Economy

Sri Lanka’s Central Bank Governor Discusses Cryptocurrency Regulation Amidst Calls for Relaxation

Published

2 years ago

May 30, 2024

In a press conference held today (May 28), Sri Lanka’s Central Bank Governor, Nandalal Weerasinghe, reiterated his concerns over the use of cryptocurrencies, which are currently not accepted in the country.

“Cryptocurrency has been recognized in some markets as an asset class, but this asset class is highly volatile and risky. So, without proper regulation and supervision, do we need the public to invest in highly volatile and risky assets?” the Governor questioned.

Weerasinghe stated that the decision to allow or disallow the use of cryptocurrency as a payment method or as an asset class rests with the government. He emphasized the need for a proper regulatory mechanism and a regulatory authority like the Securities and Exchange Commission (SEC) to ensure transparency and prevent money laundering.

The Governor also highlighted the challenges posed by exchange controls in Sri Lanka, where there is no free movement of capital. “How do you prevent capital from moving in and out if you allow cryptocurrency? There are a lot of factors to consider before any authority makes that decision,” he added.

This statement comes at a time when cryptocurrencies are gaining popularity worldwide. Sri Lankan President Ranil Wickremesinghe recently remarked, “Some young people are involved in cryptocurrency. They suggest relaxing regulations in this area to foster economic growth.”

This suggests that there is a growing debate within the country about the potential benefits and risks of cryptocurrencies, and how best to regulate them. For now, cryptocurrencies remain unaccepted in Sri Lanka, but the discussion around their regulation continues.

Source – Sri Lanka Business Online

Economy

Sri Lanka Postal Service achieves record revenue

Published

5 days ago

January 12, 2026

admin

Sri Lanka’s postal service has recorded a remarkable turnaround in 2025, surpassing revenue targets set by the Treasury and signalling a major revival after years of stagnation.

Postmaster General Ruwan Sathkumara said the Department of Posts generated Rs. 13.1 billion last year, exceeding the revenue target assigned for 2025.

He highlighted that the past year also saw wide-ranging reforms, including large-scale recruitments, confirmations of long-serving staff, infrastructure upgrades, and investments in technology and transport to improve efficiency and service delivery.

According to Sathkumara, 378 Sub-Postmasters received permanent appointments in June 2025—the first confirmations for the category since 2020. In September, the appointments of 1,000 Postal Assistants were regularised, marking the first such confirmations since 2022.

The Postmaster General added that recruitment is underway to hire 600 Postal Service Officers through open competition, with appointments expected in February 2026.

Economy

Sri Lanka ranked most affordable place to live or retire in 2026

Published

6 days ago

January 11, 2026

admin

International Living magazine has identified the five most affordable places to live or retire in 2026, which scored the highest in the cost-of-living category of its 2026 Global Retirement Index.

It evaluated retirement destinations across climate, healthcare, visa and lifestyle, along with cost.

Sri Lanka ranked top of the list due to affordable local transportation and easy-to-obtain retirement visas. A couple can live extravagantly on $2,200 (£1,637) a month, or on $1,000 (£744) with some budgeting.

In second place is Vietnam, with the average cost of living in Hanoi sitting at under $1,800 (£1,339) per month. Rent is low and healthcare is affordable.

Thailand was ranked third, because a couple can live comfortably for around $2,000 (£1,488) a month in cities such as Chiang Mai or coastal towns such as Hua Hin. These both have affordable housing, and accessible services and transportation.

#oureconomics

Economy

Sri Lanka Secures €188M Debt Relief from Germany

Published

1 week ago

January 10, 2026

admin

Sri Lanka has signed a bilateral agreement with the Federal Republic of Germany as part of its ongoing external debt restructuring process, marking a significant milestone in the country’s efforts to restore debt sustainability and revive its economy.

The agreement, concluded after bilateral discussions following the Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC), provides for rescheduling outstanding debts, offering critical relief to Sri Lanka during its economic recovery phase.

The signing ceremony took place at the Ministry of Finance, where Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning and Economic Development, signed on behalf of the Government of Sri Lanka, while Ms. Sarah Hasselbarth, Chargé d’Affaires a.i., represented the Federal Republic of Germany.

The estimated rescheduled debt under this agreement amounts to €188 million.