News
BOC in the front line of reviving the economy: Chairman
By Sanath Nanayakkare
Bank of Ceylon Chairman Kanchana Ratwatte said in Colombo yesterday(12) that as the global pandemic had caused direct impacts on the national economy, the BoC had felt the need to come forward and help revive the economy without taking the easy option of doing little”.
He said so at a media briefing held to announce the financial results of the Bank for the first half of the year.
“We have a choice of not supporting the economy at this point and let things move on as they are. But we have made the difficult choice. For sure, things are not as they used to be, but I don’t believe that the government of Sri Lanka is going to default on any loans. I also don’t believe that the pandemic is going to stay on forever or tourists are not going to visit this country again. And for a moment I don’t believe that the economy is not going to bounce back. I see all the reasons to be confident about the favourable developments on all these fronts.”
Asked how the BoC could carry out that national responsibility on its own when other banks had pooled their resources to do it, and whether BOC was putting depositors’ funds at risk, he said, “No, not at all. There are certain situations where we go by way of syndicates. There are certain situations where we act as a syndicate and there are situations where we take up the responsibility on our own. If you are looking at the essential services, this is a time we can’t say ‘no’ and we won’t say ‘no’. As far as the BoC is concerned, the resources that we have are distributed in a very safe operation. We are not taking risks beyond our control. It is well within our control and that is why we are extending it. In doing so, we are looking at the short term, maybe two or three months or so. The IMF facility of USD 780 million and so many things are in the pipeline. In addition to that, the Bank is facilitating and empowering more exporters to emerge from the rural areas and we are looking at start-ups, SMEs, larger industries whoever is looking forward to joining with us to transform their businesses to be export-oriented.”
Referring to the Bank’s dollar liquidity levels, Ratwatte said, “The Bank of Ceylon has given first priority to the health sector, petroleum and pharmaceuticals sectors to open all of their letters of credit (LCs) to ensure that the society functioned unhindered at its normal pace. Then we ensured LC opening for importing vaccines, gas and essential food items. Next was our existing customer base whom we serviced without creating any problems for them. Then comes the situation where customers from other banks who come to BOC to open LCs in their time of difficulty that is also handled by the bank appropriately according to the purpose”.
“We don’t have an issue with regard to dollars when it comes to our customers or the priority areas I mentioned. In terms of dollar liquidity, we are okay to look after our customers for LC opening and we help new customers too,” the BoC chief said.
Amidst these unexpected challenges, the Bank’s Profit Before Tax for the six months ended 30th June 2021 stood at LKR 27.1 billion, moving forward with stable performance, while managing headwinds caused by low interest rates, cash-flow deferments and operational restrictions. Profit After Tax (PAT) for the period was LKR 22.1 billion. The Bank’s total assets grew by 11% and reached the LKR 3.3 trillion level reaching another milestone and preserving its industry leadership.
News
Delay in govt. response to UK sanctions on ex-military chiefs, and others causes concern
Admiral of the Fleet Wasantha Karannagoda said that he is still waiting for the government’s response to the UK sanctions imposed on three ex-military officers, including him, and a former member of the LTTE.
The former Navy Chief said so in response to The Island query whether he was aware of the position taken by a three-member ministerial committee, consisting of Foreign Minister Vijitha Herath, Justice and National Integration Minister Harshana Nanayakkara and Deputy Defence Minister Maj. Gen (retd) Aruna Jayasekera.
The government named the committee in the wake of the UK declaration of travel bans and asset freezes in respect of Karannagoda, General Shavendra Silva, General Jagath Jayasuriya and Vinayagamoorthy Muralitharan, also known as Karuna. Maj. Gen. Jayasekera said that they inquired into the issue at hand.
Karannnagoda said that he would like to know the government’s recommendations if the ministerial committee briefed the Cabinet as per a decision taken by the Cabinet of Ministers. Karannagoda said that the issue should have been taken at the highest level as various interested parties continue to humiliate the war-winning military by targeting selected individuals.
Other sources, familiar with the issues at hand, told The Island that the government was yet to announce its stand.
Sources pointed out that the Opposition has been silent on what they called a matter of utmost national importance.
Cabinet spokesman Dr. Nalinda Jayathissa is on record as having described the UK move as a unilateral move and that committee was formed to examine the developments and recommend appropriate measures to the Cabinet.
Foreign Minister Herath told The Island the government was not successful in getting the British to withdraw sanctions. Describing the UK decision as unilateral, the Miniser said that the government conveyed its concerns but the UK didn’t change its stand.
The Island raised the issue with Minister Herath and Admiral Karannagoda in the wake of British MP of Sri Lankan origin, Uma Kumaran requesting the UK Foreign Secretary Yvette Cooper to expand on the government’s sanctions imposed on the four above-mentioned persons.
During a Foreign Affairs Committee meeting on 16 December, the MP for Stratford and Bow highlighted the lack of accountability and political will from the current Sri Lankan government to address war crimes and mass atrocities committed in Sri Lanka.
Sources said that David Lammy, who served as Secretary of State for Foreign, Commonwealth and Development Affairs at the time of the declaration of sanctions, had no qualms in declaring that the action taken against four Sri Lankans was in line with a commitment he made during the election campaign to ensure those responsible wouldn’t be allowed impunity. The UK government statement quoted Lammy as having said that this decision ensured that those responsible for past human rights violations and abuses were held accountable.
By Shamindra Ferdinando
News
Sri Lanka outlines seven key vectors of international cooperation at Moscow forum
Sri Lankan Ambassador to the Russian Federation, Shobini Gunasekera recently presented a conceptual framework of seven key vectors that defined contemporary international relations and facilitated dialogue among States. She made the presentation at XI Moscow International Financial and Economic Forum held under the theme “Building Bridges: Partnership without Borders”.
In her address, the Ambassador emphasised that these vectors represent the channels through which ideas circulate, trade expands, and peace is strengthened, serving as guiding principles for cooperation amid global uncertainties. The seven key vectors highlighted were economic ties as a foundation for long-term stability; political choice and diplomacy through dialogue and multilateral engagement; security cooperation to address cross-border threats; cultural linkages through education, tourism, and professional exchanges; technological advancement, particularly in digital systems and artificial intelligence; environmental stewardship through collective action on renewable energy and climate change; and humanitarian obligations, including disaster relief and development cooperation.
Drawing on Sri Lanka’s experience, the Ambassador illustrated the practical application of these principles by highlighting the country’s strategic location in the Indian Ocean, its role as a trade and logistics hub, and its active engagement in regional groupings such as BIMSTEC and the Indian Ocean Rim Association, where the Russian Federation serves as a Dialogue Partner.
The potential for enhanced Sri Lanka–Russia bilateral cooperation was underscored, particularly through complementarities between Russia’s technological and energy expertise and Sri Lanka’s logistical capabilities and maritime infrastructure. She noted that such synergies could support joint initiatives in trade, innovation, tourism, and logistics, while cultural and scientific exchanges would further strengthen mutual understanding between the two countries.
Concluding her remarks, the Ambassador stated that sustained progress requires dialogue, mutual respect, and forward-looking partnerships capable of shaping a shared and stable future.
News
Sri Lanka third most preferred destination for Indians
Thailand takes top place
Travel website Make My Trip has named Sri Lanka as the third most booked international destination by Indian travellers for the festive period, following Thailand and the United Arab Emirates (UAE).
According to a report released by MakeMyTrip, an analysis of booking trends between 20 December and January 2026 compared to the same period last year, highlighted a growing interest in Sri Lanka as a preferred destination.
Thailand ranked first, while the UAE secured second place. Vietnam recorded a notable rise, moving from seventh position last year to fourth this year, followed by Malaysia, Indonesia, Singapore, the UK, the US, and Hong Kong.
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