News
ComBank launches ‘Forex Plus’Foreign Currency FD scheme with interest rates of up to 9.5%
The Commercial Bank of Ceylon has announced the launchof a special Foreign Currency Fixed Deposit (FD) scheme in a further response to the requirement to attract investments from foreign sources.The new scheme branded ‘Forex Plus’ offers interest rates of up to 9.5% per annum fortenures of up to five yearsontermdeposits in four international currency denominations.
‘Forex Plus’ was introduced to encourage foreign currency investments that are pivotal for the Sri Lankan economy while also giving customers an opportunity to save their hard-earned foreign exchange in a competitive and reliable instrument, the Bank said.
These Fixed Deposit Accounts can be opened by non-nationals, Sri Lankan dual citizens, and Sri Lankans holding Permanent Residency status or citizenship in another country, who are resident in or outside Sri Lanka, as well as by Sri Lankans employed overseasand by companies incorporated overseas.
Eligible customers can start their ‘Forex Plus’ account with a minimum deposit of US$ 5000 or the equivalent in the other designated currencies –Euros,SterlingPounds or Australian Dollars – for tenures of two, three, four or five years. The interest rates earned will depend on the currency and the tenure, and the Fixed Deposits under this scheme will be renewed automatically, the Bank said.
While United States dollar deposits for a period of five years will yield an interest rate of 9.5% per annum, Euro and Sterling Pounds will yield 6% per annum and Australian dollar deposits will yield 7% per annum for the same tenure. The Bank said these rates are applicable at the time of launching the product, and are subject to change from time to time at the discretion of the Bank.
Credits for ‘Forex Plus’ include remittances through the banking system,in foreign exchange,originated from the account holder’s own overseas account and in favour of the account holder; froman Inward Investment Account (IIA) or Offshore Banking Unit (OBU) account maintained in the name of the account holder; out of proceeds received as inward remittances; and foreign exchange brought into Sri Lanka by the account holder upon declaration to the Customs Department.
The Commercial Bank also recently launched the ‘Arunalu Foreign Currency Minor’s Savings Account’ which enables parents and guardians to save foreign currency in Sri Lanka for the future of their children, with an initial deposit of US$ 50 or the equivalent in other designated currencies.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
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PM departs Sri Lanka to participate in the 56th World Economic Forum Annual Meeting in Davos-Klosters, Switzerland.
Prime Minister Dr. Harini Amarasuriya departed Sri Lanka on this morning (19 January) to participate in the 56th Annual Meeting of the World Economic Forum (WEF), to be held in Davos-Klosters, Switzerland, from 19 to 23 January 2026.
The World Economic Forum 2026 will be convened under the theme “A Spirit of Dialogue” and will bring together over 3,000 global leaders, including heads of state, government leaders, chief executive officers of leading multinational corporations, policymakers, and technology innovators.
During the visit, the Prime Minister is scheduled to hold a series of high-level bilateral meetings with key international leaders, heads of global institutions, and other distinguished dignitaries.
(Prime Minister’s Media Division)
News
Coal scandal: Govt. urged to release lab report
The government is under mounting pressure to release a foreign laboratory report on the controversial coal consignment imported for the Lakvijaya Power Plant, with the Frontline Socialist Party (FSP) accusing the authorities of political interference and tender manipulation.
Speaking to the media after a party meeting in Homagama yesterday, FSP Education Secretary Pubudu Jagoda demanded an immediate explanation for the delay in disclosing the report from a Dutch laboratory, Cotecna, which was commissioned to test samples of the coal stocks in question after doubts were raised about an earlier local laboratory assessment. Jagoda said Cabinet media spokesperson Dr. Nalinda Jayatissa had announced that the report would be submitted by 16 January, but it had yet to be made public.
“The Sri Lankan lab confirmed the coal was substandard and could damage both the environment and power plant machinery. The foreign lab has independently verified the same results, we are told. Yet, political pressure appears to be delaying the release of the report.” He warned that any attempt to issue a false report would eventually be exposed and urged the government and the laboratory to maintain transparency.
SLPP MP D.V. Chanaka told Parliament last week that while 107 metric tonnes of coal were normally required per hour to generate 300 megawatts, but as many as 120 tonnes of newly imported coal were needed to produce the same amount of power due to its lower calorific value. Tests showed the first two shipments had calorific values of 5,600–5,800 kcal/kg, below the required minimum of 5,900 kcal/kg, said.
Jagoda accused the government of tailoring procurement rules to benefit an Indian supplier, citing a drastic reduction in reserve requirements—from one million metric tonnes in 2021 to just 100,000 tonnes in 2025—and alleged previous irregularities by the company, including a 2016 Auditor General finding regarding a rice supply contract and the 2019 suspension of a key agent of the company by the International Cricket Council over match-fixing.
He further criticised systemic manipulation of the coal tender process, including delays in issuing the tender from the usual February-March window to July, and progressively shortening the submission period from six weeks to three, giving an advantage to suppliers with stock on hand.
The Ministry of Energy recently issued an amended tender for 4.5 million metric tonnes of coal for the 2025/26 and 2026/27 periods, following the cancellation of an earlier tender. Jagoda warned that procurement delays and irregularities could trigger coal shortages, higher spot-market purchases, increased electricity costs, and potential power cuts if hydropower falls short.
Jagoda called for urgent investigations into the procurement process, insisting that any mismanagement or corruption should not be passed on to the public.Denying any wrongdoing, the government has said it is waiting for the lab report.
by Saman Indrajith ✍️
News
Greenland dispute has compelled Europe to acknowledge US terrorising world with tariffs – CPSL
The Communist Party of Sri Lanka yesterday (18) alleged that the US was terrorising countries with unfair tariffs to compel them to align with its bigot policies.
CPSL General Secretary Dr. G. Weerasinghe said so responding to The Island query regarding European countries being threatened with fresh tariffs over their opposition to proposed US take-over of autonomous Danish territory Greenland.
US President Donald Trump has declared a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland with effect from 1 February but could later rise to 25% – and would last until a deal was reached. Targeted countries have condemned the US move.
Dr. Weerasinghe pointed out that none of the above-mentioned countries found fault with the US imposing taxes on countries doing trade with Russia and Iran. Now that they, too, had been targeted with similar US tactics, the CP official said, underscoring the pivotal importance of the world taking a stand against Trump’s behaviour.
Referring to the coverage of the Greenland developments, Dr. Weerasinghe said that news agencies quoted UK Prime Minister Keir Starmer as having said that the move was “completely wrong”, while French President Emmanuel Macron called it “unacceptable.
Dr. Weerasinghe said that Sri Lanka, still struggling to cope up with the post-Aragalaya economic crisis was also the target of discriminating US tariff policy. The top CPSL spokesman said that the recent US declaration of an immediate 25% increase in tariff on imports from countries doing business with Iran revealed the prejudiced nature of the US strategy. “Iran is one of our trading partners as well as the US. Threat of US tariffs on smaller countries is nothing but terrorism,” Dr. Weerasinghe said, stressing the urgent need for the issue at hand to be taken up at the UN.
Responding to another query, Dr. Weerasinghe cited the US targeting India over the latter’s trade with Russia as a case in point. He was commenting on the recent reports on India’s Reliance Industries and state-owned refiners sharply cutting crude oil imports from Russia. The CPSL official said that the EU wouldn’t have even bothered to examine the legitimacy of US tariff action if they hadn’t been targeted by the same action.
Perhaps, those who now complain of US threats over the dispute regarding Greenland’s future owed the world an explanation, Dr. Weerasinghe said. The reportage of the abduction of Venezuela’s President and the first lady underscored that the US intervened because it couldn’t bear the Maduro administration doing trade with China and other countries considered hostile to them, Dr. Weerasinghe said.
The CPSL official said that the NPP couldn’t turn a blind eye to what was happening. Just praising the US wouldn’t do Sri Lanka any good, he said, adding that the Greenland development underscored that the US under Trump was not concerned about the well-being of any other country but pursued an utterly one-sided strategy.
The US dealings with the NPP government, particularly the defence MoU should be examined taking into consideration US tariffs imposed on Sri Lanka at the onset of the second Trump administration and ongoing talks with the US, Dr. Weerasinghe.
By Shamindra Ferdinando ✍️
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