Colombo, Serendib Time (May 22) –Sri Lanka Central Bank of Sri Lanka announced a further reduction in its Overnight Policy Rate (OPR), signaling a continued easing of monetary policy to support economic growth and steer inflation towards its desired target, a statement from it said on Thursday.

At its meeting held yesterday, the Monetary Policy Board of the CBSL decided to reduce the OPR by 25 basis points (bps) to 7.75%. This marks another step in the central bank’s strategy to provide liquidity and stimulate economic activity, the Central Bank said.

The Board’s decision was made after a thorough evaluation of both domestic and international economic developments. The central bank believes that this “measured easing of monetary policy stance” is crucial for guiding inflation towards its medium-term target of 5%, according to the Central Bank.

The move comes amidst prevailing subdued inflationary pressures and ongoing global uncertainties. Analysts suggest that the CBSL’s decision reflects confidence in the disinflationary trend and aims to provide a fillip to economic recovery while maintaining price stability. This reduction is expected to lower borrowing costs for businesses and consumers, potentially encouraging investment and spending, the Central Bank added.

Colombo, Serendib Time (May 22) — In a milestone moment for Sri Lanka’s financial sector, the Bank of Ceylon (BOC) and the National Savings Bank (NSB) announced record-breaking profits for 2024 in their annual reports which were presented to President Anura Kumara Dissanayake, according to the President’s Media Division (PMD).
The achievements, marked by robust fiscal discipline, strategic vision and public accountability, signal a renewed trajectory of confidence in state-owned banking institutions.

The BOC announced a staggering pre-tax profit of Rs. 106 billion, the highest ever recorded not only by a bank but by any institution, public or private, in Sri Lanka’s history. BOC Chairman Kavinda de Zoysa emphasized the significance of this financial milestone.
, “This is a historic record as the BOC recorded the highest profit before tax of Rs. 106 billion, the highest profit achieved by any institution, bank or company in Sri Lanka in its entire history,” he said.

He credited the bank’s strategic focus on national development and SME support, adding, “BOC continues as the largest SME and development bank in the country with the best business rehabilitation unit which is futuristic and supports the entire nation.”

Meanwhile, the NSB posted a dramatic turnaround, reporting a pre-tax profit of Rs. 26.4 billion, a remarkable leap from Rs. 4.2 billion in 2023. Chairman Dr. Harsha Cabral attributed this growth to prudent fiscal governance and effective stakeholder collaboration.

“The National Savings Bank recorded the highest ever profit before tax of Rs. 26.4 billion for the year 2024. This is a momentous success and a major increase from the Rs. 4.2 billion in 2023,” he said. “The success of NSB is mainly due to the financial discipline and macroeconomic stability of the country. I dedicate this achievement to the entire NSB family, including our employees, board of directors, senior staff, customers and all stakeholders who support us directly or indirectly.”

Dr. Cabral highlighted that NSB is no longer a burden on the state. “We are a self-sustaining success story and not a burden on the Treasury anymore. With professional management and financial discipline, the NSB has achieved its targets and hopes to exceed them in 2025,” he noted. He also pointed to internal reforms and staff incentives that bolstered morale and productivity. In 2024, NSB’s workforce was streamlined from 4,600 to 4,200 while maintaining a 262-branch network. Employees were rewarded with a five-month bonus, and gold coins were reintroduced for long service recognition after a five-year gap.

Both chairmen underscored a rare but significant aspect of their governance: neither they nor their board members draw a salary for their service. “Our reward is the institution’s success and its contribution to national development,” Cabral remarked, a sentiment echoed by de Zoysa as a model of civic-minded leadership.

President Anura Kumara Disanayake commended the accomplishments of both institutions, stating, “These banks demonstrate how strategic leadership and ethical governance can transform public institutions into pillars of national strength. Their performance is a beacon of what’s possible in Sri Lanka’s economic future.”

With an eye on 2025, BOC is set to expand its digital infrastructure to enhance accessibility and customer service, while NSB plans to refine its operations further, guided by corporate governance best practices.

Indian High Commissioner to Sri Lanka Santosh Jha met the inaugural batch of 24 participants who will be leaving for India later this week, for a Capacity-Building Program at India’s Parliamentary Research and Training Institute for Democracies (PRIDE) in New Delhi, a statement from the Indian High Commission in Colombo said on Wednesday.
The delegation led by Deputy Speaker of Sri Lanka Parliament Dr. Rizvie Salih, consisting of 20 parliamentarians representing various political parties and four officials of the Sri Lankan Parliament, including the Secretary General, was received by the High Commissioner at India House , the statement said.
The programme will span across a week from 26-30 May 2025. It will include components of sharing of best practices across legislative and budgetary processes, system of Parliamentary Committees and other related matters between the two democracies. While in India, participants will also have the opportunity to experience the richness of Indian art and culture, as well as witness the transformation underway in the Indian economy through site visits and suitable interactions, particularly across digital, IT, energy and urban mobility spheres, according to the statement.

This programme is being conducted pursuant to the announcement made by Indian Prime Minister Narendra Modi during his recent visit to Sri Lanka in April 2025, offering 700 customised training slots annually for Sri Lankan professionals. These will span across sectors from entrepreneurship to sports, media and cinema. These 700 slots were announced in addition to the 1500 slots available for training of Sri Lankan civil servants over a period of five years, under the Memorandum of Understanding (MoU) between the National Centre for Good Governance of India (NCGG) and Sri Lanka Institute of Development Administration (SLIDA) signed in December 2024, the High Commission added.