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Monday November 9th, 2026

More sacrifices ahead if lockdown drags, cautions Sri Lanka president

Sri Lanka President Gotabaya Rajapaksa has discussed the island nation’s fuel crisis with the Russian President Vladimir Puti

ECONOMYNEXT – With just 90 minutes to go to a 10-day COVID-19 curfew in Sri Lanka, President Gotabaya Rajapaksa in a televised address to the nation Friday (20) evening asked the citizenry to be prepared to make more sacrifices in the event of an extended lockdown.

“I request everyone in the country to be prepared to make more sacrifices, if the country is to be placed under a lockdown for a longer period of time in the future.

“At this crucial juncture, everyone should take the country forward strategically by acknowledging the gravity of the situation,” an official translation of the president’s speech quoted him as saying.

Rajapaksa called on the public to work together as a team to defeat COVID-19.

Noting that a majority of COVID-19 deaths are of unvaccinated people over the age of 60 with chronic diseases, the president said he has advised health officials to conduct weekly rapid antigen tests of this specific demographic.

Meanwhile, the 10-day lockdown that was announced Friday afternoon came after weeks of toing and froing on the part of the government, with seemingly no heed paid to repeated calls from the medical community and other experts for tightened movement restrictions.

The quarantine curfew now in effect – from 10pm Friday to 4am August 30 – was, according to State Minister Channa Jayasumana, the result of an appeal by Sri Lanka’s Buddhist prelates to shut down the country for one week to contain a rising wave of delta variant-led COVID-19 infections.

The president’s speech was soon followed by the government information department’s daily COVID-19 update which confirmed a record 195 deaths for Thursday, along with 3,839 new infections.

The 17-minute speech, his second address to the nation in less than two months, took a sombre though confident note, in marked contrast to the previous one that, at 69 minutes in length, critics had found defensive and reproachful.

Even as he requested the public to prepare for a longer lockdown if the need arose, much of the speech was focused on highlighting the negative consequences of prolonged closures of the country. There was also no real acknowledgement of the 6,985 lives lost in one of the worst public health crises Sri Lanka has ever faced.

Though the speech was largely free of assigning blame, at one point Rajapaksa did appear to fault the National Medicines Regulatory Authority (NMRA) for delaying the approval of the Chinese Sinopharm vaccine, Sri Lanka’s most widely used jab against COVID-19.

An expert committee of the NMRA did not approve Sinopharm for emergency use in Sri Lanka until after the World Health Organisation (WHO) had given its approval on May 07. Two months earlier, four board members of the regulatory authority were fired under controversial circumstances, reportedly after the panel of experts had pointed out that Sinopharm had yet to be approved by the WHO.

In his speech, President Rajapaksa reiterated his commitment to vaccinating Sri Lankans against COVID-19 as the primary solution to containing the raging epidemic. He recalled personal appeals he had made to world leaders to secure consignments of vaccines to inoculate Sri Lanka’s 21 million population.

“All these efforts were made because I wanted to vaccinate all the people of our country. As a result of this effort, the country is now receiving a large number of vaccines that we need monthly,” he said.

Recounting Sri Lanka’s vaccination success story – surging deaths and cases notwithstanding – Rajapaksa said the island nation is among countries with the highest vaccination rates in the world.

“At present, about 98% of the people who are above the age of 30 have been vaccinated while 43% have been given the both doses. By August 31, more than 81% of the population will be able to receive the second dose. By September 10, 100% can receive both the doses,” he said.

Of the total population, according to State Minister Jayasumana, over 55 percent had received at least dose of a COVID-19 vaccine as at Tuesday (17), while over 21 percent had been fully vaccinated.

“With this development, the number of patients and the number of deaths will decrease,” he added.

On the economic front, Rapajaksa said the first wave of COVID-19 in Sri Lanka saw the country’s lowest economic growth since independence as a result of a months-long lockdown.

“Especiall, the apparel sector that brought in a revenue of about USD 5 billion to Sri Lanka was gravely affected. Their orders were stopped. Many lost their jobs. Export earnings fell,” he said.

“Our tourism industry, which generated over USD 4.5 billion and provided a livelihood to over three million people, completely collapsed. Hundreds of thousands of jobs were lost,” he added.

The president said lockdowns imposed in Sri Lanka have adversely affected the construction industry, small and medium enterprises,  and some 4.5 million self-employed people and daily wage earners.

“Amidst all these obstacles, we also had the responsibility to keep the people alive. We did not abdicate that responsibility,” he said.

“Each time the country was placed under a lockdown due to COVID-19 risks, we spend around Rs. 30 billion in each round to provide an allowance of Rs. 5,000 to the people who have become helpless without a daily income. The government has borne this cost on a number of occasions,” he added.

Rajapaksa went on to say that in addition to the cost of quarantine centres maintained by the government, each family quarantined in their own homes is provided with a relief package worth Rs 10,000 for two weeks.

“Even under this dire situation, the government has never taken any action to reduce the salaries or curtail the allowances of more than 1.4 million public servants,” he said.

Sri Lanka’s ailing economy is facing an unprecedented crisis in the form a double whammy of disease and a crippling shortage of foreign exchange.

“Though our foreign exchange earnings dropped, we did not default on the government’s loan installments. We had to pay a colossal loan installment of about USD 4 billion a year as a result of the loans obtained by various governments in the past. All these loan installments were settled on time,” he said.

“The country’s economy would be in great crisis if the country was put under another complete lockdown. It is not a situation that this country can bear. A large number of orders have been received by the apparel industry in the export sector. If we are not able to deliver these orders on time, we may lose a large amount of foreign exchange,” he said.

The president further said the government is trying to revitalise tourism, with nearly 200 tourists now entering the country every day.

“If we close down the country, we will have to restart attracting tourists from the very beginning,” he said.

“Moreover, by having to provide relief to the daily income earners, small and medium enterprises and companies once again due to a lockdown, the country’s economy will be gravely affected. The people should understand the impact of a complete lockdown. Today, except for a few countries, most others including economically powerful ones have fully opened up,” he said.

With its small economy, Rajapaksa said, Sri Lanka must take advantage of the gradually recovering global tourism industry.

“We can’t allow the country’s economy to collapse completely by refusing to take required action,” he said.

The president also had a word of caution for parties organising protests.

“It is clear that this is not a time for strike actions and protests. Do not attempt to destabilise the country,” he said.

The month of July saw a wave of protests in Sri Lanka organised by school teachers’ unions and others over a number of issues including salary anomalies and a controversial defence university bill. The government has been quick to blame the ongoing COVID-19 spike on these demonstrations, though critics contend that superspreader events such as indoor weddings which the government had until very recently permitted are just as likely, if not more so, to add to the spread. Police attempts to curb the protests by arresting key individuals also drew much criticism from various corners including the Bar Association of Sri Lanka.

Now that a lockdown has been finally declared, following weeks of earnest appeals by the medical community, demands by opposition lawmakers and threats of a forced lockdown issued by trade unions, President Rajapaksa in his speech attempted to highlight the other side of the argument.

“Although the health sector looks at this issue from one angle, as a government we will have to manage the small economy in our country if we are to continue to pay off foreign debts, pay salaries, and provide subsidies without any interruption,” he said. (Colombo/Aug20/2021)

Sri Lanka rupee closes at 332.53/59 to US dollar spot, bond yields edge up

ECONOMYNEXT – Sri Lanka’s rupee closed at 332.53/59 to the US dollar spot on Monday, from 332.55/60 the previous day, while bond yields closed higher, dealers said.

A bond maturing on 15.09.2029 closed at 190/98 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 closed at 11.07/12 percent, up from 11.05/10 percent.

A bond maturing on 01.02.2031 closed at 11.30/40 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 closed at 11.65/70 percent, up from 11.55/65 percent.

A bond maturing on 01.11.2033 closed at 11.95/12.00 percent, up from 11.90/95 percent.

A bond maturing on 15.10.2034 closed at 12.10/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 closed at 12.40/50 percent, up from 12.30/40 percent. (Colombo/Nov9/2026)

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Sri Lanka stocks close up 1.37-pct, banks lead turnover

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

 

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Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

 

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Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

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CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)

 

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Sri Lanka stocks trend up; ASPI gains 0.78-pct

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

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