Sri Lanka’s central bank does not anticipate further interest rate increases this year following its surprise 100 basis‑point hike in May, Governor Nandalal Weerasinghe told Reuters on Tuesday. 

He said inflation is expected to peak around current levels before easing back towards the 5% target in 2027.

According to the Reuters report, the May hike, the first in more than three years, was a proactive move to contain inflation pressures fueled by the ongoing war in Iran. “We need to monitor whether there will be any deviation from what we thought,” Weerasinghe said, adding that so far inflation trends remain broadly in line with expectations.

Sri Lanka’s key inflation index climbed to 7.3% in July, the sharpest increase in three years, driven by rising energy costs. Some analysts forecast inflation could reach 8% by November. Weerasinghe noted the full impact of the May rate increase would take 12 to 18 months to filter through the economy, with inflation likely to return to the 5% target in the first half of next year.

The governor’s comments suggest monetary policy will remain steady at 8.75% for the rest of 2026, with the next rate announcement scheduled for September 30. He emphasized that “low inflation is a necessary condition for future growth,” projecting economic expansion in the 4%–5% range despite global headwinds.

Sri Lanka’s economy grew by 5% in 2024 and 2025, rebounding from a 7.3% contraction in 2022. While similar growth was expected this year, analysts caution that measures to defend against external shocks could weigh on momentum. The International Monetary Fund, which backed the May hike, released $695 million under its $2.9 billion program and forecast 3% growth for 2026.

Like other energy‑importing nations, Sri Lanka has been hit hard by surging crude prices following the U.S.‑Israeli war on Iran that began in February, disrupting key oil and LNG supply routes. The government has raised fuel prices by more than 35%, introduced rationing, and declared Wednesdays a public holiday to ease fiscal strain.

Weerasinghe also underscored the importance of strengthening external buffers, aiming to boost gross foreign exchange reserves to about $8 billion by year‑end from $6.6 billion currently. Maintaining a steady build‑up in reserves remains a priority as rising fuel import costs continue to pressure Sri Lanka’s external accounts. (Newswire) 

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The Central Bank of Sri Lanka (CBSL) today launched a month-long national awareness campaign titled “Be Scam Proof”, aimed at strengthening public awareness and resilience against financial scams across the country. 

Speaking at the launch event in Colombo, CBSL Governor Nandalal Weerasinghe said financial fraud in Sri Lanka continues to thrive due to limited public awareness about legal and regulated financial services, alongside the growing sophistication of digital scams. 

He noted that fraudsters exploit both technological advancements and information gaps, targeting individuals through illegal investment schemes, fraudulent links, and other deceptive financial practices. The Governor highlighted that many people remain unable to distinguish between licensed financial institutions and illegal schemes. 

Weerasinghe warned that pyramid schemes, illegal deposit-taking operations, deceptive high-return investment schemes, and digital scams not only cause significant financial losses to individuals but also undermine trust in the formal financial system. 

The Governor said the campaign forms part of broader efforts to strengthen financial consumer protection and supports Sri Lanka’s National Financial Inclusion Strategy. He stressed that combating financial fraud requires collaboration among regulators, financial institutions, telecommunications providers, cybersecurity authorities, law enforcement agencies, media organizations, and content creators. 

As part of the campaign, the Central Bank will roll out a nationwide multimedia awareness programme featuring posters, short films, a theme song, and engagements across traditional and digital media platforms. The initiative will particularly target vulnerable groups, including rural communities, low-income households, senior citizens, youth, schools, universities, and workplaces. 

Calling on the public to remain vigilant, Weerasinghe urged citizens to question suspicious promises, verify information before trusting financial offers, and act responsibly to protect their financial well-being. 

The CBSL Governor said the Central Bank would continue working with stakeholders to ensure awareness efforts reach communities across the country and help build a Sri Lanka that is truly “Scam Proof.” (Newswire)

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Inflation in Sri Lanka could climb as high as 7 per cent due to rising fuel prices and the prolonged conflict in the Middle East, Central Bank Governor Dr. Nandalal Weerasinghe has warned.

Speaking during a televised interview, he noted that while the war in the Middle East was initially expected to ease, its continuation has already had a severe impact on the economy. 

“We still don’t see any reduction in consumption. That is why there is a risk that inflation, which is at 5%, could rise further. Fuel prices have risen again this week, pushing inflation beyond the current 5.4%–5.5% range. If this continues, inflation could even reach 7%,” Weerasinghe said.

The Governor explained that the Central Bank tightened monetary policy last week to moderate demand over the next three months and prevent further inflationary pressure. 

“Through that, in the next three months, demand will be somewhat moderated. Reducing demand to prevent inflation from rising further is very important for the country,” he said.  (Newswire)

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Sri Lanka has already spent nearly USD 600 million on vehicle imports in the first three months of 2026, raising concerns that annual expenditure could climb well beyond earlier forecasts, Central Bank Governor Dr. Nandalal Weerasinghe said.

The Governor noted that if the current trend continues, vehicle import costs could reach USD 2.4 billion by year‑end, surpassing last year’s figure of USD 2 billion.

He explained that last year’s spending had already exceeded expectations: 

“We thought it would stop at USD 1.5 to 1.7 billion, but when it reached 2 billion, Treasury revenue rose even further. That was one reason revenue increased more than expected.”

Dr Weerasinghe added that the Ministry of Finance had forecast fewer vehicle imports in 2026 than in 2025, but current data suggest otherwise.

“Now, according to current data, in the first three months of 2026, about USD 600 million worth of vehicles have been imported. If that continues until year‑end, it means USD 2.4 billion in vehicle imports, higher than last year.”

Despite the rising import bill, he emphasised that government tax revenue targets do not appear to be at risk. 

“Therefore, at present, it does not seem to negatively affect government revenue,” he added.

Central Bank Governor Dr. Nandalal Weerasinghe disclosed the information while addressing a media briefing held on Monday (18). (Newswire)

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Central Bank Governor Dr. Nandalal Weerasinghe says the present depreciation of the Sri Lankan Rupee is fundamentally different from the sharp fall in 2022, as this time, it is driven by global conditions rather than domestic mismanagement.

He noted that in March–April 2022, the rupee depreciated up to Rs. 370 purely due to internal factors, while other regional currencies remained stable.

 “That was a completely internal event. There was no external shock at that time. Other currencies did not depreciate that much. This was specific to the Sri Lankan currency, which depreciated at a fast rate,” he said.

By contrast, the current depreciation is occurring alongside similar declines in regional currencies, with the US dollar strengthening amid global uncertainty. 

“Media reports say the Indian Rupee is at the lowest level in its history, despite $700 billion reserves in the RBI,” he pointed out, as an example.

Dr. Weerasinghe explained that under the flexible inflation targeting regime, the exchange rate is determined by market demand and supply, in line with macro fundamentals. The Central Bank intervenes only to minimize volatility and build reserves, he said. 

“Relative depreciation of our currency to regional currencies is on a compatible basis. Whereas in 2022, we depreciated by 45% while others appreciated,” he said.

The Governor emphasized that the framework remains unchanged, with the Central Bank allowing the market to settle the currency while smoothing fluctuations when necessary.

The CBSL Governor made these remarks while addressing the media briefing at the Central Bank today (13). (Newswire)

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The Central Bank of Sri Lanka (CBSL) and the Ministry of Finance are working together to strengthen systems and prevent a repeat of the alleged fraudulent transfer of USD 2.5 million belonging to the Finance Ministry, CBSL Governor Dr. Nandalal Weerasinghe said.

The Governor made these comments addressing the media briefing at the Central Bank today (13), Dr. Weerasinghe said both institutions are reviewing existing procedures and using their expertise to introduce safeguards against similar incidents in the future.

Responding to questions from journalists, the Governor clarified that, as the banker to the government, the Central Bank is not directly responsible for altering or verifying payment instructions issued by account holders

He explained that once account details and payment mechanisms are properly verified, the Central Bank’s role is limited to processing the transaction.

“For an example, if your bank is instructed to make a payment from your account to another account, the bank’s responsibility is to verify the bank account number. If the system recognizes it, the payment will be made, that is what they do. Beyond that, the bank does not have a right to change the instructions you have given,” Dr. Weerasinghe explained. 

He further stated that banks do not have the authority to change customer instructions, while confirmation of receipt after a transfer is generally handled by the receiving institution.

He added that statements related to the fraudulent transaction in question would have been received by the relevant institution in Australia. (Newswire)

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Sri Lanka’s Central Bank Governor Dr. Nandalal Weerasinghe says the country is better positioned to withstand global oil price shocks, with inflation currently at 1.6% compared to the 5% target set by the Central Bank.

During a televised interview with Bloomberg, speaking on the impact of rising petroleum prices, Dr. Weerasinghe noted that while higher oil costs could affect both inflation and the balance of payments, Sri Lanka has built stronger buffers than during the 2022–23 crisis, when inflation soared to 70%.

He explained that external reserves have now risen to over USD 7 billion from near zero levels, providing a cushion against external shocks. 

The Central Bank’s inflation‑targeting framework also allows the exchange rate to act as a shock absorber, helping to manage demand and cost pressures.

Dr. Weerasinghe cautioned that prolonged geopolitical tensions, such as the ongoing war in the Middle East, could have wider global repercussions, including higher petroleum prices, disruptions to tourism, freight costs, and supply chains. 

He emphasized that Sri Lanka must continue to prepare and strengthen buffers through monetary, fiscal, and external policies to mitigate potential risks.

Full interview:

https://www.bloomberg.com/news/videos/2026-03-07/sri-lanka-in-good-position-to-absorb-oil-price-shocks-video (Newswire)

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The Central Bank’s Policy Agenda for 2026 and Beyond has been presented by the Governor of the CBSL, Nandalal Weerasinghe. 

The document outlines the Central Bank of Sri Lanka’s strategic priorities to maintain price stability, safeguard financial system stability, and support sustainable economic growth in the period ahead.

Key points from the Central Bank’s Policy Agenda for 2026 and Beyond; 

1. Continuing the growth momentum reported during the last two years, the economy is expected to grow by around 4 – 5 per cent in 2026.
2. While appreciating the ongoing efforts to restore normalcy with the support of the national and international stakeholders, the Central Bank reiterates the urgent need for prioritising the country’s disaster preparedness and long-term resilience building.
3. The external current account is estimated to have registered a surplus for the third consecutive year, and as a result, the market-determined exchange rate remained less volatile and reported a gradual depreciation during the year.
4. Despite facing challenging conditions, such as meeting obligations for servicing external debt of the government without corresponding inflows and increased demand for vehicle imports, Gross Official Reserves (GOR), which hovered around US dollars 6.0 – 6.3 billion during most of the year, surpassed US dollars 6.8 billion by the end of 2025. This represents the highest level of reserves recorded since the crisis. 
5. The Central Bank intends to implement several policies in 2026, focusing on enhancing the formulation and execution of monetary policy, along with ongoing efforts to improve the transparency and predictability of the policy actions.

Full document: 

https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/about/central_banks_policy_agenda_for_2026_and_beyond_e.pdf (Newswire)

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A new commemorative Rs. 2000 banknote was presented to President Anura Kumara Dissanayake today to mark the 75th Anniversary of the Central Bank of Sri Lanka (CBSL).

The commemorative note was handed over to the President by the Governor of the Central Bank, Dr. Nandalal Weerasinghe, at the Presidential Secretariat this morning.

This is the fifth commemorative currency note released by the Central Bank of Sri Lanka.

Reflecting the Bank’s unwavering commitment to strengthening economic stability as the foundation for national development, the note has been issued under the anniversary theme “Stability for Prosperity.”

On this occasion, the President also engaged in cordial discussions with officials of the Central Bank.

Participating in the event were Secretary to the President Dr. Nandika Sanath Kumanayake, Senior Deputy Governor of the Central Bank Mrs. K. M. A. N. Daulagala, Assistant Governor K. G. P. Sirikumara and Superintendent – Currency Department P. D. R. Dayananda. (Newswire)

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Central Bank Governor Dr. Nandalal Weerasinghe says Sri Lanka’s economic recovery is progressing faster than initially anticipated, with the country expected to surpass pre-crisis levels within the next year.

In an interview with Channel News Asia, Dr. Weerasinghe said economic reforms were delivering results more quickly than predicted at the height of the crisis.

“Once a country is hit with a crisis, it will take four to five years to come back to the same level to recover the output loss. In our case, within three years, we have almost reached there,” he said.

The Governor expressed confidence that within the next year, Sri Lanka will exceed pre-crisis levels in key areas such as employment, poverty reduction, incomes, and cost of living.

“Incomes will be comparable with the high cost of living within the next couple of years. Which means, in the next three to five years, we will be able to reach levels where we were before,” he added. (Newswire)

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Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe says the public falls victim to financial frauds, such as pyramid schemes, due to a lack of financial literacy.

Dr. Weerasinghe made the remark while addressing a public awareness programme about new technological services provided by banks and financial institutions registered with the Central Bank of Sri Lanka.

He further pointed out that the public falls victim to financial scams most often via advertisements on the internet. 

“Even though one may have money in hand, there is a higher chance of using that money in the wrong way and falling victim to scams. This is due to the lack of financial literacy and knowledge. Specifically, we see advertisements on the internet nowadays. They offer discounts, saying things like “you’ll get this”, even through email messages,” he said.

The Central Bank Governor revealed that the latest trend is promoting large-scale advertisements claiming that by investing in growing plants, the public can earn significant returns. 

“They say that if you plant trees, invest, or grow fruits, or even cultivate something like vegetables, you will earn big profits. Some use loopholes in the law and, under the guise of investment, fraudulently take your money and either place it in pyramid schemes or unauthorized deposits, leading to the risk of losing your money,” he further said.

Dr. Nandalal Weerasinghe urged the public receiving such offers to question how such large profits can be made from that particular farming venture.

He also revealed that programs are being implemented to improve the financial literacy of the people.

“The main reason for some of the negative aspects of digitalization is the lack of financial literacy and economic literacy. The public may resort to wrongdoing in their financial transactions and economic activities due to their lack of literacy. That is why, as we promote digitalization through the Central Bank, we are also implementing a special program on financial literacy,” the Central Bank Governor added. (Newswire)

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Central Bank Governor Dr. Nandalal Weerasinghe has assured that Sri Lanka’s reserves and debt repayment will not be affected even if vehicle imports increase to US$ 1.5 billion a year.

Speaking during an interview with local television, Dr. Weerasinghe said that this could cause a small deficit in the current account deficit, instead of the much higher deficit seen in the past.

He said that after completing debt restructuring, the government can maintain reserves, make the required payments, increase government revenues, and balance the requirements, even if vehicle imports increase to US$ 1.5 billion.

His comments were in reference to the Central Bank’s projection that in 2024 relaxing commercial vehicle imports would result in forex needs of about US$ 500 million and private vehicle imports may require another billion US dollars a year.

The Central Bank Governor also noted that due to the depreciation of the Rupee and the imposition of a higher Value Added Tax (VAT), the cost of a new imported car has risen. 

Dr. Nandalal Weerasinghe said, in his opinion, the government may have to maintain taxes at a level that does not result in a steep fall in second-hand vehicles. 

“We must allow a person who wants a new vehicle to buy, but without encouraging people who do not want a new car to buy one. We have to balance it. But it is a fiscal policy of the government,” he added. (Newswire)

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Sri Lanka’s foreign reserves have reached approximately USD 6.5 billion, surpassing the targets set by the International Monetary Fund (IMF), Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe said. 

Speaking during a meeting with newspaper editors, Dr. Weerasinghe revealed that Sri Lanka has successfully built its foreign reserves.

Responding to a question, the Central Bank Governor revealed that vehicle imports had to resume as the economy has now been stabilised. 

He further assured that vehicle imports would be carried out in a manner that would not adversely impact the nation’s foreign reserves.

Dr. Weerasinghe also highlighted that appropriate fiscal policies can help control vehicle imports. (Newswire)

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Central Bank Governor Nandalal Weerasinghe dismissed concerns that Sri Lanka will face another crisis when its debt repayments resume, calling it a misconception.

“If another crisis were inevitable, there would have been no need for debt restructuring. Without restructuring, a crisis was certain, as the government lacked sufficient reserves or the capacity to repay debts,” he explained.

Weerasinghe said that the foreign debt restructuring efforts, along with the government’s fiscal policies, were designed to strengthen financial sustainability and ensure repayments are manageable.

“In my view, the belief that debt repayments will trigger another crisis is incorrect. The current programme, if it is followed, has been structured to avoid such a situation. A government can choose not to adopt the current programme, which is another matter entirely,” he said.

Addressing journalists’ questions about the possibility of defaulting on repayments in 2028, Weerasinghe refuted the claim.

“This is a misunderstanding. It doesn’t mean that all of the debts will be repaid in 2028. If you look at the debt restructuring process, it has extended some repayment periods to 2040, others to 2038, and some to 2032. It’s a long-term repayment plan,” he said. (Newswire)

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A special meeting to appraise the Members of Parliament on the duties of the Central Bank of Sri Lanka (CBSL) was held in Parliament yesterday under the patronage of Speaker Mahinda Yapa Abeywardena.

According to a Parliament statement, the group of MPs had pointed out that it was very important to inform the Parliament regarding the role of the Central Bank.

The group of MPs had also emphasized the importance of briefing the Parliament on the current financial situation in a transparent and accountable manner and to hold such discussions. 

The meeting was held as per the legal requirement that the Parliament or a Committee should inquire into the duties performed by the Central Bank once every four months under the provisions of Section 80 (2) (a) of the Central Bank of Sri Lanka Act, No. 16 of 2023, upon a request made by the Parliament.

At the meeting, CBSL Governor Dr. Nandalal Weerasinghe pointed out that the inflation in Sri Lanka has been brought down to 5% compared to the existing situation and the policy interest rate has been brought down. The Governor further mentioned that it was possible to strengthen the rupee by stabilizing the exchange rate through the strengthening of reserves.

Pointing out the issues related to stabilizing the country’s financial system, he stated that it is a point to note that the banking system of the country was prevented from collapsing, especially in the midst of the economic crisis. He also mentioned that the new Central Bank Act as well as the new laws introduced for the regulation of the banking system was beneficial. 

Moreover, he revealed technical matters regarding the measures taken to stabilize the financial system in this country, including the appointment of a financial system monitoring committee by the new Central Bank Act, for the stability of the entire financial system including the banking system and the non-banking financial system as well as the stock market and the insurance sector was clarified.

Furthermore, Dr. Weerasinghe addressed concerns raised by the Members of Parliament regarding the current financial situation and related matters.

Members of Parliament, CBSL Governor Dr. Nandalal Weerasinghe, members of the Governing Board and the Monetary Policy Board, high officials of the Central Bank including Deputy Governors, the Secretary General of the Parliament, and a group of parliamentary officials were present at this meeting. (Newswire)

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A reversal of the current economic programme will result in the recurrence of the economic and social crisis Sri Lanka faced nearly two years ago, Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe warned. 

Dr. Weerasinghe said the ongoing reform process consists of measures to restore the economy which is necessary for medium and long-term growth.

He further said although these short-term reforms are difficult, the commitment of all parties to implement these long overdue reforms is important to guide the economy towards a path of sustainable and comprehensive growth.

“No matter how effective such efforts are, any political or social uncertainty or reversal of the results achieved so far will result in affecting the debt restructuring process and will change the expected course of the economy impacting it irreparably. This will also result in an economic and social crisis like the one we experienced in the last two years to reoccur,” he warned. 

The Central Bank Governor pointed out that under the current debt crisis, the government does not have the financial capability to direct the economy towards growth through higher expenditure and tax cuts as in the past.

Dr. Weerasinghe emphasized that re-establishing fiscal and credit sustainability is the primary need now and for the future.

He made the remarks while addressing the 37th Annual Conference of the Organisation of Professional Associations of Sri Lanka (OPA) held in Colombo. (Newswire)

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The Central Bank of Sri Lanka (CBSL) has the ability to manage foreign reserves if the government gradually relaxes vehicle import restrictions, Governor of the Bank Dr. Nandalal Weerasinghe said on Tuesday. 

Dr. Weerasinghe pointed out that the gradual easing of vehicle imports was an important decision.

He further expressed that the Central bank was confident it could manage foreign reserves with the systematic easing of vehicle imports.

Stating that the easing of vehicle imports was a government policy decision, Dr. Weerasinghe said that vehicle imports for certain sectors have been permitted by the authorities at present.

Central Bank Governor Dr. Nandalal Weerasinghe made the remarks while addressing the media yesterday.

Sri Lanka imposed a ban on vehicle imports following the impacts of the coronavirus pandemic in 2021/2022 and continued with the decision due to the subsequent economic crisis faced by the nation. 

However, the government commenced providing exemptions to vehicle imports in phases from 2023 subject to conditions and based on the necessities of various sectors, such as health and tourism. (Newswire)

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An Agreement in Principle (AIP) has been reached with the Official Creditors Committee (OCC) and with the EXIM Bank of China for debt restructuring, Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe announced. 

The Central Bank Governor further said good faith negotiations are continuing with other commercial creditors to reach an AIP at the earliest. 

Dr. Weerasinghe expressed hope for the agreements to be done in the next two months. “We are confident that the debt repayment could be extended for a longer period,” he said.

The Central Bank Governor added that the Government has successfully completed the Domestic Debt Optimisation (DDO) operation as part of the effort to bring down the debt trajectory to a sustainable level.

He made the remarks while releasing the “Annual Policy Statement – 2024” at the CBSL Head Office in Colombo yesterday (Jan 10).

As per the “Annual Policy Statement – 2024”, the challenges the Sri Lankan economy and its people experienced during the last few years have been the most arduous in the country’s post-independence history. Policy measures taken thus far helped restore stability, albeit with some significant socioeconomic costs. 

The recovery of the Sri Lankan economy in the near to medium term hinges on the successful continuation of the reform agenda as underpinned by the Extended Fund Facility (EFF) arrangement obtained from the International Monetary Fund (IMF). 

Sri Lanka has made notable progress in carrying out reforms that have helped turn around the negative effects seen in the wake of the economic crisis. Restoring price stability, rebuilding external buffers, ensuring financial system stability, strengthening fiscal consolidation through revenue enhancement and debt restructuring, extending support to the poor and vulnerable and measures to improve governance are notable achievements thus far, the statement added. 

The CBSL’s “Annual Policy Statement – 2024”: https://shorturl.at/alMQ6 (NewsWire)

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Much better economic conditions can be expected in Sri Lanka in 2024, Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe said.

Speaking during an interview with Ada Derana, Dr. Weerasinghe said Sri Lanka is on the right path to recovery.

He further said that the positive growth path will continue from 2023 Q4 into 2024 resulting in the normalizing of the economy this year and an improvement in the livelihoods of the people.

The CBSL Governor warned that there will be challenges such as high taxation imposed on certain sectors which is required to provide relief to those worst affected by the economic crisis.  

Stating that better economic conditions can be expected in 2024, Dr. Weerasinghe said Sri Lanka will see low-interest rates, less borrowings by the government, and more resources available for private sectors to do business. (NewsWire)

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Sri Lanka expects to receive approval for the second tranche of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) by December this year, Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe announced today. 

Addressing the media, Dr. Weerasinghe said Sri Lanka is making good progress concerning the IMF’s Extended Fund Facility programme. 

Sri Lanka expects to also receive funds via the budget support programmes from international financial institutes, such as the World Bank and Asian Development Bank, following the completion of the first review by the IMF, he said. 

The Central Bank Governor expressed confidence in getting the financial assurances from all official creditors Sri Lanka needs to complete the first review of the IMF, which is scheduled for December. 

“We are moving in the right direction and we will see a positive outcome soon,” he added. (NewsWire)

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