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BOC says impact of its downgrading negligible

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By Sanath Nanayakkare

The Bank of Ceylon (BOC) is set to end the year on a positive note despite the economic downturn due to the Covid-19 pandemic and the recent downgrade of the sovereign and banking institutions in Sri Lanka, BoC informed the media yesterday.

“The bank is winding up the year on a healthy note despite the stresses, posting the highest asset base of Rs. 2.9 trillion, highest deposit base of Rs. 2.3 trillion while maintaining its market leadership in Trade Finance, Treasury Operations including its more than 40% market share of Inward Remittances (US$2.5 billion). In addition to those, the Bank has maintained its market leadership in most of the spheres in the banking and finance arena”, BoC said.

“All our customers can confidently rely on the strength and stability of the BOC for all their banking needs”, it assured.

In stark contrast to several adverse news reports posted on social media over the past two days, BOC said,” The recent downgrade of the sovereign and banking institutions in Sri Lanka has had a minimal impact on the soundness of the Bank. Our international operations continue uninterrupted. Being a bank that has maintained its international presence for over eight decades, its foreign correspondent relationships have never been questioned, and the Bank has been growing from strength to strength. The Bank has earned many local and foreign accolades for its banking experience along its way and looks to Year 2021 on a positive note”.



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Food Policy and Security Committee recommends importation of rice to ensure an uninterrupted supply

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The Food Policy and Security Committee has recommended the importation of rice in the near future to ensure an uninterrupted supply for consumers.

A notable increase in rice prices has been observed in the market, along with reports of shortages of certain rice varieties, despite the current harvest season.

Given this situation, discussions were held regarding the need for the Cabinet to prioritize the maintenance of sufficient stock,  through rice imports.

The Committee, chaired by Minister of Agriculture, Livestock, Lands and Irrigation K.D. Lalkantha and Minister of Trade, Commerce, Food Security and Cooperative Development Vasantha Samarasinghe, convened for the fifth time at the Presidential Secretariat on Tuesday (01). The meeting aimed to formulate policy decisions to ensure food security.

During the discussions, it was revealed that due to excessive rainfall this year, crop damage occurred on two occasions, leading to a significant reduction in the expected harvest.

Furthermore, during the meeting it was stated that the improper use of rice for animal feed is another major reason contributing to the rice shortage. As a result, the Committee also focused on the importation of broken rice for animal feed and the use of alternative feeds to mitigate the impact on livestock production.

Accordingly, the Food Policy and Security Committee approved the formation of a Committee, led by the Director General of Agriculture, to oversee the importation of the required quantity of broken rice through proper mechanisms.

Secretary to the Prime Minister Pradeep Saputhanthri, Senior Additional Secretary to the President Kapila Janaka Bandara, and other members of the Food Policy and Security Committee, including Ministry Secretaries, participated in the discussions.

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Cabinet approves providing relief to the people of Myanmar

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The People of Myanmar are facing  immense hardships caused by the devastating earthquake  on 28th March  and as reported by the international media reports the death toll is over 2,700. Furthermore, it has been reported that many people are missing while, a large number of individuals have been injured and are receiving treatment.

Considering the long – term close relationship between the two nations as two Buddhist states, the Cabinet of Ministers has decided to provide,

• A sum of United States Dollars One Million

•  Transportation for the dry rations collected by Buddhist clergy and other donors

• To have a group  of medical officers and health staff on standby for immediate departure to Myanmar if necessary

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Cabinet appoints ministerial committee to submit report on sanctions imposed on 04 Sri Lankans by the United Kingdom

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Attention of the Cabinet of Ministers have been drawn on the decisions taken by the United Kingdom to impose sanctions on four Sri Lankan individuals recently, and have decided to appoint a committee comprised of three ministers  to submit a report with recommendations on the further measures to be taken after studying the facts in the regard and to empower the committee to obtain the service of any officer/intellect deemed to have subject expertise in the relevant field and considered essential.

The committee will comprise of :

– Vijitha Herath Minister of Foreign Affairs, Foreign Employment and Tourism

– Attorney – at – Law  Harshana Nanayakkara Minister of Justice and National Integrity

– Aruna Jayasekara Deputy Minister of Defence

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