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.
The Ceylon Petroleum Corporation (CEYPETCO) has announced a revision of fuel prices, effective from midnight on Saturday (May 30).
Accordingly,
the price of Auto Diesel has been increased by Rs. 15 to Rs.407 per liter,
the price of Super Diesel has been increased by Rs. 20 to Rs. 478 per liter.
the price of Petrol 92 Octane has been increased by Rs. 24 to Rs. 434 per liter
the price of Petrol 95 Octane up by Rs. 25 to Rs. 495 per liter
the price of kerosene by Rs. 20 to Rs. 285 per liter.
Former President Chandrika Bandaranaike Kumaratunga has called for a comprehensive reform programme within Sri Lanka’s Buddhist clergy, warning that repeated efforts to strengthen the Sasana have in the past been derailed by opposition from within sections of the Sangha itself.
In a statement addressed to the Mahanayake Theras of the three Buddhist chapters, Kumaratunga stressed that the long-term preservation of Buddhism depends on safeguarding both the Dhamma and Vinaya, or disciplinary code, and urged urgent internal reform to address what she described as deep-rooted structural weaknesses.
She noted that Buddhist history has consistently demonstrated that periods of institutional crisis were addressed through reform processes, citing precedents from the First Buddhist Council to reforms during the Kandyan era under Welivita Sri Saranankara Thera.
Referring to post-independence efforts, Kumaratunga said initiatives taken during the 1956 Bandaranaike administration to strengthen Buddhism were left incomplete following the assassination of former Prime Minister S.W.R.D. Bandaranaike.
She further stated that during her own presidency, plans to convene a Buddhist Council under the guidance of the late Madihe Pannasiha Mahanayake Thera had received government backing but were ultimately abandoned due to resistance from certain sections within the clergy.
The former President alleged that, on both occasions, vested interests benefiting from existing weaknesses within the Buddhist establishment had worked to obstruct meaningful reform efforts.
Warning that Buddhism in Sri Lanka is currently facing serious challenges, she called for a broad internal dialogue within the Sangha to identify root causes and implement both short- and long-term corrective measures.
Kumaratunga urged the Mahanayake Theras to take the lead in convening a Dharma Sanghayana, or Buddhist Council, and said she was prepared to work with senior lay Buddhist leaders to support such an initiative.
The Colombo Fort Magistrate’s Court on Friday ordered the arrest of former Minister Basil Rajapaksa, Tourism Promotion Bureau Chairman Bhashwara Gunaratne, Managing Director Rumi Jauffer and several others over the alleged misuse of Rs. 7.8 million belonging to the Tourism Promotion Authority during the 2014 Uva Provincial Council election campaign.
Magistrate Pasan Amarasena directed the Criminal Investigation Department (CID) to arrest and produce the suspects before court, after it was informed that they would be named under the Public Property Act on the advice of the Attorney General.
The CID told court that attempts to take the suspects into custody from their residences had been unsuccessful as they were not present.
The Magistrate also imposed an overseas travel ban on the suspects and ordered that the Controller of Immigration and Emigration be notified.
Investigations have reportedly revealed that the funds were used to print 12,000 T-shirts bearing an image of former President Mahinda Rajapaksa on one side and the name of a political party on the other.
According to the CID, the T-shirts were later distributed at a political event held in the Monaragala District.
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