News & market updates

The rupee weakened to Rs. 335/337.50 in the interbank spot market after giving up part of Wednesday's gains (Wednesday close: Rs. 332.25/330). The midweek rebound followed the Central Bank tightening rules for exporters, cutting the conversion window to 30 days from 90.

SAARC CCI President Chandi Raj Dhakal met Yunnan Governor Wang Yubo in Kunming to push for expanded trade, investment and connectivity between South Asia and Yunnan, highlighting opportunities in infrastructure, tourism, logistics, digital industries, renewable energy, agriculture and manufacturing.

Food Studio has opened a five-brand line-up (Primo, Hotel Manoli, Bamboo Boy, Wide Eyes, Kimono) at Colombo City Centre’s Dining Gallery to expand its dining portfolio and support CCC as a retail and visitor destination. The launch aims to diversify offerings and build scalable F&B concepts.

NH Collection Colombo highlights its dining offerings led by Executive Chef Priyantha Vithanage, featuring AYU (all-day dining), Thai Rasa, Adityaa (Indian cuisine), Vistas Rooftop Bar, Collections café and Mansion lounge for varied dining experiences in Colombo.

John Keells Hotels PLC's Cinnamon Hotels (Cinnamon Grand Colombo) is hosting a Greek culinary showcase with Chef Theo Michaels in partnership with Classic Travel, running at The London Grill until 14 June 2026.

The Cabinet approved Dr. Hans Wijayasuriya as Chairman of SriLankan Airlines' Strategy and Restructuring Committee to lead the carrier’s strategic direction and restructuring aimed at improving its operational and financial performance.

CG Corp Global chairman Binod Chaudhary highlighted the group's Sri Lanka footprint, noting it holds a majority stake in Union Bank of Colombo and operates multiple hospitality properties including the Taj Samudra. He also cited a BYD agency partnership with John Keells and a cement feasibility study.

The India–Sri Lanka Binational Bridge and Tunnel proposal — a ~23 km link estimated to cost US$3.6–5.19bn — could lift tourism by 50–70% and cut some transport costs by up to 50%, reshaping trade, logistics and connectivity. Sri Lanka has paused advancement over technical, environmental and sovereignty concerns.

Cabinet approved 77 Businesses of Strategic Importance for the Colombo Port City SEZ in April 2026, supporting about Rs.125 billion (including ~$262m foreign inflows) in land and development value and projecting ~$364m in secondary inflows and roughly 10,000 direct jobs over five years. Regulatory reforms by the CPCEC and CHEC's ~$1.4bn infrastructure investment aim to accelerate permits and unlock an estimated $15bn total development.

The CBSL cut the mandatory conversion period for export proceeds from 90 days to 30 days, and the rupee strengthened to about Rs. 332.25/333.00 from Rs. 337.00/337.75. The move is intended to accelerate repatriation of export earnings and boost foreign-exchange liquidity to stabilise the market.

Emirates was named ‘Best Overall Airline in the Middle East’ at the 2026 APEX Best in Airline Awards, based on over one million passenger ratings across five pillars including seat comfort, cabin service, food & beverage, entertainment and connectivity.

SriLankan Airlines has formed partnerships with Saudia and Flynas to expand connectivity between Saudi Arabia and Sri Lanka, adding access to 7 international + 13 domestic Saudia destinations and 8 international + 6 domestic Flynas destinations. Passengers can connect via Riyadh and Dammam onto daily SriLankan services to Colombo.

Russel’s (Pvt) Ltd recognised several employees for May 2026, naming Amila Nilangani Employee of the Month and awarding others for outstanding service, reiterating the company's focus on staff appreciation to uphold hospitality and operational standards.

Technoli Institute held an AI-Powered Business Executive programme on 3 June 2026 at Jetwing Colombo Seven with Trident/Microsoft, Flash Health and Jetwing partners, where senior managers built live AI agents and learned AI decision frameworks, security and ethics.

Smoke & Bitters, a coastal venue in Dikwella, won the Michter’s Art of Hospitality Award ahead of Asia’s 50 Best Bars 2026. The bar was ranked No.14 on Asia’s 50 Best Bars 2025 and is the first Sri Lankan bar to appear on the extended World’s 50 Best Bars list.

The Central Bank of Sri Lanka now requires exporters to convert any residual foreign-currency export proceeds into rupees by the 10th day of the month following receipt under amended Repatriation of Export Proceeds rules. The change replaces the 90-day window and is intended to support FX liquidity amid recent rupee pressure.

Hayleys PLC secured a District Court of Kaduwela enjoining order preventing former MP Wimal Weerawansa from making or publishing defamatory statements about the company. Hayleys has sought Rs. 6 billion in cumulative damages; the matter is listed for hearing on 23 June 2026.

Tourism Minister Vijitha Herath said tourism receipts have not fallen but are now reported more accurately after adopting international survey methods, and the apparent drop reflects corrected data. The government is introducing legal and technical steps, including taxing foreign digital platforms and integrating payment gateways, to retain more tourism foreign exchange.

CBSL's new 'Repatriation of Export Proceeds into Sri Lanka Rules No.2 of 2026' requires exporters to convert all residual foreign exchange proceeds on or before the 10th day of the month following receipt, shortening the previous three-month window; the rule takes effect after Parliamentary approval and preserves limited authorized uses and a 10% cap for investment in government FX debt.

Mastercard appointed Sandun Hapugoda as Group Country Manager for Sri Lanka, Maldives, Bangladesh, Nepal and Bhutan and promoted Mahesha Amarasuriya to Country Manager for Sri Lanka. The changes aim to integrate operations across the five markets to boost tourism, cross-border trade and digital payments.

Hilton Colombo Residences will host 'A Dad’s Day Out' Father’s Day brunch on 21 June 2026 (12:00–15:00) priced at Rs. 8,888 nett per person; fathers receive a 15% Hameedia discount and the first 10 reservations get a Rs. 5,000 Hameedia voucher.

The Embassy of Sri Lanka and VJSC hosted a tourism promotion event in Ho Chi Minh City on 8 June, highlighting VietJet's planned Ho Chi Minh–Colombo service from 18 Aug 2026 and Vietnam Airlines' direct flights later in 2026, boosting prospects for Sri Lanka's tourism industry and hotels.

The Sri Lanka–Thailand Business Council marks its 25th anniversary in 2026, holding a silver-jubilee event on 19 June at The Kingsbury Hotel with a 25-member Board of Trade Thailand delegation attending. The council highlights continued efforts to boost trade, investment and cooperation across tourism, logistics, healthcare, renewable energy and IT.

Colombo market rebounded as the ASPI rose 0.67% to 21,547.17 with net foreign inflows of Rs. 22.6 million. Gains were led by selected blue-chip counters and heavy turnover in capital goods and food & beverage names, with notable moves in DIAL, BREW, CCS, ABAN and JKH.

CameraLK hosted the Sony Regional Wildlife Kando at Yala, a four-day event that brought wildlife photographers from across Asia and served as the launch platform for the Sony Alpha a7R VI and FE 100-400mm F4.5 GM OSS. The programme included safaris, masterclasses and regional networking, promoting Sri Lanka as an imaging and wildlife-tourism destination.

Lassana.com opened a new flower and gifting boutique at Cinnamon Grand Colombo, offering in-hotel collection and multichannel ordering. The outlet will showcase floral and wedding services and provide free Colombo 1–4 delivery using electric vehicles.

Sri Lanka's rupee closed at 337.00/75 per US dollar, slightly weaker than 337.00/30 the previous day, while local bond yields rose (notably the 2030 and 2035 maturities). An auction of 140 million rupees in treasury bills is scheduled for Wednesday.

Sri Lanka's BOI and Japanese partners held the 4th working-level Japan–Sri Lanka Committee on Business Environment on 2 June 2026 in Colombo to review and resolve investor concerns and strengthen FDI ties. The session stressed accountability and priorities such as technology transfer, green industry, manufacturing and tourism.

The IMF approved Sri Lanka’s combined Fifth and Sixth Reviews on 28 May 2026, releasing SDR 508 million (~US$695m) and bringing total EFF disbursements to SDR 1.778 billion (~US$2.4bn). The Fund said stabilisation has improved revenues, growth and reserves but warned debt sustainability remains “very high” and key structural reforms (electricity, public financial management) are unfinished.

ASPI fell 1.57% (340.85 pts) to 21,403.28 as the CSE opened in the red amid rising interest rates and Middle East tensions. Turnover was over Rs.2.6bn with foreign net outflows of Rs.54.1m; Melstacorp, Bukit Darah, Sampath and LOLC were key negatives while John Keells and ACL led turnover and HNB rose.