Economy

Central Bank releases its inaugural Annual Economic Review for 2023

Published

2 years ago

April 26, 2024

The Central Bank of Sri Lanka has unveiled its inaugural Annual Economic Review and Financial Statements & Operations for the Year 2023.

This landmark publication includes the Annual Economic Review 2023, mandated by Section 80 of the Central Bank of Sri Lanka Act, No. 16 of 2023 (CBA), and the Financial Statements & Operations of the Central Bank 2023, published under Section 99 of the CBA.

Presented to President and Minister of Finance Ranil Wickremesinghe by Dr. P Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka, on Thursday (Apr 25), these inaugural releases mark a significant milestone.

As per the CBSL’s Annual Economic Review of 2023, the Sri Lankan economy saw a gradual revival from its deepest economic downturn since independence. Decisive policy adjustments and structural reforms, implemented by both the Government and the Central Bank, played a crucial role in restoring macroeconomic stability. Despite short-term challenges faced by economic stakeholders, these measures prevented a further deepening of the crisis and set the economy on a sustainable path of recovery.

With risks still prevalent, the steadfast commitment of policymakers and wider public support remains essential to sustain the economic reform agenda and restore debt sustainability.

Economy

Sri Lanka’s official reserves fall below US$ 7 billion

Published

1 hour ago

May 10, 2026

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Sri Lanka’s official reserve assets fell below the US$ 7 billion mark again in April 2026, according to the latest data released by the Central Bank of Sri Lanka.

The country’s total official reserve assets declined from US$ 7.026 billion recorded at the end of March 2026 to US$ 6.759 billion by the end of April.

Data also showed that foreign exchange reserves — the main component of official reserves — dropped from US$ 6.8 billion to US$ 6.505 billion during the month.

Meanwhile, Sri Lanka’s gold reserves declined slightly from US$ 222 million to US$ 219 million.

Economy

PayPal to launch in Sri Lanka from May 15

Published

2 days ago

May 8, 2026

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PayPal is set to launch in Sri Lanka on 15 May, in a move expected to expand formal digital payment channels, initially starting with business-to-business (B2B) payments to exporters.

According to sources, the initial rollout will focus on enabling inward payments to exporters, with several local banks already appointed as agents for the service.

While an official announcement is yet to be made, sources said the launch is currently scheduled for 15 May, with the Presidential Secretariat likely to host the event.

Banking sector officials have already participated in familiarisation sessions relating to PayPal’s entry into Sri Lanka, while PayPal representatives are understood to have visited the country last month for discussions with local stakeholders and financial institutions regarding the rollout framework.

The move follows months of engagement between the Government, the Central Bank of Sri Lanka (CBSL), and the private sector, aimed at enabling regulated inward remittance functionality through the global online payments platform.

In February, Digital Economy Ministry Secretary Waruna Sri Dhanapala said Sri Lanka had entered the final stage of enabling inward remittances through PayPal, describing it as a key milestone in modernising the country’s digital payments ecosystem.

Economy

Sri Lanka tests online ticket booking platform or intercity bus travel

Published

5 days ago

May 5, 2026

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Sri Lanka has launched a pilot programme to enable online seat reservations for long-distance bus travel, Transport and Highways Minister Bimal Rathnayake announced today.

Speaking at a media briefing, the Minister said buses remain the most widely used mode of daily transport in the country, even surpassing trains in popularity.

However, he noted that passengers currently face inconvenience as they must physically visit bus terminals to reserve seats, making travel planning difficult.

“This new system will allow passengers to reserve seats in advance and plan their journeys more efficiently. Our aim is to make daily life easier,” he said.

The initiative will initially be implemented through private bus operators, with plans to expand the service to the Sri Lanka Transport Board (SLTB) at a later stage.

Sri Lanka Telecom Chairman Mothilal De Silva stated that the platform was introduced ahead of the New Year holiday period in collaboration with several private sector partners.