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Monday November 9th, 2026

Sri Lanka could seek stricter border controls, Australian help to deter refugee inflow: IPS

Featured image from Al Jazeera

ECONOMYNEXT – Sri Lanka could seek cooperation of countries facing the challenge of asylum seekers, such as Australia, to better understand the policy options to cover illegal migration between Myanmar and Sri Lanka, the Institute of Policy Studies says.

In December 2024, 115 Rohingya people, including 78 adults and 25 children, were rescued while traveling on a multi-day trawler off the coast of Mullaitivu.

This poses a financial burden for a cash-strapped country like Sri Lanka, and the new government would need to gear up to face emerging challenges of trafficking, smuggling, refugees and asylum seekers, IPS pointed out.

A “viable policy option for Sri Lanka would be to increase stricter border control measures to deter future inflows of refugees,” an IPS article authored by Bilesha Weeraratne said.

“Another is to discourage future arrivals by adopting awareness campaigns targeting Rohingya people to shape their public perception regarding immigration to Sri Lanka and highlight Sri Lanka’s challenges in accepting refugees.”

Efforts to increase border control and awareness campaigns could follow Australia’s successful Operation Sovereign Borders and Zero Chance campaign, which discouraged the outflow of Sri Lankans to Australia by boat, the article said.

“Perhaps Sri Lanka could seek the cooperation of other countries facing similar challenges, including the Australian Zero Chance campaign, to better understand the policy options to cover illegal migration between Myanmar and Sri Lanka.”

The full article is reproduced below:

Balancing Borders: How Should Sri Lanka Manage the Rohingya Influx?

While the bedrocks of migration in Sri Lanka – foreign employment and remittances – are settling, other aspects are unsettling in 2025.

The year 2024 closed with estimates of over 311,000 departures for foreign employment and over USD 6.5 billion in remittances.

In December 2024, 115 Rohingya people, including 78 adults and 25 children, were rescued while traveling on a multi-day trawler off the coast of Mullaitivu.

The group was seeking asylum in Sri Lanka, and 12 men were identified as having facilitated the voyage.

Similarly, three batches of Sri Lankan migrants who were trafficked for forced criminal activities in cyber scamming compounds in East Asia were repatriated in 2024.

Many “were coerced into various cyber scamming activities under the pretext of legitimate job offers in the IT sector and other customer service roles”.

Illegal Immigrants vs Refugees

The payment refugees make for passage blurs the line between those seeking asylum and those attempting to enter a country illegally.

Reports raise concerns that the Rohingya people were “illegal immigrants of an organised human trafficking scandal” and that intelligence sources warn the impending arrival of another approximately 100,000 through similar means in the near future.

Moreover, there are concerns about the involvement of local counterparts in the arrival of such Rohingya people.

The Sri Lankan government maintains the position that “if they proved to be refugees, they would be treated and provided with all necessary humanitarian assistance under the international law related to refugees”.

Yet as per ongoing investigations and intelligence sources, “it clearly shows that it is a human trafficking scandal and that they are not refugees”.

Link between Refugees, Human Trafficking and People Smuggling

Seeking asylum as refugees, smuggling of people and human trafficking are highly interconnected phenomenon.

A refugee is one who is forced to leave their country to escape persecution, war, violence, or natural disaster due to a “well-founded fear of persecution for reasons of race, religion, nationality, political opinion or membership in a particular social group”.

In the absence of formal pathways to leave the oppressing country or enter another, refugees often pay smugglers to travel across countries.

Therefore, people smuggling consists of assisting migrants to enter or stay in a country illegally, for financial or material gain.

Smugglers make a profit out of migrants’ need and/or desire to enter a country and the lack of legal documents to do so.

Those who consent to people smuggling often end up being trafficked during the process.

Human trafficking is when three critical aspects are fulfilled.

They are,
1. an act (recruitment, transportation, transfer, harbouring, or receipt of people);
2. by a specific means (threats or use of force, deception, fraud, abuse of power, or abusing someone’s vulnerable condition); and
3. for exploitation (sexual exploitation, forced labour, slavery or organ removal for example).

Costly Passage

The Rohingya people who have reached Sri Lanka seeking asylum have paid hefty sums for this risky – yet compelling passage, to avoid alleged harsh experiences in Myanmar.

Reports suggest that these Rohingya people paid as much as “5 million in their currencies” to be smuggled into Sri Lanka.

Given the informal nature of payments for the service delivery of people smuggling, there is a possibility that these Rohingya people were trafficked into Sri Lanka.

Ironically, while Rohingya people are fleeing Myanmar and arriving in Sri Lanka seeking asylum, a growing number of Sri Lankan migrants are being trafficked into the camps of online crime syndicates operating in Myanmar and other East Asian countries.

Policy options

As such, in 2025, the new government would be challenged beyond the comfort zone of promoting labour migration and receiving remittances and would need to gear up to face emerging challenges of trafficking, smuggling, refugees and asylum seekers.

In this context, to steer government position and policy directions, it would be important to have a clear understanding of the distinction between trafficking and smuggling, as well as the interlinkages between these two and refugees and asylum seekers.

Moreover, while people smuggling and human trafficking can ideally be addressed within the penal code of Sri Lanka, handling refugees and asylum seekers is more nuanced owing to the need to balance humanitarian, sovereignty and border control, as well as socio-economic aspects.

Despite not having ratified the 1951 Convention on the Status of Refugees and its 1967 Protocol, Sri Lanka provides space for refugees and asylum seekers to submit their claims to the UNHCR in Sri Lanka and to remain until a durable solution is achieved in each specific case.

One of the immediate economic concerns regarding refugees is the cost of hosting them in temporary settlements or camps while their asylum claims are processed.

This becomes a significant financial burden for a cash-strapped country like Sri Lanka.

Additionally, it involves the fear of attracting further inflows of refugees.

In the long term, refugees will face challenges related to their integration, not limited to issues such as access to the labour market and demand for social infrastructure like healthcare and housing.

Depending on the circumstances, countries such as Germany, Sweden and France to name a few, offer temporary protection to individuals from specific countries such as Syria and Ukraine during emergencies while restricting long-term settlement.

Some countries have discouraged refugees by tightening border control measures, where the United States, for instance, has erected giant border walls and the previous Trump administration adopted a zero tolerance policy towards illegal border crossings.

Similarly, Australia actively turns back boats carrying asylum seekers.

Among a plethora of options, a more viable policy option for Sri Lanka would be to increase stricter border control measures to deter future inflows of refugees.

Another is to discourage future arrivals by adopting awareness campaigns targeting Rohingya people to shape their public perception regarding immigration to Sri Lanka and highlight Sri Lanka’s challenges in accepting refugees.

These efforts to increase border control and awareness campaigns could emulate the highly successful Operation Sovereign Borders and Zero Chance campaign adopted by Australia, which discouraged the outflow of Sri Lankans to Australia by boat.

Perhaps Sri Lanka could seek the cooperation of other countries facing similar challenges, including the Australian Zero Chance campaign, to better understand the policy options to cover illegal migration between Myanmar and Sri Lanka. (Colombo/Jan22/2025)

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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