The free-market economy of Sri Lanka was worth $84 billion by nominal gross domestic product (GDP) in 2019 and $296.959 billion by purchasing power parity (PPP). The country had experienced an annual growth of 6.4 percent from 2003 to 2012, well above its regional peers. This growth was driven by the growth of non-tradable sectors, which the World Bank warned to be both unsustainable and unequitable. Growth has slowed since then. In 2019 with an income per capita of 13,620 PPP Dollars or 3,852 (2019) nominal US dollars, Sri Lanka was re-classified as a lower middle income nation with the population around 22 million (2021) by the World Bank from a previous upper middle income status.
Ranil Wickremesinghe is a Sri Lankan politician who is the 8th and current president of Sri Lanka. He also holds several ministerial positions, including the Minister of Finance, Minister of Defence, Minister of Technology and Minister of Women, Child Affairs and Social Empowerment.
The Sri Lankan Rupee is the currency of Sri Lanka. It is subdivided into 100 cents, but cents are rarely seen in circulation due to its low value. It is issued by the Central Bank of Sri Lanka. The abbreviation Re (singular) and Rs (plural) is generally used, the World Bank suggests SL Rs as a fully disambiguating abbreviation for distinction from other currencies named "rupee".
The Central Bank of Sri Lanka is the monetary authority of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), it is a semi-autonomous body, and following the amendments to the MLA in December 2002, is governed by a five-member Monetary Board, comprising the Governor as chairman, the Secretary to the Ministry of Finance and Planning, and three members appointed by the President of Sri Lanka, on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council.
Sunil Mendis is a Sri Lankan corporate executive. He was the eleventh Governor of the Central Bank of Sri Lanka and a former chairman of the Hayley's Group of Companies.
Ajith Nivard Cabraal is a Sri Lankan accountant and politician who was also the 16th Governor of the Central Bank of Sri Lanka. He is also the former State Minister of Finance, Capital Markets and State Enterprise Reforms and a national list member of parliament since 12 August 2020. He served as the Governor of the Central Bank of Sri Lanka, holding the post from 1 July 2006 until his resignation on 9 January 2015. He again became the Governor of Central Bank of Sri Lanka in September 2021, replacing W. D. Lakshman, and resigned again in April 2022.
The banking sector in Sri Lanka is monitored by the Bank Supervision Department of the Central Bank of Sri Lanka under the Banking Act, Monetary Law Act and the Exchange Control Act.
Corruption in Sri Lanka is considered a major problem in all levels of society, from the top echelons of political power to minor staff levels.
Punchi Banda Jayasundara is a Sri Lankan economist. He was the former Secretary to the President, Gotabaya Rajapaksa and former Secretary of the Treasury on multiple occasions.
Lakshman Arjuna Mahendran is a Sri Lankan-born Singaporean economist and banker. He is a former Governor of the Central Bank of Sri Lanka (CBSL), having been appointed by President Maithripala Sirisena in January 2015 and served until the end of his term in 30 June 2016. He was the former Managing Director of HSBC Private Bank, Chief Investment Officer of Emirates NBD as well as Chairman and Director-General of the Board of Investment of Sri Lanka. Mahendran is currently residing in Singapore, which has refused to extradite him on a request from Sri Lanka routed through interpol.
Deshamanya Weligamage Don Lakshman popularly known as Professor W. D. Lakshman is a Sri Lankan economist, professor, lecturer, academic and author who also served as the 15th Governor of the Central Bank of Sri Lanka and current chairman of the Monetary Board of the CBSL. He is regarded as one of the prominent economists of the country mainly well known for his immense contributions to policy related activities and for being specialised in the field of Economics.
LankaClear is the largest payments infrastructure provider in Sri Lanka. Established in February 2002, the organization is owned by the Central Bank of Sri Lanka (CBSL) and all CBSL-licensed commercial banks in the country. LankaClear is the operator of LankaPay, the country's largest interbank payment network.
Institute of Bankers of Sri Lanka, also abbreviated as IBSL, is a professional apex body of the banking education in Sri Lanka. It is one of the prominent institutes which carryout banking courses for the students and it is closely associated with Central Bank of Sri Lanka. The institute was formally established as Bankers' Training Institute in 1964 by the Central Bank of Sri Lanka. Bankers' Training Institute was reincorporated in 1979 as Institute of Bankers of Sri Lanka under the provisions of Parliament Act no 26 of 1979.
Central Bank of Sri Lanka bond scandal which is also referred as CBSL bond scam was a financial laundering scam which happened on 27 February 2015 and caused losses of more than US$ 11 million to the nation. The bond scam is also regarded as the largest reported financial scam in Sri Lanka despite the country's reputation of having a solid visionary banking system over the years. This was a major blow to the Sri Lankan economy and was also major setback to the newly elected government under the leadership of Maithripala Sirisena which commenced its first term as of 8 January 2015. Arjuna Mahendran was appointed as the Governor of the Central Bank of Sri Lanka replacing Ajith Nivard Cabraal.
Herbert Ernest Tennekoon, CCS was a Sri Lankan civil servant. He was the Governor of the Central Bank of Ceylon.
The Sri Lankan economic crisis is an ongoing crisis in the island country of Sri Lanka that started in 2019. It is the country's worst economic crisis since its independence in 1948. It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. The crisis is said to have begun due to multiple compounding factors like tax cuts, money creation, a nationwide policy to shift to organic or biological farming, the 2019 Sri Lanka Easter bombings, and the impact of the COVID-19 pandemic in Sri Lanka. The subsequent economic hardships resulted in the 2022 Sri Lankan protests. Sri Lanka received a lifeline in the form of an Indian line of credit amounting to $4 billion. This substantial credit infusion served to cover the costs of importing essential goods and fuel. As a result, the foreign currency reserves of debt-ridden Sri Lanka experienced a notable improvement, reaching $2.69 billion.
P. Nandalal Weerasinghe is a Sri Lankan economist and banker who is also currently serving as the 17th Governor of the Central Bank of Sri Lanka. A career officer in the Central Bank of Sri Lanka, serving as its chief economist and senior deputy governor. He has also served as an alternative executive director at the International Monetary Fund in Washington DC representing the countries such as Sri Lanka, Bhutan, India and Bangladesh from January 2010 to August 2012. He has also previously acted as a chairman of the monetary policy committee and foreign reserve management committee of the Central Bank of Sri Lanka.
Sri Lanka declared the country was suspending payment on most foreign debt from April 12, 2022, kindling the Indian Ocean island's first sovereign default event and ending an unblemished record of repaying external debt despite experiencing milder currency crises in the past. By April Sri Lanka was suffering the worst monetary crisis in its history with a steeply falling rupee, high inflation and forex shortages which triggered shortfalls of fuel, power and medicine. Widespread public protests led to a political crisis. In March, the International Monetary Fund released a report saying publicly for the first time that the country's debt was unsustainable and required re-structuring. Authorities had advertised for financial and legal advisors to help negotiate with creditors shortly before the suspension was announced.
Arukathu Patabendige Jagath Pushpakumara, commonly known as Jagath Pushpakumara, is a Sri Lankan politician and Member of Parliament.
FinTech Association of Sri Lanka (FASL) is an independent, not-for-profit, and cross-industry organisation representing Sri Lankan and global FinTech community to support the development, innovation and investment in the FinTech sector.
