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What went wrong and how to correct them, according to CB Governor

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By Shyam Nuwan Ganewatta and Shiran Ranasinghe

In 2020, the Central Bank made wrong decisions on the interest, and exchange rates, and these errors led to the current economic crisis, CBSL Governor Dr. Nandalal Weerasinghe, on Thursday, said.Addressing a lecture on the proposed Central Bank Act, he said that interest and exchange rates are excellent methods of keeping an unhealthy demand in check.

“You can’t have a stable economy by artificially controlling interest and exchange rates. We kept bank rates at five percent and everyone took loans. Now they can’t pay back the loans. We also kept the US dollar at 202 rupees and we ran out of reserves. Ultimately we had to declare bankruptcy,” he said.

Dr. Weerasinghe said that the state and state-owned enterprises are the biggest debtors in the country. There are more debtors than those with savings in the country, he added.

“There are a lot more people spending foreign currency than earning them. If we ask the people they might say we should keep the dollar at 203 rupees, but the Central Bank has to take unpopular, but right decisions,” he said.

Weerasinghe said the new legislation will prioritise controlling inflation and introduce an inflation target. The Finance Minister, and the Central Bank, would, together, decide what that target should be, he said.The CBSL Governor said the new Bill will establish two new mechanisms, instead of the monetary board that exists now.

Although the Secretary to the Treasury is now a member of the Monetary Board, he will not have such an influential position, with the new Act, he said. A separate governing board, consisting of six members, and the governor, will be formed, in addition to the Monetary Board, he added.

“The main point of this legislation is to empower the Central Bank to make the right decisions, not popular decisions,” Weerasinghe said.

“With this new law, a Central Bank governor can work independently and make decisions that cannot be changed, according to the whims of the government in power.”

The Governor added that with the new Act the Central Bank has to issue an inflation report, every six months, and will need to provide explanations to a parliamentary committee on its performance, as and when necessary, Weerasinghe said.



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Premadasa: Grade 6 syllabus fiasco signals deeper issues

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Harini Sajith

Vicious attacks disguised as criticism of education reforms, says PM

Opposition Leader Sajith Premadasa has said Sri Lanka’s education system has fallen into a “tragic condition,” warning that the crisis extends far beyond the Grade 6 syllabus fiasco.Premadasa made these remarks at the Opposition Leader’s Office during the establishment of the “Common Platform to Protect Free Education.”

Premadasa said that while public attention was on the Grade 6 syllabus issue, the problems facing the education sector were far deeper and affected the entire education system, including schools, universities and tertiary education institutions.

The Opposition Leader noted that the current crisis had not manifested itself overnight due to result of recent decisions; instead, it had developed over time due to reforms being introduced without proper consultation, dialogue or a participatory process involving stakeholders.

The Opposition Leader stressed the urgent need for setting political agendas aside and making a concerted effort to introduce meaningful educaton reforms. He said the rights of more than 4.1 million schoolchildren must be protected.

Premadasa said Sri Lanka must ensure that education was free and of high quality, and warned that failure to do so would have long-term consequences for the country’s future.

Taking part in a televised interview, PM Harini Amarasuriya responded to criticism of the government’s proposed education reforms, especially recent criticism on the rainbow colours on the covers of modules.

This is not constructive in any way. This is vile. This is really vicious. This is the politics the people of this country rejected in three elections in 2024 and 2025,” she said.

She added that the government was open to constructive criticism.

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Sri Lankan Airlines launches Intl branding initiative for Colombo Nawam Maha Perahera 2026

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SriLankan Airlines has unveiled a landmark international branding initiative to promote the Colombo Nawam Maha Perahera 2026, one of the country’s most distinguished religious and cultural festivals. The initiative is showcased on an Airbus A320neo, transforming the aircraft into a flying ambassador of Sri Lanka’s living heritage.

Through a specially designed aircraft livery, SriLankan Airlines now carries the prestige, spirituality, and cultural identity of the Nawam Maha Perahera across its international route network. This initiative positions the Perahera not only as a sacred Buddhist procession, but also as a major cultural and tourism attraction, highlighting

Colombo as a destination of heritage, harmony, and tradition.

Organised under the auspices of the Gangaramaya Temple, the Nawam Maha Perahera is internationally recognised for its historical significance, spiritual depth, and ceremonial grandeur. The concept for this international branding initiative was initiated by Venerable Dr. Kirinde Assaji Thero, who recognised aviation as a powerful platform for cultural diplomacy and global storytelling.

The successful realisation of this initiative has been made possible through the collective efforts of the Nawam Maha Perahera Committee, devoted devotees and supporters, and the institutional collaboration of the Prime Minister’s Office and the Ministry of Aviation, together with the full cooperation of SriLankan Airlines. The entire international aircraft branding initiative has been fully funded by the Gangaramaya Temple, together with the Nawam Maha Perahera Committee, reflecting the commitment of the Temple and its devotees to preserving and promoting Sri Lanka’s religious and cultural heritage on a global stage.

SriLankan Airlines extended its support across all levels of the organisation. Special appreciation is extended to the Chairman, Board of Directors, senior management, engineering and technical teams, designers, operational staff, and frontline employees, whose combined expertise and dedication transformed this cultural vision into reality.

Recently, Venerable Dr. Kirinde Assaji Thero, along with members of the Nawam Maha Perahera Committee, visited the SriLankan Airlines engineering and operations premises in Katunayake, accompanied by resident young Buddhist monks from the Gangaramaya Temple. During the visit, the delegation observed the progress of the aircraft branding work and offered blessings to the SriLankan Airlines team, expressing appreciation for their professionalism and commitment.

As the Airbus A320neo travels from city to city and culture to culture, it carries with it the story of Gangaramaya Temple, the Nawam Maha Perahera, and Sri Lanka’s enduring cultural values—fostering international awareness and strengthening the country’s image as a destination of faith, heritage, and cultural pride.

This initiative stands as a strong example of how religion, culture, tourism, and national aviation can work together in unity to elevate Sri Lanka’s presence on the global stage in the lead-up to the Colombo Nawam Maha Perahera 2026.

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Reports on Grade 6 module adult website link due next week

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Statements have been recorded from six individuals, including senior officials of the National Institute of Education (NIE), in connection with the inclusion of a link to a pornographic website in a Grade Six English learning module, according to police headquarters sources.

Those questioned include module writers attached to the NIE’s Academic Affairs Division, as well as officials involved in the review, editing and proofreading of the material.

Meanwhile, an Education Ministry official said a separate preliminary inquiry into the NIE’s module development process was being carried out by a committee chaired by Ranjith Ariyaratne. Reports from both inquiries are expected to be submitted next week.

Deputy Minister of Education Dr. Madhura Seneviratne told the media that measures were underway to strengthen the module preparation process at the NIE, with guidance from a panel of subject experts. He said extensive discussions had been held with senior NIE officials on January 16, and stressed that appropriate disciplinary action would be taken based on the findings of the investigation reports.

Following the disclosure of the incident, NIE Director General Prof. Manjula Vidanapathirana resigned from her post to facilitate the investigations. However, sources said no statement had been recorded from her, as her role was limited to administrative responsibilities.

By Norman Palihawadane and Chaminda Silva ✍️

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