Sri Lanka to buy Yala paddy from Rs120kg starting July 13

Friday July 10, 2026 3:55 pm ECONOMYNEXT — Sri Lanka’s Paddy Marketing Board (PMB) will start buying Yala season paddy on July 13, at 120 rupees a kilo for Nadu, 130 rupees a kilo for Samba, and 140 rupees a kilo for Keeri Samba, PMB Chairman Manjula Pinnalanda said. The state p…

Friday July 10, 2026 3:55 pm

ECONOMYNEXT — Sri Lanka’s Paddy Marketing Board (PMB) will start buying Yala season paddy on July 13, at 120 rupees a kilo for Nadu, 130 rupees a kilo for Samba, and 140 rupees a kilo for Keeri Samba, PMB Chairman Manjula Pinnalanda said. The state purchasing will start in the Ampara and Ruhuna regions, as well as parts of the Mullaitivu and Trincomalee Districts in the Northern and Eastern Provinces, where harvesting has already begun. Operations in other areas are scheduled to start on July 20. “We intend to step in from the 13th onwards to collect and secure the national buffer stock,” Pinnalanda said. “We have planned to conduct purchasing operations through 143 warehouse locations.” Officials said a bountiful harvest is expected. To accommodate the influx, the PMB will utilize its own warehouses alongside storage spaces secured from the Department of Agrarian Development, the Mahaweli Authority, and the Food Commissioner. As some warehouses still held stocks after the government imported substantial amounts of rice recently, Pinnalanda said the board has held discussions to use private sector and Co-operative Society warehouses if state facilities fill up completely. The government has allocated 6 billion directly to the PMB, and another 10 billion rupees is to be channeled through state banks under a concessionary interest Odapana loan scheme to enable small and medium-scale rice mill owners to purchase and stock paddy. Eligible Co-operative Societies will also be included in the loan scheme this season, officials said. Private millers have assured the government they can match the state’s baseline prices, officials said, provided the produce meets standard quality parameters. The PMB intake rules require a moisture content of 14 percent or less, and less than 9 percent of chaff and impurities. “If the private sector also stocks paddy and maintains these standards, it will stabilize the market,” Pinnalanda said. “Maintaining this rice supply chain is a collective responsibility, and we must all work together to sustain it.” PMB Deputy General Manager Saman Palitha Bandara said the simultaneous deployment of state procurement and private commercial buying establishes a crucial market dynamic across 17 districts. “The moment we open state warehouses, the private sector is compelled to purchase at or above that benchmark price,” Bandara claimed. “Through this mechanism, we ensure that the farmer receives a stable price quickly.” The government asked the farming community to maintain strict quality standards. (Colombo/Jul10/2026)

(L-R) Sameera Wijerathna – Head of SME Products – Converged Connectivity – Dialog Enterprise, Inok Perera – COO, NCE, Shiham Marikar – CEO, NCE, Navin Pieris, Group Chief Officer – Dialog Enterprise, Viranga Seneviratne Vice President/Head of Innovation and Platform Business – Dialog Enterprise

Friday July 10, 2026 4:03 pm

ECONOMYNEXT — Dialog Enterprise, the corporate solutions arm of Dialog Axiata, has renewed its partnership with the National Chamber of Exporters of Sri Lanka (NCE) to boost the digital capabilities of local exporters. Dialog Enterprise will provide NCE members with digital tools, including converged connectivity, cloud services, cybersecurity, data analytics, artificial intelligence, and Internet of Things (IoT) technologies. The initiative will target small and medium enterprise (SME) aspiring exporters through educational forums, industry workshops, and expert-led sessions designed to meet evolving global market demands. “The continued collaboration with NCE underscores Dialog Enterprise’s commitment to empowering Sri Lankan businesses with future-ready digital solutions that drive sustainable growth and global competitiveness,” Navin Pieris, Group Chief Officer of Dialog Enterprise at Dialog Axiata PLC, said. The NCE said the tie-up aims to strengthen Sri Lanka’s export sector by fostering technology adoption and digital readiness. This is expected to help exporters improve operational efficiency and competitiveness in international markets. Shiham Marikar, Secretary General and CEO of the NCE, noted that the collaboration will strengthen the chamber’s efforts to equip exporters with the knowledge, tools, and technologies required to thrive in an increasingly digital global economy. (Colombo/Jul10/2026)

Friday July 10, 2026 2:43 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed in green on Friday, after a week of closing in red led to the benchmark index shedding 413.17 points since last Friday, CSE data showed. The market has dropped 1.86 percent in the week. The All Share Price Index was up 0.31 percent, or 67.84 points, at 21,765.56; while the S&P SL200 was up 0.18 percent, or 10.97 points, at 6,077.46. Turnover was 2 billion rupees. Brokers have said investor sentiment on the CSE has faced pressure due to ongoing global uncertainty and selective profit-taking. Top positive contributors to the ASPI were Ceylon Cold Stores (up 4.25 rupees at 128), Haycarb (up 7.50 rupees at 169.75), and Dialog Axiata (up 40 cents at 44.10 rupees). (Colombo/Jul10/2026)

Friday July 10, 2026 12:42 pm

MANILA, PHILIPPINES — The Asian Development Bank (ADB) has lowered its growth forecast for developing Asia and the Pacific economies to 4.9% for 2026 compared to 5.5% growth in 2025. This is a reduction of 0.2 percentage points from April projections. Prolonged disruptions to energy markets caused by the Middle East conflict have weighed more heavily on the region’s prospects than anticipated, according to ADB’s latest economic outlook released today. The 2027 growth forecast is maintained at 5.1%, reflecting recovering activity as these pressures ease. Asian Development Outlook (ADO) July 2026 expects disruptions to global energy markets to unwind only gradually, despite a framework agreement signed in June. With impacts extending beyond energy to fertilizers, other commodity prices, and supply chains, inflationary pressures are likely to persist. Regional inflation is now forecast at 4.3% this year compared to 3% in 2025—an upward revision of 0.7 percentage points from April. The inflation forecast for 2027 remains at 3.4%. “Durable implementation of the framework agreement would help normalize global energy markets, but the pace of adjustment is highly uncertain with significant downside risks,” said ADB Chief Economist Albert Park. “Economic growth in developing Asia and the Pacific remains resilient, but persistent headwinds caused by the conflict require a careful policy balance between supporting growth and containing inflation.” ADO July 2026 warns that renewed conflict escalation and prolonged geopolitical uncertainty remain key risks to the region’s outlook. These could further tighten energy markets, raise risk premia, and intensify inflationary and external pressures. Tighter global financial conditions pose additional risks, with sovereign bond yields and borrowing costs rising, and fiscal deficits projected to widen in several economies. Higher tariffs and elevated trade policy uncertainty could also weigh on activity, while rising fertilizer prices continue to threaten agricultural output and food security. Growth projections for 2026 are lowered for most subregions, except developing East Asia. Forecasts for the People’s Republic of China are unchanged at 4.6% for 2026 and 4.5% for 2027, supported by strong exports and infrastructure investment. India’s growth forecast is revised down to 6.6% this year, as higher energy costs weigh on domestic demand, and maintained at 7.3% for next year. Growth projections for Southeast Asia and the Pacific are also trimmed, reflecting weaker domestic demand and tourism, rising inflation, and higher import costs.

Friday July 10, 2026 12:26 pm

ECONOMYNEXT – Sri Lanka’s Parliament has passed amendments to the Prevention of Money Laundering Act, Financial Transactions Reporting Act, and Convention on the Suppression of Terrorist Financing Act. The Prevention of Money Laundering (Amendment) Bill was passed with the required special majority in respect of Clause 14, in accordance with the determination of the Supreme Court. This authorizes authorities to freeze secondary assets linked to a primary target. The amendment inserts Section 12A, permitting law enforcement to freeze these assets without immediate judicial authorization for 14 working days to combat asset concealment. The Financial Transactions Reporting (Amendment) Bill was passed, with amendments, without a division. The Convention on the Suppression of Terrorist Financing (Amendment) Bill was passed without amendments and without a division. The bills seek to strengthen the country’s legal framework for preventing money laundering, terrorist financing, and financial crimes, in line with international standards. They are also intended to increase the transparency of the financial system and improve the efficiency of the regulatory framework governing financial transactions. (Colombo/Jul10/2026)

Friday July 10, 2026 12:04 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was picking up midday Friday, after a slump earlier in the week, CSE data showed. The All Share Price Index was up 0.32 percent, or 70.48 points, at 21,768.20; while the S&P SL200 was up 0.36 percent, or 21.80 points, at 6,088.29. Turnover was 905 million rupees. Top positive contributors to the ASPI were John Keells Holdings (up 20 cents at 20.10 rupees), Haycarb (up 8 rupees at 170.25), and Dialog Axiata (up 30 cents at 44 rupees). The CSE has seen negative sentiment this week after the war in West Asia began escalating again, brokers have said. (Colombo/Jul10/2026)

Friday July 10, 2026 11:09 am

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 335.75/90 to the US dollar in the spot market on Friday, stronger from 336.00/30 the previous day, while bond yields were quoted slightly higher, dealers said. The telegraphic transfer rate for Sri Lanka’s rupee against the US dollar was 331.50 buying, 340.50 selling; the euro was 377.3266 selling, 391.2436 buying; and the pound was 444.7771 buying, 458.8227 selling. A bond maturing on 15.12.2029 was quoted flat at 11.05/15 percent. A bond maturing on 01.03.2030 was quoted at 11.15/30 percent, up from 11.15/25 percent. A bond maturing on 15.05.2030 was quoted at 11.25/35 percent. A bond maturing on 01.07.2030 was quoted at 11.35/40 percent. A bond maturing on 01.08.2030 was quoted flat at 11.40/45 percent. A bond maturing on 15.10.2030 was quoted at 11.46/48 percent, down from 11.45/50 percent. A bond maturing on 15.12.2032 was quoted at 11.65/70 percent, down from 11.65/75 percent. A bond maturing on 01.11.2033 was quoted at 11.75/85 percent. (Colombo/Jul10/2026)