Business
Use of unauthorized money remittance schemes costing SL USD 2 billion annually
By Hiran H.Senewiratne
Sri Lankans remit around US $ 7.5 billion annually to Sri Lanka but due to some of them channeling these remittances through unauthorized money schemes, Sri Lanka loses US$ 2 billion of these funds. “This is the reason why the Central Bank introduced ‘SL Remit’, CBSL Governor Ajith Nivard Cabraal said.
“SL Remit is a very cost-effective App for Sri Lankan expats and increases remittances to the USD 9 billion mark, Governor Cabraal said at the launch of the new App.
The Payments and Settlements Department of the Central Bank of Sri Lanka organized the launch of the Lanka Remit National Remittance Mobile App yesterday at the Atrium, located at the CBSL, Head Office building, Colombo 01.
Cabraal added: “We do not see our remittances as being threatened; alternative methods are being adopted to remedy the issue. The Central Bank together with the banking industry had felt the magnitude of this situation. And the government has made a total commitment to stem the situation.
“We were able to set up a new scheme to address this problem. I am confident as we go on, we will be able to take the necessary steps as an industry to respond to this situation.
“Around USD 60 billion worth transactions take place at the official rate of exchange and imports amounting to nearly USD 20 billion take place at that rate; exports of about USD 20-30 billion occur at that rate as well and remittances of around USD 5.5-6 billion are sent at the same rate.
“Export of services take place at the identical rate. The government and private sector transactions, which include taking loans, paying back loans, take place at that rate. This whole host of transactions of around USD 60 billion for a year takes place at this official rate of exchange.
“However, there is a certain number of transactions that take place outside that exchange rate as well. If those transactions were to be given an estimate, it would be in the region of about USD 1-1.5 billion. Sometimes we are confronted with this contention that the exchange rate is the gray market exchange rate and therefore we should transfer all other transactions that take place to that exchange rate. That’s a fallacy which I think also needs to be addressed.”
Minister of Youth and Sports, Development Coordination and Monitoring and State Minister of Digital Technology and Enterprise Development Namal Rajapaksa said that the government has laid the foundation to digitalize the entirety of Sri Lanka.
Rajapaksa said that though Sri Lanka has a high usage of Facebook and other social media accounts and high use of smartphones, the adaptation to using money transfers via these channels was unfortunately low. While the world is bracing to digitalize payment methods, most Sri Lankans still prefer the traditional way of paying from cash, he added.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Ceylon Energy and HJT China have successfully completed the Mahiyangana-Kappalthurei 33kV power distribution lines and the Uhana Gantry as part of Sri Lanka’s Supporting Electricity Supply Reliability Improvement Project (SESRIP). Funded by the Asian Development Bank ($42 million), SESRIP aims to expand energy access in underserved regions, including conflict-affected areas and provinces like Uva and North Central.
The project’s infrastructure spans over 270 km of 33kV lines, 13 switching gantries, and 2,372 km of low-voltage extensions.
The projects connect 35,000+ households and improve reliability for 493,000+ consumers; integrates renewables to reduce losses.
The projects’ notable components include: Mahiyangana-Bibila Line: 36 km with 147 steel towers and Kappalthurei-Sixth Mile Post Line: 14 km with 58 towers.
Ceylon Energy Chairman Madushanka Fernando hailed it as a ‘new beginning of a brighter era’, emphasising the project’s role in uplifting rural communities and driving sustainable development.
The initiative underscores Sri Lanka’s commitment to inclusive, reliable energy and climate resilience.
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
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