The People's Bank said that it is in the process of recovering approximately Rs. 656 million mistakenly paid to customers following a systemic exchange rate error in its remittance platform that affected transactions processed between May 2023 and March 2026.

In a media release issued on May 16, the state-owned bank said the error related to the application of the exchange rate for a single foreign currency within a specific remittance system, resulting in certain customers receiving excess amounts over the affected period. The bank said the issue has now been fully rectified.

Upon detecting the anomaly, People’s Bank said it immediately initiated a detailed internal review and strengthened the relevant operational controls to prevent similar incidents in the future. The matter is currently being reviewed in consultation with the relevant regulatory and supervisory authorities, including the Central Bank of Sri Lanka.

The bank stated that the estimated financial impact of the incident amounts to approximately LKR 656 million, which has already been fully recognized in its financial statements during the relevant period. Based on current assessments, the bank said no further financial impact is anticipated.

People’s Bank further noted that recovery processes relating to the affected transactions are already underway and that progress has been made in recovering the excess amounts from the respective customers.

The bank also sought to reassure customers and stakeholders that its day-to-day banking operations, digital platforms and customer services continue to function normally and without interruption. With an asset base of approximately LKR 3.8 trillion, the bank emphasized that the incident has no material impact on its overall financial stability, profitability, or the safety of customer funds and deposits.

The International Monetary Fund's Executive Board is to review the fifth and sixth reviews of Sri Lanka’s Extended Fund Facility (EFF) programme on May 27, 2026. According to the Executive Board calendar of the IMF, the Board discussions on Sri Lanka are scheduled on May 27. Once approved by the board, Sri Lanka will have access to about USD 700 million under its Extended Fund Facility with the IMF.

President Anura Kumara Dissanayake is scheduled to undertake an official visit to the Batticaloa and Ampara districts on May 20 and 22, according to the Department of Government Information.

A bill to repeal the Chief of Defence Staff Act has been published through an extraordinary gazette notification. The relevant bill, prepared on the instructions of the Minister of Defence, was published in the Government Gazette on May 15.

Australian MP Hugh McDermott has called for the recognition of the Tamil genocide and justice for the atrocities committed by the Sri Lankan military against Tamils.

Speaking in the Senate during Tamil Genocide Remembrance Week, Australian Senator David Shoebridge said the world remembers the “appalling crimes inflicted upon the Tamil people" by the Sri Lankan government during the final months of the armed conflict. Shoebridge told the Senate that "300,000 were hemmed into a so called safe zone and subject to bombings and artillery shells."

The Ministry of Finance has announced a new tax measure imposing an additional 50 per cent levy on the existing customs duty for imported vehicles. Under the decision, the current 30 per cent customs import duty on motor vehicles will be supplemented by a further 50 per cent surcharge.

The Vehicle Importers Association of Sri Lanka (VIASL) has cautioned that the Government’s newly‑imposed 50% surcharge on vehicle imports will push prices up by at least Rs. 1.5 million, worsening affordability for consumers.

Deputy Finance Minister Dr. Anil Jayantha has urged the public not to be misled by claims that vehicle prices will sharply increase following the government’s latest decision to impose additional taxes on vehicle imports.

Sri Lanka’s courts are burdened with a backlog of more than 1.1 million cases, it was reported. According to Mawbima newspaper, a report released by the Ministry of Justice shows that as of June 30, 2025, a total of 1,134,474 cases remain unresolved across 293 courts nationwide.

Four persons have been reported injured in the train derailment between the Kelaniya and Wanawasala railway stations today (16). According to the Police, the injured passengers have been admitted to the Colombo National Hospital.

The International Monetary Fund no longer confers with him because he has been critical of the organisation, Opposition Leader Sajith Premadasa said today. He also warned that Sri Lanka would face serious consequences if the government continued to follow the IMF’s recommendations without question.

The Sri Lankan Rupee continued its depreciation against the US Dollar today (15), compared to Wednesday, with the selling rate reaching Rs. 331. According to the Central Bank of Sri Lanka, the buying rate of the US Dollar has increased from Rs. 322.28 to Rs. 323.53.

Sri Lanka’s Fisheries Minister Ramalingam Chandrasekar on Thursday (May 14) urged Tamil Nadu Chief Minister C. Joseph Vijay, to ban the destructive bottom trawling fishing method, a practice prohibited in Sri Lanka since 2017.

The global digital payment platform PayPal will be operational in Sri Lanka starting today (May 15). Sri Lankan politics Although attempts were made previously to introduce the system locally, various difficulties had delayed its rollout.

An Indian national has been arrested at the Katunayake Airport after Sri Lanka Customs officers uncovered 2,150 grams of cocaine valued at approximately Rs. 108 million concealed in his luggage. The suspect, a 60‑year‑old geologist, had arrived from Uganda via Doha on Qatar Airways flight QR 664.

Former Arachchikattuwa Pradeshiya Sabha Chairman Jagath Samantha has been sentenced to five and a half years in prison after being found guilty over an assault on the Arachchikattuwa Divisional Secretary. The order was issued by the Chilaw High Court today (15).

21 major reservoirs and more than 19 medium-scale reservoirs across the country are currently spilling, the Irrigation Department said. According to Irrigation Director (Water Management) Engineer H.M.D.P.S.D. Herath, the situation was reported as of 6.00 a.m. today (15).

The Colombo High Court today (May 14) rejected a preliminary objection raised by the defence seeking to halt proceedings against Yoshitha Rajapaksa, a son of former President Mahinda Rajapaksa, in a case filed under the Money Laundering Prevention Act. The ruling was delivered by Colombo High Court Judge Udesh Ranatunga.

The selling rate of the US Dollar rose to Rs. 329.92 on Thursday (14), marking the highest level recorded since December 27, 2023, according to the latest exchange rates released by the Central Bank of Sri Lanka. CBSL data showed the US Dollar selling rate increased to Rs. 329.9201, compared to Rs. 327.3868 recorded on Wednesday.

The Department of Meteorology has issued an advisory for the low-pressure area in the vicinity of Sri Lanka, stating that the prevailing showery and windy conditions around the island are expected to continue.