Latest news with #CentralBankofSriLanka
Business Recorder
21-05-2025
- Business
- Business Recorder
Sri Lanka's consumer prices drop 0.8% in April year/year
Sri Lanka's consumer prices fell 0.8% year-on-year in April after a 1.9% decline in March, official data showed on Wednesday, as the economy recovers from its deepest financial crisis in decades. The National Consumer Price Index captures broad retail price trends and is released with a lag of 21 days every month. The rate of price increases in the food category climbed to 2.9% in April from 0.8% in March. In the non-food category, however, prices fell 3.7% in April compared with the same month last year, compared with the previous month's 4.1% annual drop. 'Inflation is starting to come up but largely in line with expectations. By August inflation is likely to turn positive,' said Shehan Cooray, head of research at HNB Stockbrokers. Sri Lanka, which was plunged into a financial crisis due to a record shortage of dollars three years ago, has recovered strongly, posting 5% economic growth last year. The island nation has seen inflation reduce significantly over the last year, supporting a gradual lowering of interest rates. The Central Bank of Sri Lanka is expected to keep its policy rates unchanged at 8% on Thursday to maintain stable growth and deepen the island nation's recovery from the financial crisis.
Yahoo
27-03-2025
- Business
- Yahoo
LankaPay joins hands with Ant International to support Alipay+ in Sri Lanka
LankaPay, the national payment network of Sri Lanka, has partnered with Ant International to support Alipay+ acceptance in the country. This will enable over 400,000 LANKAQR merchants to accept mobile payments from travellers via 14 international e-wallets connected to Alipay+ during the initial phase. The first phase of the rollout will allow travellers from ten countries and regions to use their e-wallets to make payments in Sri Lanka by scanning LANKAQR codes at merchant locations. LANKAQR, managed by LankaPay, is an initiative by the Central Bank of Sri Lanka that standardises QR code-based transactions and integrates consumers, banks, and merchants into a single payment ecosystem. Alipay+ partners in this phase include e-wallets from China, Hong Kong SAR, Macao SAR, Mongolia, the Philippines, Singapore, Malaysia, South Korea, Thailand, and Italy. The move is expected to facilitate the acceptance of cross-border payments in Sri Lanka, catering to markets such as Italy, Singapore, Malaysia, China, South Korea, and Thailand. These markets have been identified by the Sri Lanka Tourism Development Authority as potential sources of tourists and business travellers, the release said. The partnership aims to increase the number of Alipay+ partner e-wallets accepted in Sri Lanka. LankaPay CEO Channa de Silva stated: "We are delighted to partner with Ant International and enable Alipay+ cross-border payment solution, which signifies a landmark milestone in our global journey. This partnership connects us with international Alipay+ partner users worldwide, enabling them to make seamless payments during their visit to Sri Lanka, similar to their experience at home. 'This collaboration signifies our commitment to enhance payment convenience to tourists and business travellers to Sri Lanka and attract much needed foreign exchange into the country.' Ant International Southeast Asia, Australia and New Zealand General Manager Edward Yue said: 'The national LANKAQR infrastructure by the Sri Lanka Central Bank and LankaPay lays a strong foundation for the digitalisation of local businesses and we're proud to partner with LankaPay to enhance interoperability and connect global customers to the local payment ecosystem. 'Beyond payments, Alipay+ also enables merchants to reach travellers through new digital services directly within mobile apps, digitalising key travel scenarios, opening new channels of engagements and driving even more vibrant and inclusive growth.' Earlier this month, Alipay+ expanded its partnership with Whale Cloud to offer businesses the technology to launch their own mobile applications using Alipay+ Wallet Tech. "LankaPay joins hands with Ant International to support Alipay+ in Sri Lanka " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
