Economy

PayPal Launched in Sri Lanka to Strengthen the Digital Economy

Published

2 hours ago

May 15, 2026

Marking a significant milestone in Sri Lanka’s journey toward a fully digital economy, PayPal, one of the world’s leading online payment platforms has been introduced to Sri Lanka through integration with the domestic banking system.

The official launch of the service took place under the patronage of Hon. Prime Minister Dr. Harini Amarasuriya.

Aligned with the Government of Sri Lanka’s digital economy vision, the new collaboration between the local banking sector and PayPal was highly commended by the Prime Minister.

This initiative is recognized as a transformative step in positioning Sri Lanka’s digital economy at both regional and global levels. The service will initially be made available to customers through key banking partners, including Bank of Ceylon, Commercial Bank, and Sampath Bank, with several other banks expected to join the initiative in the coming months.

This development enables Sri Lankan consumers, freelancers, entrepreneurs, and emerging businesses to access a secure and trusted international payment system.

The country’s digital economy agenda is primarily focused on fostering inclusive growth and promoting digital entrepreneurship while strengthening Sri Lanka’s integration with global markets.

The expansion of international payment services is expected to significantly support small and medium enterprises (SMEs) in becoming active participants in global trade.

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Economy

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

Published

3 days 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

5 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

1 week 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.