Indian teams, choppers, rescue 143 Sri Lanka cyclone victims

Tuesday December 2, 2025 5:43 am

ECONOMYNEXT – Indian National Disaster Response Force teams and Indian Air Force Mi-17 helicopters have rescued 143 Sri Lanka cyclone victims in several parts of the island, the High Commission of India said.

NDRF rescued 43 stranded individuals on December 01, from inaccessible areas, including elderly persons, pregnant women, children, infants, vulnerable families as well as pets, the statement said.

Two Mi 17 helicopters of IAF rescued 96 stranded persons from flood-hit areas, including children and 3 critically wounded survivors.

The choppers also airlifted more than 5.5 tonnes of rations and medical equipment to flood-hit areas.

In Badulla, the NDRF team recovered one deceased person in a under more than 5 feet deep debris. Search operations are continuing at this site.

A second Indian Air Force C-130J had brought 10 tonnes high-priority medical and disaster-response supplies, including BHISHM Modular Trauma Cubes

“These compact and highly durable, mobile medical units enable rapid emergency care in disaster-hit areas,” the statement said.

“Following the training for Sri Lankan Air Force medical officers in Katunayake, the BHISHM units are now set for deployment in affected areas to provide urgent medical relief.”

Another 12 tonnes of essential relief assistance arrived at Trincomalee today (01) onboard

INS Sukanya had brought 12 tonnes of relief supplies to Trincomalee. (Colombo/Dec02/2025)

Tuesday December 2, 2025 7:23 am

ECONOMYNEXT – Sri Lanka tourist arrivals rise rose 16.5 percent to 212,906 in November 2025, with India and Russia being the top source markets, data from the tourism development authority showed.

Total arrivals were 2,103,593 up to November, up 16.5 percent from a year ago.

November arrivals were also higher than the 195,582 in 2018.

Indian tourists made up 24 percent of arrivals in November with 51,391, while 24,953 came from the Russian Federation.

UK tourists were 16,915, German tourists were 14,518, and arrivals from Australia were 9,384, followed by 9,217 Chinese tourists.

Arrivals from France were 8,459, Poland 5,331, United States 5,284 and Spain 4,666.

Sri Lanka was hit by Cyclone Ditwah from November 28, which has left some tourists stranded.

Authorities have given a hotline to help tourists. (Colombo/Dec02/2025)

Monday December 1, 2025 9:04 pm

ECONOMYNEXT – Sri Lanka’s inflation was 2.1 percent over the 12-months to October 2025, unchanged from September, and consumer prices rose only 2.16 percent over the 38 months from September 2022, when the central bank’s deflationary policy started showing up in the balance of payments.

In the 12 months to October 2025, the widely watched Colombo Consumer Price Index deflated 0.2 percent, dropping to 193.4 points from 193.8.

The food and non-alcoholic beverages dropped 0.6 percent to 238.6 points from 240.

Food prices have deflated 3.31 percent since September 2022.

Sri Lanka central bank has missed its controversial 5 percent inflation target which had created Groundhog Day style currency crises since the end of a civil war and the country eventually ended up in external sovereign default, according to critics.

Instead, the monetary authority had provided exceptional monetary stability. It was also helped by better US Fed policy. The US had now started to cut rates.

Over 2025, the central bank also depreciated the currency despite record current account surpluses.

Under the current monetary law the central bank is allowed conduct ‘exchange rate policy’ switching from peg (buying dollars from the public to prevent rupee appreciation) to float (deny convertibility and depreciate the currency further. (Colombo/Dec01/2025)

Monday December 1, 2025 7:11 pm

ECONOMYNEXT – Sri Lanka Cabinet has approved a proposal to establish the ‘Rebuilding Sri Lanka’ Fund, aimed at rebuilding the country following the severe devastation caused by Cyclone ‘Ditwah’, the government said.

The cost of the damage due to the disaster, which is one of the worst natural disasters in Sri Lanka’s recent history, is yet to be know. However, some analysts estimate it much more than the rebuilding cost spent after Tsunami devastation in 2004.

The Fund is to be established as a statutory fund under the Presidential Secretariat and its Management Committee will comprise representatives from both the public and private sectors.

Anil Jayantha Fernando, Minister of Labour and Deputy Minister of Finance and Planning, will serve as the Chairman of the Committee, while Mr. G. M. R. D. Aponsu, Senior Additional Secretary to the President, will serve as the Convener.

The other members of the Committee are:

Hanif Yusuf, Governor of the Western Province and Special Representative of the President for Foreign Investments
Harshana Suriyapperuma, Secretary to the Ministry of Finance
Duminda Hulangamuwa, Senior Economic Adviser to the President
Sugeeshwara Gunawadhana, Director General at the Ministry of Foreign Affairs
Mohan Pandithage, Chairman, Hayleys Group
Krishan Balendra, Chairman, John Keells
Parakrama Dissanayake, Deputy Chairman and Managing Director, Aitken Spence
Ashroff Omar, Group Chief Executive Officer, Brandix
Ishara Nanayakkara, Executive Chairman, LOLC Holdings

The President’s Media Division (PMD) said the Management Committee will be empowered to ensure the effective administration of the Fund, including assessing requirements, setting priorities, allocating resources and disbursing funds for approved recovery activities.

Contributions to the fund may be made by any donor, local or overseas, either in Sri Lankan Rupees or in any foreign currency, to the following Bank of Ceylon account:

Account Name: Deputy Secretary to the Treasury
Account Number: 2026450
Bank: Bank of Ceylon, Taprobane Branch
Swift Code: BCEYLKLX

Account details for foreign currency deposits:

US Dollar (USD)
Bank: Deutsche Bank Trust Company Americas, New York, USA
Recipient Account Name: Central Bank of Sri Lanka
Account Number: 04015541
Routing Number: 021001033
SWIFT: BKTRUS33XXX

Euro (EUR)
Bank: ODDO BHF Bank, Frankfurt am Main, Germany
Recipient Account Name: Central Bank of Sri Lanka
Account Number: 0000739854
IBAN: DE39500202000000739854
SWIFT: BHFBDEFF500

Pound Sterling (GBP) – Account 1
Bank: HSBC Bank Plc, London, UK
Recipient Account Name: Central Bank of Sri Lanka
Account Number: 39600144
Sort Code: 40-05-15
IBAN: GB48MIDL40051539600144
SWIFT: MIDLGB22XXX

Pound Sterling (GBP) – Account 2
Bank: Bank of Ceylon (UK) Ltd, London, UK
Recipient Account Name: Central Bank of Sri Lanka
Account Number: 88001249
Sort Code: 40-50-56
IBAN: GB89BCEY40505688001249
SWIFT: BCEYGB2LXXX

Japanese Yen (JPY)
Bank: MUFG Bank, Tokyo, Japan
Recipient Account Name: Central Bank of Sri Lanka
Account Number: 653-0407895
SWIFT: BOTKJPJTXXX

Australian Dollar (AUD)
Bank: Reserve Bank of Australia
Recipient Account Name: Central Bank of Sri Lanka
Account Number: 81736-4
BSB: 092002
SWIFT: RSBKAU2SXXX

Monday December 1, 2025 6:07 pm

ECONOMYNEXT – Sri Lanka will set up recovery fund with joint public and private sector representatives, to rebuild infrastructure with the World Bank tasked with assessing the Cyclone damage, a statement from the President’s office said.

The government has begun discussions with the World Bank to prepare a detailed assessment of the damage across sectors and the financial requirements for reconstruction.

The World Bank has been commissioned to conduct the Global Rapid Post-Disaster Damage Estimation (GRADE).

The government expects to receive the GRADE assessment within two weeks.

The extend of the damage is far greater than what is visible on the surface, President had told meeting on Monday. The Treasury alone cannot bear the full financial burden of recovery.

Sri Lanka has already declared a disaster. A declaration of a disaster unlocks certain international funds, including the Central Emergency Response Fund of the United Nations.

“We can mobilise a substantial amount of funds required to rebuild our country,” President Dissanayake said in a national address on Sunday night.

“We are working very closely with friendly nations to secure their assistance.

“In addition, we are engaging with various international organisations to obtain their support. We are also reaching out to domestic business people and industrialists to contribute their assistance.”

Sri Lanka’s road network in the hill country was torn apart by landslides and debris avalanches, while many roads were washed away in the flood.

Power networks were also damaged. Vast amounts of farmland was inundated, the cost of which is currently unknow and there is little information on livestock losses.

Houses and shops were also inundated with food and other stocks. (Colombo/Dec02/2025)

Monday December 1, 2025 6:05 pm

ECONOMYNEXT – Bybit, a cryptocurrency exchange said it is offering 100,000 dollars to Sri Lanka as humanitarian aid after the Indian Ocean island was hit by cyclone Ditwah.

Bybit claimed it was “in touch with the Central Bank of Sri Lanka” to donate 100,000 dollars for relief operations
.
“This collaboration ensures that assistance reaches those who need it most and aligns with national priorities during this critical moment,” the company said.

“As communities face the aftermath of Cyclone Ditwah, we stand in solidarity with them and are committed to contributing to relief and recovery efforts together with credible local partners such as the CBSL,” Nazar Tymoshchuk, Bybit’s Mini-Global Regional Manager was quoted as saying.

Sri Lanka’s central bank however does not endorse any crypto currency and has warned the public of the risks of the such instruments. But the agency acts for the government in administering certain foreign currency accounts.

Sri Lanka’s central bank fires salvo against cryptocurrencies

Sri Lanka planning to register cryptocurrencies providers

Some cryptocurrencies have become a speculative asset class as central bank produced currencies like the US produces commodity bubbles and there is unprecedented excess liquidity in money markets from the so-called single policy rate (floor rate systems).

While some cryptocurrencies like tether are supposedly hard pegged to the US dollar and can be used to settle cross border transactions, others have fluctuated too wildly to be very useful, though some appear to have anchors tighter than the US dollar. (Colombo/Dec01/2025)

Monday December 1, 2025 5:55 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 308.55/65 to the US dollar in the spot market Monday, weaker from 308.00/20 on Friday, dealers said, while bond yields edged up on the short end.

A bond maturing on 15.12.2026 was quoted flat at 8.20/30 percent.

A bond maturing on 15.09.2027 was quoted at 8.80/90 percent, up from 8.80/85 percent.

A bond maturing on 15.03.2028 was quoted at 9.15/25 percent, from 9.12/18 percent.

A bond maturing on 15.12.2029 was quoted at 9.53/65 percent, up from 9.50/55 percent.

A bond maturing on 01.11.2033 was quoted at 10.45/55 percent, up from 10.40/50 percent. (Colombo/Dec1/2025)