Business
Remittance inflows face twin declines: month-on-month and year-on-year
By Sanath Nanayakkare
Workers’ remittances amounted to US dollars 530.1 mn in November 2024, compared to US dollars 587.7 mn in October 2024, and US dollars 537.3 mn in November 2023, according to the Weekly Economic Indicators of the Central Bank.
This means that remittance inflows have declined by US$ 57 million month-on-month, and by US$ 7 million year-on-year in spite of the fact that more migrant workers are supposedly remitting their money to Sri Lanka.
However, there is an encouraging ray of hope for the domestic economy as earnings from tourism have amounted to US dollars 272.9 mn in November 2024, compared to US dollars 185.6 mn in October 2024 and US dollars 205.3 mn in November 2023.
Another metric that adds to this optimism is during the year up to 06th December 2024, the Sri Lanka rupee has appreciated against the US dollar by 11.5 per cent.
Further, there was a very slight drop in Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 06th December 2024, as it decreased by 1 bps to 9.09 per cent compared to the previous week.
The report included the following.
Reserve money had increased compared to the previous week mainly due to increase in the currency in circulation.
The total outstanding market liquidity was a surplus of Rs. 176.865 bn by 06th December 2024, compared to a surplus of Rs. 146.910 bn by the end of the last week.
During the week, T-Bill yield rates remained broadly stable in the primary market while a slight reduction was observed in the yield rates of T-Bills and T-Bonds in the secondary market.
The rupee value of T-Bills and T-Bonds held by foreign investors increased by 17 per cent during the reporting week.
In the reporting week, the auction for T-Bills experienced oversubscription rate of approximately 2.0 times.
An increase of 8.7 per cent was observed in the total volume of secondary market transactions in T-Bills and T-Bonds in the reporting week compared to the week before.
The net purchases by the Central Bank from the domestic foreign exchange market amounted to US dollars 327.0 mn in November 2024.
Meanwhile, marking an increase, the gross official reserves were provisionally estimated at US dollars 6,462 mn as at end November 2024. This includes the US $ 1.4 billion equivalent yuan swap with the People’s Bank of China.
“The once-dormant Chinese swap facility has become usable as Sri Lanka’s foreign reserves have exceeded three months of imports, but the authorities have still not chosen to utilize it,” a source familiar with the matter told The Island Financial Review.
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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