Sri Lanka rupee ends weaker at 326.00/327.00 to one week US dollar; bond yields flat

Wednesday May 13, 2026 6:30 pm

ECONOMYNEXT – Sri Lanka’s rupee closed weaker at 326.00/327.00 to the one week US dollar on Wednesday, from 326.70/90 the previous day, with no spot trading, dealers said, while bond yields were steady.

The rupee was quoted at 309.50/60 on December 30, 2025.

A bond maturing on 01.07.2028 closed at 9.65/75 percent, up from 9.60/70 percent.

A bond maturing on 15.12.2028 closed at 9.70/80 percent, up from 9.70/75 percent.

A bond maturing on 15.10.2029 closed flat at 9.85/90 percent.

A bond maturing on 15.12.2029 closed flat at 9.85/95 percent.

A bond maturing on 01.07.2030 closed at 10.00/10 percent, up from 10.00/07 percent.

A bond maturing on 01.10.2032 closed at 10.65/75 percent, down from 10.75/85 percent.

A bond maturing on 01.06.2033 closed at 10.90/11.00 percent, down from 10.95/11.05 percent.

A bond maturing on 15.06.2034 closed at 11.10/18 percent, up from 11.08/12 percent. (Colombo/May13/2026)

Wednesday May 13, 2026 8:59 pm

ECONOMYNEXT – Sri Lanka’s Central Bank checked all banks for fraud similar to that which occurred at the listed lender National Development Bank (NDB), its Governor Nandalal Weerasinghe said.

The NDB reported a misappropriation of 13.2 billion rupees amid allegations of systemic financial irregularities and the circumvention of established internal controls.

Investigations focused on the unauthorized issuance of credit facilities and the manipulation of accounting records to facilitate significant fund outflows under the guise of legitimate commercial transactions.

The incident raised serious concerns regarding corporate governance and the efficacy of legislative oversight within the banking sector, particularly concerning how such a substantial sum could be diverted without triggering immediate regulatory alarms.

“We asked all the banks to check whether a similar kind of incident took place,” Weerasinghe told EconomyNext on Wednesday.

He said no fraud has been reported from any other bank.

In response to the findings at NDB, there have been intensified calls for accountability and more stringent oversight by the Central Bank of Sri Lanka to safeguard the financial system’s integrity and prevent the recurrence of such white-collar malpractices that threaten national economic stability.

The NDB has repeatedly said the depositors’ money has been safe and the misappropriated money from one of the Bank’s own account. (Colombo/May 13/2026)

Wednesday May 13, 2026 6:21 pm

ECONOMYNEXT – Sri Lanka’s central bank has no mandate to cross-check or alter payment instructions provided by the government, Governor Nandalal Weerasinghe said, likening the regulator’s role to a commercial bank executing a client’s transfer.

Addressing concerns over the 2.5 million dollar fraudulent debt repayment, Weerasinghe said responsibility for the accuracy of recipient details lies with the initiating departments under the Ministry of Finance, specifically the External Resources Department (ERD) and the newly established Public Debt Management Office (PDMO).

“When you give instructions to the bank to pay someone from your bank account, the only thing the bank has to do is check if the account number is correct and process the payment through the system. Beyond that, the bank has no right to change the instruction you provided,” Weerasinghe said during a public lecture following the Annual Economic Review 2025.

As the “Banker to the Government,” the CBSL’s Chief Accounting Department merely executes orders, he said.

Once the Ministry of Finance provides the account details and the necessary rupees, the central bank facilitates the purchase of foreign exchange and completes the transfer.

The central bank’s oversight does not extend to the post-payment verification of the recipient’s receipt, he insisted.

“After the payment is made, even the task of checking the statement to see whether the payment actually occurred or not does not lie with us. For instance, let’s say it is an account in Australia; then that statement must be received by the bank of that institution located in Australia.”

The clarification follows concerns raised by digital content creator Bruno Diwakara, who questioned the ERD’s use of an obsolete 2016 Exchange Server as recently as 2020.

Historically, the Central Bank’s Public Debt Department (PDD) functioned as an agent for the Treasury.

However, following the enactment of the Public Debt Management Act (PDMA), No. 33 of 2024, these operational responsibilities migrated to the PDMO under the Ministry of Finance.

While the PDMO initially operated using central bank systems during a transition period, the function fully moved to the new office on January 1.

The governor maintained that while the Central Bank provides the technical rails for the transaction, the ERD remains the primary custodian of loan agreements and creditor account information, while the PDMO is the institution involved in processing (“Back Office” function) both overall public debt payments, both domestic and foreign. (Colombo/May13/2026)

Wednesday May 13, 2026 5:20 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Wednesday, with some profit taking coming in, particularly in banking, brokers said.

The ASPI was down 0.41 percent, or 95.00 points, at 22,920.

S&P SL20 was down 0.40 percent, or 24.90 points, at 6,269.

“Market has been peaking around the 23,000 mark again, with some profit taking coming down,” Dimantha Matthew, Chief Research and Strategy Officer at First Capital Holdings said.

Top positive contributors to ASPI were Nawaloka Hospitals (up 8.44 percent at Rs.16.70), LOLC Holdings (up 0.83 percent at Rs.574.75), and Seylan Bank (up 1.65 percent at Rs.107.75).

Melstacorp (down 1.04 percent at Rs.190.00), Bukit Darah (down 3.23 percent at Rs.935.50), National Development Bank (down 1.71 percent at Rs.115.25), and DFCC Bank (down 1.44 percent at Rs.136.50) were top negative contributors.

“Banking sector down today with increased levels of impairment due to global risks and loss levels increasing,” Matthew added. “So we’re seeing slight selling pressure.”

Market turnover was 2.82 billion rupees. Capital goods led turnover with 544.7 million rupees, followed by Diversified Financials with 490.1 million rupees.

Ceylon Tobacco Company announced a first interim dividend of 32.40 rupees per share for the financial year ending March 31, 2026. (Colombo/May13/2026)

Wednesday May 13, 2026 3:11 pm

ECONOMYNEXT – Sri Lanka Customs reached the 1 trillion rupee revenue milestone this week, its spokesman said, while it has been continuously exceeding its monthly targets.

“Yesterday, Sri Lanka Customs surpassed a special milestone in revenue collection for 2026, when we reached (the) Rs. one trillion mark,” Customs Spokesman Chandana Punchihewa said in a statement on Wednesday (13).

Customs revenue reached 995.8 billion rupees on Monday, which is 45.1 percent of the 2,207 billion rupee target for this year, official data showed.

The 1 trillion rupee revenue milestone was achieved in the first 132 days this year after exceeding the monthly targets in the last four consecutive months.

It exceeded the cumulative target in the first four months by 33.7% to achieve 919.3 billion rupees.

Total revenue collected by Customs jumped 49.8% in the first four months of this year compared to the same period last year.

Last year, Customs collected a record 2,551 billion rupees in revenue, exceeding the revised target of 2,241 billion rupees for the year. This achievement represents a 64.2% increase over the previous year’s revenue of 1,553 million rupees.

Customs’ revenue target for this year is 13.5% less than last year because it expects a significant decline in car imports.

Sri Lanka Customs’ revenue jump is largely due to stronger enforcement, improved valuation practices, and a rebound in import volumes after years of contraction.

Following the 2022 economic crisis, imports fell sharply as the country imposed restrictions to conserve foreign exchange.

However, with the stabilization of reserves, the relaxation of certain import controls, and a steady recovery in consumer demand, customs collections from import duties, excise, and other levies have risen.

Officials note that tighter monitoring of under-invoicing and misdeclaration of goods has also contributed to boosting state revenue.

The combined effect of increased import activity, currency movements, and stricter enforcement has positioned Customs as one of the top revenue sources for the Treasury in 2025, providing a vital cushion as the state works to meet fiscal targets under the IMF-supported program. (Colombo/May 13/2026)

Wednesday May 13, 2026 2:21 pm

ECONOMYNEXT – Sri Lanka Expo 2026, originally scheduled to be held this year, has been pushed to next January 14-17 due to prevailing geopolitical uncertainties affecting global trade and travel, the Export Development Board (EDB) said.

The international trade exhibition is aimed at showcasing Sri Lanka’s export capabilities and investment opportunities to a global audience.

“Sri Lanka Expo 2027 aims to showcase the country’s diverse export industries to global markets while creating a strategic platform that brings together business leaders, investors, and policymakers,” the EDB said.

The exhibition seeks to build buyer and investor confidence in Sri Lanka’s capabilities and position the nation as a leading trade and investment hub in South Asia, ultimately facilitating progress towards the national export target of USD 36 billion by 2030.

The event is expected to draw around 750 local exporters and 1,500 international participants, including buyers, investors, and media representatives.

Domestic exhibitors and foreign buyers may register through the official website at www.srilankaexpo.lk.

The exhibitor registration will be extended till 31st July 2026 enabling those who missed the deadline. (Colombo/May13/2026)

Wednesday May 13, 2026 12:11 pm

ECONOMYNEXT – A visiting Chinese delegation headed by Xin Chunying, Member of the Standing Committee of the National People’s Congress (NPC), has met officials of Sri Lanka’s Parliament and promised further bilateral cooperation.

She met speaker Jagath Wickramaratne and “emphasized the importance of strengthening parliamentary diplomacy between the two legislatures and reaffirmed China’s continued commitment to further enhancing bilateral cooperation for mutual benefit, according to a parliament statement.

Chunying is also Chairperson of the Constitution and Law Committee of the NPC of the People’s Republic of China.

The delegation included Cong Bin, Member of the Standing Committee of the NPC and Vice Chairperson of the Constitution and Law Committee of the NPC, Gao Zicheng, Member of the Constitution and Law Committee and other officials.

The delegation also met with Highways Minister Bimal Ratnayake, Chair of the Sri Lanka – China Parliamentary Friendship Association.

These discussions “focused on enhancing Parliamentary exchanges, cooperation in policymaking, and strengthening institutional ties between the two countries through Sri Lanka – China Parliamentary Friendship Association.”

The delegation then met Justice Minister Harshana Nanayakkara and participated in a meeting of the Ministerial Consultative Committee (MCC) on Justice and National Integration and the Sectoral Oversight Committee (SOC) on Governance, Justice and Civil Protection.

“Both parties exchanged views and shared experiences on legal and judicial practices, governance, and institutional cooperation.” (Colombo/May13/2026)