SenFin Research – News Updates – 23 May 2026

Govt. defends exchange rate, monetary regime amid currency pressure
Deputy Finance and Planning Minister Dr. Anil Jayantha Fernando yesterday defended Sri Lanka’s flexible exchange rate regime and independent monetary policy framework amid mounting pressure on the rupee, rejecting comparisons with the 2022 economic crisis and dismissing speculation over vehicle import restrictions, IMF-directed currency moves and broader economic instability.
Source: (Daily FT) https://www.ft.lk/front-page/Govt-defends-exchange-rate-monetary-regime-amid-currency-pressure/44-792363

IRD surpasses Rs. 1 t tax revenue milestone
The Inland Revenue Department (IRD) yesterday announced the collection of over Rs. 1 trillion in tax revenue as of 18 May 2026, marking a major milestone in the country’s fiscal performance and revenue mobilisation efforts.
Source: (Daily FT) https://www.ft.lk/front-page/IRD-surpasses-Rs-1-t-tax-revenue-milestone/44-792365

President signals confidence, draws line with 2022 economic crisis
President Anura Kumara Dissanayake yesterday publicly acknowledged mounting economic pressures from the escalating Middle East conflict while insisting Sri Lanka is not facing a repeat of the 2022 economic collapse, in remarks aimed at containing growing market anxiety over the country’s external position.
Source: (Daily FT) https://www.ft.lk/front-page/President-signals-confidence-draws-line-with-2022-economic-crisis/44-792368

Sri Lanka’s CPC spends US$521mn for oil imports in May: official
Sri Lanka’s state-owned fuel retailer Ceylon Petroleum Corporation’s (CPC) oil import bill for May this year has risen to US$521 million compared to US$152 million in December last year due to the Middle Eastern conflict, Deputy Finance Minister Anil Jayantha said.
Source: (economynext) https://economynext.com/sri-lankas-cpc-spends-us521mn-for-oil-imports-in-may-official-272684/

Energy costs push national inflation higher in April
National consumer prices accelerated in April as higher fuel, electricity and transport costs filtered through the economy, pushing inflation to its highest level in several months.
Source: (Daily FT) https://www.ft.lk/front-page/Energy-costs-push-national-inflation-higher-in-April/44-792362

Over 9,400 LCs opened for vehicles in one day after Sri Lanka imposed 50% surcharge: Official
More than 9,400 letters of credit (LCs) were opened to import new personal vehicles on the first day due to speculation despite Sri Lanka’s 50 percent surcharge on Customs Import Duty (CID) becoming effective, Deputy Finance Minister Anil Jayantha said.
Source: (economynext) https://economynext.com/over-9400-lcs-opened-for-vehicles-in-one-day-after-sri-lanka-imposed-50-surcharge-official-272669/

Sri Lanka’s John Keells CG Auto denies claims of vehicle import before surcharge
John Keells CG Auto, the distributor for BYD passenger vehicles in Sri Lanka, has rejected claims that the company had prior knowledge of a surcharge on vehicle imports and that it opened Letters of Credit on the day before the announcement.
Source: (economynext) https://economynext.com/sri-lankas-john-keells-cg-auto-denies-claims-of-vehicle-import-before-surcharge-272638/

Top APAC firms still attract investment, as Sri Lanka sees FX reserves drop: Fitch
Stronger Asia-Pacific companies continue to attract investments, despite higher oil prices widening regional differences, Fitch Ratings says, with some countries, such as Sri Lanka, facing currency pressure as FX reserves fell.
Source: (economynext) https://economynext.com/top-apac-firms-still-attract-investment-as-sri-lanka-sees-fx-reserves-drop-fitch-272576/

Fitch downgrades Sri Lanka NITF’s IFS to ‘BBB-(lka); Rating watch negative
Fitch Ratings has downgraded Sri Lanka-based National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength (IFS) Rating to ‘BBB-(lka)’ from ‘BBB(lka)’ and placed the rating on Rating Watch Negative (RWN). Fitch has subsequently withdrawn the rating.
Source: (economynext) https://economynext.com/fitch-downgrades-sri-lanka-nitfs-ifs-to-bbb-lka-rating-watch-negative-272567/

Rupee appreciates as CBSL moves to restore order
The rupee appreciated yesterday after the Central Bank of Sri Lanka (CBSL) moved to calm a nervous and sentiment-driven foreign exchange market following sharp depreciation earlier this week triggered by panic dollar demand and delayed exporter conversions.
Source: (Daily FT) https://www.ft.lk/top-story/Rupee-appreciates-as-CBSL-moves-to-restore-order/26-792369

Sri Lanka rupee spot closes at 329/331 to US dollar, bond yields recover
Sri Lanka’s rupee closed at 329.00/331.00 to the US dollar in the spot market on Friday, after trading at 342.00/350.00 the previous day, dealers said, while bond yields closed down.
Source: (economynext) https://economynext.com/sri-lanka-rupee-spot-closes-at-329-331-to-us-dollar-bond-yields-recover-272642/

Sri Lanka sells extra Rs100mn Treasury bills after auction
Sri Lanka has sold 100 million rupees of treasury bills offered on tap at an average rate of 8.18 percent, the public debt management office said, bringing the total of bills sold this week to 67,337 million rupees.
Source: (economynext) https://economynext.com/sri-lanka-sells-extra-rs100mn-treasury-bills-after-auction-272593/

Sri Lanka stocks close up, capital goods push turnover
Sri Lanka’s Colombo Stock Exchange closed up on Friday trading, data from CSE showed.
Source: (economynext) https://economynext.com/sri-lanka-stocks-close-up-capital-goods-push-turnover-272604/

Mercantile Investments Rights issue oversubscribed
Mercantile Investments and Finance PLC said its Rs. 1.1 b Rights Issue has been oversubscribed, with applications exceeding the number of shares initially offered.
Source: (Daily FT)* https://www.ft.lk/front-page/Mercantile-Investments-Rights-issue-oversubscribed/44-792361