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Sri Lanka Sees Surge in Tourist Arrivals in May Following Decline Due to Middle East Conflict
According to recent official statistics, Sri Lanka experienced an uptick in tourist arrivals during May, following a decline in the previous two months due to conflicts in the Middle East that resulted in numerous cancellations. In March, the number of visitors to Sri Lanka decreased by 19.8 percent, totaling 183,979 compared to the same month
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Sri Lanka Enacts $27 Million Fine for Substandard Coal Imports, According to Official Sources
Sri Lanka has levied a penalty of $27 million thus far on the initial 15 out of 19 coal shipments under a long-term contract due to discrepancies in specifications, according to Deputy Energy Minister Arkam Ilyas. Out of the total 19 coal shipments, the country has received 17, albeit with delays, after testing revealed that
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Sri Lankans encouraged to enhance fuel conservation efforts.
Sri Lanka’s Deputy Finance Minister Anil Jayantha has called on citizens to reduce their fuel usage as the rising costs of oil imports continue to exert pressure on the depreciation of the rupee, despite the implementation of fuel rationing measures. Since the escalation of tensions in the Middle East began on February 28, the country
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Sri Lanka’s Central Bank Head Reports CPC Settled Two-Thirds of 2026 Oil Expenses Within Initial Four Months
FINANCIAL CHRONICLE – The oil import expenses incurred by Sri Lanka’s state-owned fuel company have surged significantly in the initial four months of the year, reaching approximately two-thirds of the total expenditure for the entire year of 2025, according to Central Bank Governor Nandalal Weerasinghe. Governor Weerasinghe made these remarks during a session with senior
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Sri Lanka’s Tourism Revenue Plummets 39% in April Amid Ongoing Middle East Crisis
FINANCIAL CHRONICLE – According to the central bank, Sri Lanka’s foreign exchange earnings from tourism experienced a significant decline of 38.8 percent in April 2026, totaling US$157.1 million, as reported by data from the tourism promotion authority. This decrease follows a 37 percent drop in March’s tourism revenue, coinciding with the onset of U.S./Israeli military
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ANALYSIS – Strategies to Revitalize Sri Lanka’s Colombo Port Amid Declining Trends
FINANCIAL CHRONICLE – The Colombo West International Terminal (CWIT), under the management of Adani Ports, is a glimpse into the future of port operations. The facility features modern quayside cranes that transfer containers between ships and trucks, along with yard cranes that temporarily stack containers up to six high. Remarkably, these cranes are operated remotely
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EDB and Janathakshan Collaborate to Promote Eco-Friendly Sri Lankan Goods in the US, EU, and Japan
Sri Lanka’s Export Development Board has entered into a collaboration with Janathakshan GTE Ltd, the partner organization for the UNDP’s GEF-07 Project, aimed at promoting biodiversity conservation and fostering climate-resilient livelihoods. The GEF-07 Project, titled “Partnerships and Innovative Financing to Mainstream Biodiversity and Sustainable Land Management in the Wet Climatic Zone of Sri Lanka,” operates
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Vidullanka Acquires 49% Stake in Solex in Strategic Investment Move
FINANCIAL CHRONICLE – Vidullanka, a Sri Lankan energy company, has announced that it has finalized a share sale and purchase agreement along with a shareholders’ agreement to acquire a 49 percent equity interest in Storex (Pvt) Limited for approximately 2 billion rupees. The remaining 51 percent stake will be retained by WindForce. This investment is
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Sri Lanka’s Central Bank Investigates All Financial Institutions for NDB-Style Fraud, Says Governor
FINANCIAL CHRONICLE – The Central Bank of Sri Lanka has conducted a thorough examination of all banking institutions to identify any fraudulent activities akin to those discovered at the National Development Bank (NDB), according to Governor Nandalal Weerasinghe. The NDB recently disclosed a misappropriation of 13.2 billion rupees, amid claims of pervasive financial misconduct and
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Sri Lanka Central Bank Investigates All Financial Institutions for NDB-Style Fraud, Says Governor
FINANCIAL CHRONICLE – The Governor of Sri Lanka’s Central Bank, Nandalal Weerasinghe, announced that a thorough examination of all banking institutions was conducted to identify any fraudulent activities similar to those reported at the National Development Bank (NDB). The NDB disclosed a misappropriation totaling 13.2 billion rupees, accompanied by allegations of systemic financial misconduct and
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Sri Lanka Expo 2026 Delayed Amidst Geopolitical Instabilities
FINANCIAL CHRONICLE – The Sri Lanka Expo 2026, which was initially planned for this year, has been rescheduled to take place from January 14 to 17, 2027. This change was announced by the Export Development Board (EDB) and is attributed to ongoing geopolitical uncertainties that are impacting global trade and travel. The purpose of this
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Short Circuit Group Expands with Strategic Acquisition of Payables
FINANCIAL CHRONICLE – Short Circuit Group has acquired Payables, a digital payment platform in Sri Lanka, enhancing its transaction volume by $200 million. This acquisition introduces over 4,000 merchants to Short Circuit Group, enabling the company to transition from merely providing services to actively managing and monetizing payment processes, as stated in their social media
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Sri Lanka poised to revise State Mortgage and Investment Bank legislation to enhance profitability.
FINANCIAL CHRONICLE — The cabinet of Sri Lanka has given the green light to a proposal aimed at revising the State Mortgage and Investment Bank (SMIB) Act, with the goal of enhancing the bank’s capacity to meet its objectives and ensuring its profitability. Established under Act No. 13 in 1975, the SMIB began its operations
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Sri Lanka Introduces Groundbreaking Legislation to Hold Plastic Manufacturers Accountable
FINANCIAL CHRONICLE — The Sri Lankan government is set to amend the Environmental Act to implement Extended Producer Responsibility (EPR), a regulatory framework that will transfer the responsibility of waste management, particularly for plastic and polythene packaging, from the public sector to manufacturers, according to Deputy Minister of Environment, Anton Jayakodi. The forthcoming legislation will
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Concerns Raised Over State Prioritization in Sri Lanka’s Bankruptcy Legislation
FINANCIAL CHRONICLE – A proposed bankruptcy legislation, which prioritizes tax collection by the Inland Revenue Department over other creditors, has come under scrutiny during a session of the Parliament’s Committee on Public Finance. The draft stipulates that a company’s outstanding income tax and value-added tax for the previous year must be settled before any payments