Sri Lanka plans to increase minimum postage stamp price to Rs. 100

It has been proposed to increase the minimum price of a postage stamp to Rs. 100 in Sri Lanka by July 2024, according to Anusha Palpita, Secretary of the Mass Media Ministry.

He disclosed that Sri Lanka’s Postal Department is currently experiencing an annual loss of Rs. 7 billion.

Although the losses decreased to Rs. 3.2 billion last year, a Rs. 2.8 billion increase in postal employee salaries this year is expected to push the department’s losses back up to Rs. 7 billion.

Palpita cautioned that if these losses continue to grow, they could reach Rs. 5 billion by 2025.

He noted that despite fewer than 1.5 million people using postage stamps, the entire country bears the financial burden of the Postal Department’s deficits.

The price of a stamp was Rs. 15 until 2022, after which it was raised to Rs. 50.

Palpita mentioned that they are awaiting approval from the Treasury to further increase the stamp price, emphasizing that this step is necessary to address the ongoing financial challenges faced by the Postal Department.