Economy

PayPal to launch in Sri Lanka from May 15

Published

5 months ago

May 8, 2026

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

Govt saving Rs. 5.7B through price regulation of 13 expensive medicines

Published

1 day ago

October 4, 2026

admin

The National Medicines Regulatory Authority (NMRA) says the government’s estimated savings from regulating the prices of 13 major high-priced medicines amount to Rs. 5.7 billion.

NMRA Chairman Specialist Dr. Ananda Wijewickrama made this statement at a media briefing held in Colombo today (01).

He further said that the savings to the public would vary depending on the medicines they purchase.

He noted that the medicines whose prices had been reduced are mainly those that patients require for long-term use.

Economy

CBSL Governor says Fitch upgrade reflects Sri Lanka’s progress on economic reforms

Published

6 days ago

September 29, 2026

admin

The Governor of the Central Bank Dr. Nandalal Weerasinghe said Sri Lanka’s sovereign rating upgrade by Fitch Ratings from ‘CCC+’ to ‘B-’ with a Stable Outlook reflects ongoing progress in macroeconomic stabilization and reforms.

Speaking at the 49th Annual General Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) on September 23, Dr. Weerasinghe stated that the restoration of stability following the severe economic crisis has provided a stronger foundation for the country’s next development phase.

“This progress has also been recognised by the upgrade of Sri Lanka’s sovereign rating by Fitch Ratings to ‘B-’ from ‘CCC+’, with a Stable Outlook, announced, reflecting the continued progress in macroeconomic stabilisation and reforms,” he added.

Economy

Sri Lanka ranked among top 10 global risers in tourism

Published

1 week ago

September 28, 2026

admin

Sri Lanka has been ranked among the top 10 countries in the world for the fastest improvement in the Travel and Tourism Development Index between 2024 and 2026, according to the 2026 Travel and Tourism Development Index released by the World Economic Forum (WEF).

Sri Lanka has been ranked 10th on the list, with its Travel and Tourism Development Index score increasing by 4.33% in 2026 compared to 2024.

Albania ranked first, recording a 7.0% increase in its index score.

Vietnam and Laos ranked second and third, respectively, with increases of 6.3% and 6.1% in their index scores.