to recognising and rewarding excellence among the children of its policyholders.

Under the 2026 programme, the life insurance market leader will present scholarships with a total cumulative value of Rs. 22.7 million, continuing a rewards initiative that has now been conducted without interruption for a quarter of a century. Since its inception, the Ceylinco Life Pranama Scholarships programme has benefitted 3,466 students across the country, representing a total investment of Rs. 240 million in nurturing academic achievement and outstanding performance in sports, arts and other extracurricular pursuits.

Continue Reading

Business

Sri Lankans’ artistic genius glowingly manifests at Kala Pola ‘26

Published

on

The spirit of Sri Lanka as it was ably captured by an artist.

The artistic genius of Sri Lankans was amply manifest all over again at ‘Kala Pola ‘26’ which was held on February 8th at Ananda Coomaraswamy Mawatha Colombo 7; the usual, teeming and colourful venue for this annual grand exhibition and celebration of the work of local visual artists.

If there is one thing that has flourished memorably and resplendently in Sri Lanka over the centuries it is the artistic capability or genius of its people. It is something that all Sri Lankans could feel a sense of elation over because from the viewpoint of the arts, Sri Lanka is second to no other nation. With regard to the visual arts a veritable dazzling radiance of this inborn and persisting capability is seen at the annual open air ‘Kala Pola’.

A bird of Sri Lanka created from scraps of iron waste.

All capable visual artists, wherever they hail from in Sri Lanka, enjoy the opportunity of exhibiting their work at the ‘Kala Pola’ and this is a distinctive ‘positive’ of this annual event that draws numberless artists and viewers. There was an abundance of paintings, sketches and sculptures, for instance, and one work was as good as the other. Ample and equal space was afforded each artist. Its widely participatory and open nature enables one to describe the exhibition as exuding a profoundly democratic ethos.

Accordingly, this time around at ‘Kala Pola ‘26’ too Sri Lankans’ creative efforts were there to be viewed, studied and enjoyed in the customary carnival atmosphere where connoisseurs, local and foreign, met in a sprit of camaraderie and good cheer. Many thanks are owed once again to the George Keyt Foundation for the presentation of the event in association with the John Keells Group and the John Keells Foundation, not forgetting the Nations Trust Bank, which was the event’s Official Banking Partner. The exhibition was officially declared open by Chief Guest Marc-Andre Franche, UN Resident Coordinator in Sri Lanka.

By Lynn Ockersz

Continue Reading

Trending