Economy

Cabinet greenlights fee-free QR payments

Published

2 months ago

March 24, 2026

The Cabinet of Ministers has granted approval for a proposal aimed at promoting QR code-based digital payments by ensuring that no additional charges are levied on either the sender or the receiver for transactions valued below Rs. 5,000.

The government has identified the promotion of a digital economy as a national priority, with a view to enhancing economic efficiency, financial inclusion, and transparency.

Despite these objectives, Sri Lanka continues to rely heavily on cash for day-to-day retail transactions, thereby limiting the growth of transparency and the broader digital ecosystem, according to a statement by the Department of Government Information.

At present, more than 20 financial institutions and approximately 30 mobile applications support LankaQR facilities. However, active usage remains relatively low.

During the third quarter of 2025, approximately 274,000 transactions were recorded via LankaQR, with a total value of around Rs. 1.18 billion. This translates to an average of approximately 90,000 transactions per month, amounting to about Rs. 390 million.

Observations indicate that the average value of a QR-based transaction remains below Rs. 5,000.

Economy

Govt Approves Rs.112 B Central Expressway Phase Without New Loans

Published

1 day ago

May 12, 2026

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“Rs. 112 Billion. 100% funded by the Government of Sri Lanka. Zero new loans.”

Minister Bimal Rathnayake says Cabinet approval for the Rambukkana–Galagedera phase of the Central Expressway is proof of Sri Lanka’s economic recovery, adding that what was once a “distant dream” is now a funded reality under the Finance Ministry’s leadership over the past 18 months.

Economy

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

Published

3 days 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

5 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.