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BOC targets Rs. 50 bn coronavirus business bounce back loans

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Bank of Ceylon chairman Kanchana Ratwatte engages in religious activities at BOC headquarters in Colombo yesterday with Acting General Manager D.P.K Gunasekera, Board of Directors, senior management and staff. Pic by Sujatha Jayaratne

by Sanath Nanayakkare

Bank of Ceylon (BOC) chairman Kanchana Ratwatte said in Colombo yesterday that the Bank has set its sights on distributing Covid-19 bounce back business loans totaling Rs. 50 billion going forward.

“The government has developed and announced a range of measures aimed at supporting the economy, businesses and employees through the COVID-19 crisis, and the BOC will play a significant role in the government’s business support mechanisms with a view to reigniting the economy back to pre-Covid-19 level”, he said.

BOC chairman made these remarks at an event where BOC celebrated its 81st anniversary, leading the banking and finance landscape in Sri Lanka.

Speaking further Ratwatte said: “The Central Bank has proposed loan schemes to help revive affected businesses and increase money circulation in the country. BOC staff and senior management should work as one to achieve this objective. Under trying circumstances during the pandemic the entire staff rallied round BOC to keep the wheels of commerce moving in the country. BOC made a significant role in moving the economy in the right direction. I want to thank the government and the Central Bank for their guidance and support during this period. Entire staff of the bank had to make many sacrifices too.

‘’Those efforts were never mentioned in the media or elsewhere. In fact, it was under very trying circumstances, services were rendered by the banking sector. Despite the health risk, we kept the banks open throughout the period. Everybody from the lower level employee to the DGM to Acting GM made their fullest contribution to keep BOC operations moving. The health threat is not over yet, But we need to get our 12 million strong customers participating actively in the economy back again. We have started going to regions in the country and encouraging our customers to come to the bank and start their normal business activities.

‘’BOC has a share of 40% of foreign remittances and we have been able to maintain that level up to the end of July except for the month of June where there was a small deviation. Every other month despite the covid situation foreign remittances have flowed to the bank as usual. I would like to call upon the staff and senior management of BOC that despite the challenges we are facing, we need to address the concerns of the government of Sri Lanka. The main focus of the government is to ensure that there is enough liquidity in the system. Most of the relief schemes and moratoriums have been introduced by the Central Bank to ensure that there is adequate money circulation in the market for which purpose we have to think beyond the usual banking practices – without breaking the rules and well within the realm of our accepted banking practices – and help keep the wheels of commerce moving”.

D.P.K Gunasekera, Acting General Manager-BOC said,”BOC has distributed about Rs, 9 billion coronavirus business bounce back loans. Potential loan grants worth Rs. 6 billion have been registered with the Central Bank. In addition to that, our branch network is currently in the process of reviewing loans worth Rs. 12 billion. Thus BOC is working ‘shoulder to shoulder’ with the government to achieve quick economic recovery”.

A number of leading businesspeople of the country who are top-line customers of the bank took part in the event.

 

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Unlimited music streaming platform in Sri Lanka

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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.

The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.

Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.

SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce

 

 

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Sri Lanka using ‘sovereign power’ over economy: CB Governor

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by Sanath Nanayakkare

Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.

“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.

“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.

“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.

“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.

The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.

The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’

Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.

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CSE on the rebound; indices close positive

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By Hiran H.Senewiratne 

CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.

 The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said. 

It is said the banking sector dominated turnover with a contribution of considerable  parcel trades in Sampath Bank, Commercial Bank  and HNB.

Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor  confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.

Further,  Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.  

Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.

In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions. 

During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.

Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.

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