May 15, Colombo (LNW): Sri Lanka’s top archaeology official has raised concerns over a growing number of unlawful excavations taking place at historically significant sites, warning that false beliefs surrounding hidden treasure continue to drive the destruction of valuable heritage locations.

Director General of the Department of Archaeology, Senarath Wickramasinghe, revealed that authorities have already recorded more than 100 incidents of illegal digging at archaeological sites during the first part of this year alone.

Speaking at a media briefing yesterday, he said many of those involved appear to be motivated by longstanding myths claiming that ancient kings and wealthy individuals buried gold and valuables underground for future generations to recover.

However, he stressed that archaeological research conducted over the years has found no evidence to support such beliefs.

According to Wickramasinghe, popular folklore surrounding so-called hidden treasure sites — often referred to locally through stories connected to “Nidan” legends — has led many people to wrongly interpret ancient structures, stone pillars and ruins as signs of buried wealth.

He explained that these myths continue to encourage unauthorised excavations that damage irreplaceable historical evidence and destroy parts of the country’s cultural heritage before proper scientific studies can be carried out.

The Director General noted that stronger public awareness is just as important as legal enforcement in preventing such activities, arguing that many people still fail to understand the difference between valuable archaeological artefacts and imagined treasure.

He pointed out that items discovered during legitimate excavations are historically significant objects that help researchers understand Sri Lanka’s ancient civilisation, rather than caches of hidden riches.

Officials also warned that illegal digging not only damages archaeological sites permanently but can also lead to the loss of important information about ancient settlements, religious centres and trade routes that form part of the country’s historical record.

The Department has meanwhile urged the public to report suspicious excavation activities near protected heritage sites as authorities step up monitoring efforts in several regions.

May 15, Colombo (LNW): Consumers across Sri Lanka may soon face higher vegetable prices as continuing adverse weather disrupts transport routes, damages cultivation areas and affects supplies reaching wholesale markets.

The Department of Meteorology has warned that rainy conditions are expected to continue for several more days, particularly in the Western and Sabaragamuwa provinces as well as the districts of Puttalam, Galle and Matara.

Traders say the persistent downpours are already beginning to affect market activity and could lead to shortages in the coming days if the weather situation worsens.

Former president of the Manning Market Traders Association, S. M. Upasena, said vegetable stocks arriving at wholesale markets remain relatively stable for now, but warned that transport disruptions and reduced harvesting could soon tighten supplies.

He noted that fewer buyers had visited markets over the past several days due to heavy rain and flooding in some areas, resulting in a temporary slowdown in trading activity. However, he cautioned that reduced deliveries from farming districts could push prices sharply upwards if weather conditions persist.

Meanwhile, severe weather has continued to affect communities across several districts, with thousands of people impacted by flooding and related incidents. Authorities reported that Puttalam experienced the highest recorded rainfall, while significant showers were also reported from Kesbewa, Nawagattegama and Galle.

The ongoing rains have also caused reservoir levels to rise rapidly. Numerous major irrigation tanks, including Rajanganaya, Nachchaduwa, Lunugamvehera, Tissa Wewa and Inginimitiya, are currently spilling after reaching capacity, alongside several smaller reservoirs across the country.

The Sri Lanka Police has meanwhile issued warnings to motorists travelling through hill country areas, where dense mist, landslides and falling rocks have created hazardous driving conditions.

Traffic divisions in upcountry regions advised drivers to use headlights and fog lamps when travelling through areas affected by poor visibility and urged motorists to exercise extreme caution on roads vulnerable to earth slips and sudden flooding.

Agricultural experts warn that if heavy rainfall continues into next week, crops in several farming districts could sustain further damage, potentially increasing pressure on food prices and market supply chains nationwide.

May 15, World (LNW): India has announced its first increase in petrol and diesel prices in four years as soaring global crude oil costs continue to place pressure on the country’s economy and energy sector.

Fuel retailers confirmed on Friday that both petrol and diesel prices had been raised by 3 rupees per litre across major cities, marking an increase of just over three per cent. In the capital, New Delhi, petrol prices climbed to 97.77 rupees per litre, while diesel rose to 90.67 rupees.

The move comes after international oil markets experienced sharp volatility following escalating tensions in the Middle East. Crude prices surged beyond 120 US dollars per barrel after disruptions linked to the conflict involving Iran, Israel and the United States affected shipping activity through the strategically vital Strait of Hormuz. Although prices later eased slightly, oil has continued trading well above recent averages.

Economic analysts say India had delayed revising domestic fuel prices despite mounting losses among state-owned fuel retailers, many of which have absorbed the burden of rising import costs for months.

Experts noted that while the direct impact on inflation may remain relatively modest initially, the wider economic consequences could be more significant, particularly through increased transport, logistics and food distribution costs.

The country’s three major state-controlled fuel suppliers — Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum — dominate the retail fuel market and typically adjust prices simultaneously.

Earlier this week, Prime Minister Narendra Modi urged both businesses and citizens to adopt fuel-saving measures as global energy prices continue to strain the country’s foreign exchange reserves. Suggested measures reportedly included reduced non-essential travel, energy conservation efforts and increased remote working arrangements.

Opposition parties and market observers have accused authorities of postponing fuel price increases until after the conclusion of several key state elections held this month, during which Modi’s Bharatiya Janata Party expanded its political influence in parts of the country.

Government officials previously acknowledged that fuel retailers had been operating at substantial losses, especially on diesel sales, due to the gap between domestic pump prices and international crude costs.

Meanwhile, private sector refiners had already begun raising prices earlier this year in an attempt to offset growing financial pressure caused by higher global oil prices and import expenses.

Analysts warn that if geopolitical instability in the Middle East continues, further fuel price revisions could become unavoidable in the coming months.

May 15, Colombo (LNW): Persistent rainfall across several parts of Sri Lanka has pushed water levels in many reservoirs beyond capacity, prompting authorities to issue fresh warnings to residents living near rivers and low-lying areas.

The Department of Irrigation confirmed that more than 21 major reservoirs and over 19 medium-sized tanks under its supervision are currently spilling due to the continuing wet weather.

Director of Irrigation for Water Management, H. M. P. S. D. Herath, stated that reservoir levels had risen significantly overnight following intense rainfall recorded in multiple catchment areas.

Among the major reservoirs currently overflowing are Rajanganaya, Nachchaduwa and Yan Oya in the Anuradhapura District, while Lunugamvehera, Weheragala, Tissa Wewa and Weerawila Yoda Wewa in the Hambantota District have also reached spill level.

Several reservoirs in Kurunegala, Puttalam, Monaragala, Kandy and Mannar districts are similarly discharging excess water after reaching critical storage capacity.

Authorities noted that controlled water releases are now underway at several key reservoirs to manage pressure on dam structures and reduce the risk of sudden flooding downstream.

At the Rajanganaya Reservoir, two spill gates were opened early this morning, sending a large volume of water into the Kala Oya. Significant releases were also reported from Lunugamvehera and Weheragala reservoirs into the Kirindi Oya and Menik Ganga respectively.

Meanwhile, the Tabbowa and Inginimitiya reservoirs in the North Western Province recorded some of the largest water discharges, with thousands of cubic feet of water being released into the Mi Oya following the opening of multiple spill gates.

The Deduru Oya Reservoir has also begun releasing water after spill gates were partially opened to ease rising water levels.

Irrigation officials warned that river levels downstream of several reservoirs could rise rapidly if heavy rains continue over the next few days. Residents living along riverbanks and in flood-prone areas have therefore been urged to remain alert and follow instructions issued by local authorities and disaster management teams.

The current weather conditions have already led to flooding and landslide concerns in several districts, with emergency services remaining on standby as the south-west monsoon continues to intensify across the island.

May 15, Colombo (LNW): Heavy rains and strong winds affecting parts of Sri Lanka have caused widespread disruption, with dozens of homes damaged and thousands of residents impacted as unsettled weather continues across the island.

According to the Disaster Management Centre, at least 88 houses have suffered partial damage due to the prevailing conditions, with reports emerging from several districts over the past few days.

The Kalutara District recorded the highest number of damaged homes, accounting for 40 affected properties. Batticaloa followed with 25 houses sustaining damage, while additional incidents were reported from Ratnapura, Galle, Colombo and Monaragala districts.

Disaster officials stated that many of the affected houses experienced roof damage, flooding and structural cracks caused by intense rainfall and gusty winds accompanying the current weather system.

Authorities also confirmed that more than 100 individuals from 29 families have been temporarily relocated to safety centres as a precautionary measure, with emergency relief teams continuing to monitor conditions in vulnerable areas.

In its latest situation update issued this morning, the DMC said two fatalities linked to the ongoing disaster situation had been reported from the Batticaloa and Jaffna districts. Officials have not yet released further details regarding the incidents.

The report further revealed that adverse weather has affected residents in 35 Divisional Secretariat divisions spread across eight districts, disrupting daily activities and creating difficulties for low-lying and flood-prone communities.

Overall, nearly 3,500 people belonging to more than 1,100 families have been impacted so far by the severe weather conditions.

Meanwhile, the Department of Meteorology has warned that showers and strong winds are likely to persist in several areas over the coming days, prompting authorities to urge the public to remain vigilant, particularly in regions vulnerable to flooding, falling trees and landslides.

May 15, Colombo (LNW): The low-pressure area located northeast of the Sri Lanka still persists, and the system is expected to move away from Sri Lanka during the next 36 hours, the Department of Meteorology said.

Cloudy skies are expected over most parts of the island.

Showers or thundershowers will occur at times in Western, Sabaragamuwa, Central, North-western and Northern provinces and in Anuradhapura, Galle and Matara districts.

Very heavy showers about 150mm are likely at some places in Western, Sabaragamuwa and North-western provinces. Heavy showers above 100mm are likely at some places in Galle and Matara districts.

Showers or thundershowers may occur at a few places in Uva and Eastern provinces after 1.00 pm.

The general public is kindly requested to take adequate precautions to minimise damage caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

The low-pressure area located northeast of the Sri Lanka, still persist. This system is expected to move away from Sri Lanka during the next 36 hours.

Under the influence of this system, wind speed and rainy conditions over the sea areas around the island may increase in the coming days.

The naval and fishing communities are requested to be attentive to the future forecasts and bulletins issued by the Department of Meteorology in this regard.

Condition of Rain: Showers or thundershowers will occur at times in the sea areas around the island.

Winds: Winds will be South-westerly. Wind speed will be (25-35) kmph. Wind speed can increase up to (50-60) kmph at times in the sea areas off the coast extending from Trincomalee to Pottuvil via Kankasanthurai, Puttalam, Colombo, Galle and Hambantota.

State of Sea: The sea areas off the coasts extending from Trincomalee to Pottuvil via Kankasanthurai, Puttalam, Colombo, Galle and Hambantota will be rough at times. The other sea areas around the island can be moderate.

The swell waves (about 2.0 – 2.5 m) height (this is not for land area) may increase in the sea areas off the coast extending from Puttalam to Pottuvil via Colombo, Galle and Hambantota.

Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

By Adolf

The recent remarks by Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe, drawing a clear separation between the Central Bank’s role as banker to the Government and its responsibilities as regulator of licensed banks, have triggered renewed debate over accountability in Sri Lanka’s financial governance framework.

Speaking at the presentation of the CBSL Economic Review 2026, the Governor argued that the Bank’s role in the recent Treasury payment breach was limited to executing authorised instructions from Government entities, while emphasising that the CBSL does not oversee individual banking transactions within commercial institutions.

While the distinction between operational execution and regulatory supervision is technically valid within modern central banking frameworks, the emerging concerns surrounding the Treasury phishing incident and the Rs. 13.2 billion fraud at National Development Bank PLC raise a broader and far more uncomfortable question: can the Central Bank of Sri Lanka fully distance itself from systemic failures occurring within the institutions it supervises? The answer is a BIG no.

The CBSL grants banking licences and charges substantial annual regulatory fees to licensed banks. More importantly, the public entrusts its savings and deposits to these institutions largely because they operate under the supervision and regulatory oversight of the CBSL. That supervisory relationship creates not only legal authority, but also a broader public responsibility.

While the Central Bank may not be directly responsible for the operational failures or fraudulent acts within individual institutions, it cannot entirely wash its hands of accountability when serious governance, risk management, and control failures emerge within banks under its supervision. Public confidence in the banking system ultimately rests on the credibility and effectiveness of the regulator itself.

At a time when governments globally are tightening fiscal policy, recalibrating subsidies, and prioritising money saving measures to preserve macroeconomic stability, governance credibility becomes even more critical. Similarly, in an environment where exchange rate pressure, and fiscal stress, the resilience of financial oversight systems is no longer a technical issue — it is a core pillar of national stability.Sri Lanka, still navigating post-crisis recovery, cannot afford weaknesses in institutional trust.

Treasury heist

The Treasury incident, involving fraudulent external debt service payments amounting to US$ 2.5 million across multiple tranches, has already triggered investigations by the Criminal Investigation Department (CID), Parliamentary oversight committees, financial intelligence authorities, and international counterparts. The breach has exposed vulnerabilities in payment authentication systems and institutional controls within the public financial management architecture.

At the same time, the large-scale fraud uncovered at NDB has intensified scrutiny over bank-level governance, internal controls, and the effectiveness of supervisory oversight. While the Governor has correctly noted that depositor funds remain unaffected and that the institution remains stable in terms of capital and liquidity, the scale of the fraud inevitably raises questions about risk detection, escalation mechanisms, and the robustness of early warning systems.

Outdated Thinking

Dr. Weerasinghe’s comparison of CBSL’s role to that of a bank executing customer instructions reflects a formal interpretation of the Bank’s operational mandate. However, central banking in practice extends beyond procedural execution and macroprudential oversight. It also carries the burden of safeguarding confidence in the entire financial system — including trust in controls, governance discipline, and regulatory vigilance.

While supervision is not designed to monitor every transaction, modern financial systems are increasingly exposed to sophisticated frauds that exploit precisely the gaps between governance, compliance, and oversight boundaries. In such an environment, regulatory credibility is judged not only by compliance frameworks, but by the system’s ability to anticipate and prevent institutional failure.

Ultimately, the issue at stake is not whether the CBSL can distance itself from operational responsibility in specific incidents. It is whether the overall architecture of oversight is strong enough to prevent such failures — and whether accountability is clearly owned when they occur.

Conclusion

Financial stability today cannot be separated from fiscal discipline, energy security, and institutional credibility. Cost saving measures may stabilise budgets, and other strategies may cushion external shocks, but neither can succeed if confidence in financial governance is weakened.

Stability is ultimately a question of trust — trust that systems work, risks are escalated, and institutions are accountable when failures occur.

In that sense, the issue is not whether the Central Bank of Sri Lanka can “wash its hands off” responsibility. The real issue is whether Sri Lanka can afford a framework where responsibility appears fragmented precisely at a moment when coherence, accountability, and public confidence are most needed.

The Governor, already under considerable public scrutiny over the declaration of bankruptcy without parliamentary approval, must exercise caution in his public statements. While the current Government’s limited experience in governance may have provided some political space for such remarks to pass without immediate consequence, public patience will be far less forgiving if people begin to lose their livelihoods, savings, and confidence in the financial system.

At moments of institutional stress, credibility is not built through technical distinctions alone. It is built through leadership, accountability, and the assurance that regulators fully appreciate the gravity of public trust placed in them.

May 14, Colombo (LNW): Yoshitha Rajapaksa, the son of former President Mahinda Rajapaksa, pleaded not guilty before the Colombo High Court today as proceedings commenced in a case filed under Sri Lanka’s Prevention of Money Laundering laws.

The trial moved forward after High Court Judge Udesh Ranatunga dismissed a preliminary objection submitted by the defence team, which had challenged the legal validity of the conspiracy-related charges included in the indictment.

Delivering his ruling, the judge stated that the arguments raised by the defence lacked sufficient legal grounds to halt the proceedings, thereby allowing the prosecution to continue with the case.

Following the decision, the formal indictment was read aloud in court in the presence of the accused and legal representatives. Rajapaksa subsequently informed the court that he rejected all allegations levelled against him and would contest the charges during trial.

May 14, Colombo (LNW): The National Building Research Organisation has expanded landslide warnings for several parts of the country amid continuing heavy rainfall and unstable ground conditions triggered by the ongoing adverse weather.

Authorities warned that persistent downpours forecast over the coming days could increase the risk of earth slips, rock falls and slope failures, particularly in vulnerable hill country and low-lying regions.

According to the NBRO, Level 2 warnings — indicating a heightened risk of landslides — remain active in a number of areas, including Neluwa in the Galle District, as well as Agalawatte, Baduraliya, Mathugama, Horana and Walallawita in the Kalutara District. Similar alerts have also been issued for Ratnapura and Pelmadulla in the Ratnapura District.

Meanwhile, Level 1 early warnings have been extended to several additional locations across the island. In the Badulla District, Bandarawela, Passara and Hali Ela were identified as areas requiring close monitoring due to saturated soil conditions.

The warning list also covers multiple Divisional Secretariat areas in Kandy, Kegalle, Monaragala, Nuwara Eliya, Matale and Kurunegala districts, where residents have been advised to remain cautious, particularly in regions prone to hillside erosion and flooding.

In the central hills, areas such as Kotmale, Norwood and Ambagamuwa have been placed under observation as continuing showers raise concerns over possible slope instability near tea estates and residential settlements.

The Department of Meteorology has forecast further rainfall and thundershowers in many of the affected districts, prompting disaster management authorities to urge the public to stay alert for early warning signs including cracks in walls and roads, tilting trees, sudden water seepage and unusual sounds from the ground.

Residents living near steep slopes, embankments and cut terrain have been requested to remain prepared for possible evacuations if conditions deteriorate.