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.
News
AKD warns of far reaching economic consequences of Middle East war
President Anura Kumara Dissanayake yesterday called for an immediate and peaceful resolution of the escalating Middle East conflict, warning that the crisis could have far-reaching repercussions on the global economy, including Sri Lanka.
Addressing Parliament, the President stressed that no military conflict benefited humanity, particularly at a time when destructive military technologies were rapidly advancing.
“Any military conflict does not create a favourable situation for any group of people,” he said, urging all parties to make urgent commitments towards peace. “As Sri Lanka, our position is that all parties involved in this war must, as soon as possible, take steps toward a peaceful world.”
He cautioned that Sri Lanka could not remain insulated from the fallout from the conflict, noting that disruptions to global oil and gas supplies, threats to migrant workers in the Middle East, and potential shocks to tourism, remittances, shipping and aviation were real concerns.
A national programme was being formulated to mitigate the impact, he said, adding that its success would hinge on broader international efforts to restore stability, the President said.
Acknowledging public anxiety shaped by past economic hardships, President Dissanayake said social stability could not be ensured through rhetoric alone but required tangible guarantees that citizens would not face another crisis.
While noting that the government had successfully navigated multiple challenges since assuming office, he described the Middle East situation as distinct due to the uncertainty surrounding its duration and outcome.
The government, he said, was closely monitoring developments. The Central Bank had conducted a review with a report on the likely economic impact expected shortly. The Ministry of Finance is also preparing an assessment of the potential effects on public life, alongside measures to ensure the uninterrupted provision of essential services locally and for Sri Lankans overseas.
“The primary responsibility for finding a path out of the crisis rests with the Government,” he said, calling on Parliament and the public to collectively confront the challenge under a unified national plan.
Providing a detailed account of the country’s energy reserves, the President said storage capacity rather than supply remained the key constraint. Excluding the Indian Oil Corporation tanks in Trincomalee, total storage capacity at Kolonnawa and Muthurajawela stands at approximately 150,000 metric tons.
Diesel stocks were currently sufficient for 33 days, with refining contributing around 1,800 metric tons daily. Petrol reserves will last 27 days, with a 35,000 metric ton shipment due on March 7 or 8 expected to extend availability to around 40 days.
Aviation fuel stocks are adequate for 49 days, supported by both daily refining and imports. Scheduled shipments include vessels from RM Parks on March 14, Sinopec on March 17, IOC on March 21 and the Ceylon Petroleum Corporation on March 28.
Crude oil supplies were sufficient to operate the refinery for 26 days, with an additional shipment expected to extend operations by a further 18 days, the President said.
“Because of this, there is no crisis regarding oil,” the President assured Parliament.
News
Pope invited to visit Sri Lanka
President Anura Kumara Dissanayake has invited His Holiness Pope Leo XIV to visit Sri Lanka.
The official invitation was handed over by Minister Bimal Ratnayaka to the Vatican’s Under Secretary for Relations with the States, at the Vatican, yesterday, during the Minister’s official visit to Italy, the President’s Media Division said.
News
New Tourism Act to strengthen legal action against visa violators
The government is in the process of drafting a new Tourism Act to address legal loopholes that currently prevent the prosecution of foreign nationals who engage in unauthorised activities while on tourist visas. Speaking at a certificate awarding ceremony for the Vocational Initiative for Sustainable Ambassadors in Tourism (VISA) project at the Royal Kandyan Hotel, Suranjith Wavita, a member of the Presidential Task Force for Tourism Development, stated that the current Tourism Act No. 38 of 2005 was flawed as it does not prescribe specific punishments, beyond deportation, for such offenders.
Wavita highlighted that a significant number of foreigners, including Chinese nationals, had been deported over the past three months for working as illegal tour guides and engaging in various trading activities. He explained that due to a shortage of Chinese-speaking local guides, travel agents often brought in “Tour Leaders” from abroad on tourist visas, which was a serious violation. The proposed new legislation aimed to empower the Tourist Police Division to arrest and produce such violators, ensuring stricter enforcement than mere deportation.
The new Act is being formulated by a committee of experts, based on various proposals and ideas to make it mandatory for anyone involved in the tourism industry to be registered and properly trained. To facilitate this, the government has already lowered the basic qualifications required for registration, allowing more locals to enter the profession legally and prevent the negative impact of unauthorised operators on the industry’s future.
Discussing the industry’s growth, Wavita noted that Sri Lanka was now aiming for an annual target of three million foreign tourists. He specifically mentioned the success of the 311-km “Pekoe Trail” in the central highlands, which attracts around 500 tourists daily and helps channel tourism income into plantation-based communities.
He also emphasised the importance of environmental protection, noting that since 25% of Sri Lanka’s flora is endemic, some foreigners enter the country with the intention of “biopiracy,” making the role of trained local guides crucial in safeguarding natural resources.
The VISA training project was implemented by the National Cleaner Production Centre (NCPC) and ASSIST, with the support of VFS Global. The event saw the participation of high-ranking officials, including Manpreet Singh Aurora (Senior General Manager, VFS Global), H.C.P. Jayaweera (Director General of National Botanical Gardens), and Samantha Kumarasena (CEO, NCPC).
Wavita concluded by praising the increasing participation of women in the tourism sector, describing it as a vital contribution to both the industry’s progress and the national economy.
By S.K. Samaranayake
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