Business
BOC’s new GM/CEO confident about Bank’s inward remittances hitting USD 4 billion in 2023
Also positive on steering the country’s largest bank successfully as it navigates turbulent conditions
by Sanath Nanayakkare
The Bank of Ceylon (BOC), the leader of inward remittance business in Sri Lanka, is confident that it will be able to regain its past glorious levels of foreign exchange remittances by the end of 2023 or within 2024.
The new General Manager/ Chief Executive Officer of Bank of Ceylon, Russel Fonseka made these comments to The Island Financial Review yesterday after officially assuming duties in the crucial post of the Bank.
“If I remember correctly, BOC recorded its highest foreign remittances of US dollars 4 billion in 2019, and at the rate things are improving currently, we believe that we should be able to reach the same level of inward remittances by the end of 2023 or within 2024,” he said.
Having joined the BOC in 1990, Fonseka has notched up 33 years of service with the banking giant and was serving as the Additional General Manager and the CFO before assuming duties as the 23rd General Manager of the Bank.
Russel Fonseka has successfully steered and given leadership to the various divisions that came under his purview. He has held the positions of Chief Financial Officer, Head of Finance and Planning, Head of International, Treasury and Investments, Head of Retail Banking and Head of Corporate and Offshore Banking. The exposure to many areas of banking would be a distinct advantage as he faces the task of steering the premier bank in Sri Lanka during what looks to be the most turbulent period the country and the globe has faced in recent times.
Fonseka said that he took up the challenge not only because of his confidence to steer the Bank through the turbulent times and give crucial support to the national economy, but also due to his confidence in the capabilities and commitment of the senior management and staff that he is supported by.
Responding to a question by the media about the Bank’s ability to provide US dollars to its customers for their international trade transactions, he said,” After the Central Bank of Sri Lanka (CBSL) effected the relaxation on exchange rate, we have been able to fulfill the dollar requirement of our customers. In addition to that, many other Sri Lankan customers come to BOC for their foreign currency requirement and we oblige them too.”
He pointed out that the exchange rate relaxation helped minimise the gap between the official and the unofficial exchange rate of the US dollar.
“In this backdrop, now a lot of expatriate workers have turned back to remitting their earnings through formal banking channels. This has increased BOC’s inflow of foreign remittances. In the last couple of months, we were able to contribute a huge sum of foreign exchange to the national economy to finance the import of fuel and other essential commodities. We think that we will be able to further increase this capacity and elevate our ability to match the foreign exchange requirement of the country.”
When asked about high lending rates, he said,” While new loans will have to be worked out at current market rates, the business loans we had given some time back are still effective at lower rates. This means still there are business customers who are enjoying 12%-18% rates depending on the rates regime they had chosen at the time. For hardly any customers have we increased our lending rates to 30%.” he said.
“Our non-performing loans (NPLs) compared to the industry are at a very low level because of our unique loan recovery concept. We don’t want to take our non-paying borrowers who are genuinely in trouble to court. Instead we collaborate with them and help them constantly for the recovery of their businesses,” he said.
Giving his thoughts about the trajectory of interest rate movements in the future, he said, “Even though the current interest rate in the market is 30% as influenced by the T-bill and T-Bond rates, we have taken some initiatives to moderate it. We have a small cartel in the banking industry and we have decided not to pay more than 26% for fixed deposits. In the time to come, we are planning to decrease it further. We hope this will help us reduce our lending rates to businesses and entrepreneurs and achieve real growth in the economy through export-oriented manufacturing and providing of services to the key markets of the world.”
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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