'Popularise Government securities in rural areas'

Hathoon Sheriffdeen

SECURITIES: "Government securities should be popularised within the rural populations around the country. There can be huge scope and market for the Government securities such as treasury bills, short term and long-term debentures and treasury Bonds islandwide. These instruments have to be introduced to people in each and every area of the country and promote them in investing in it.

"I believe that there is a massive retail financial market for Government securities in the rural areas of the country. No Government has tapped this market so far", Chief Executive Officer of Lanka Clearings of Bank of Ceylon Sarath de Silva said.

"These securities can be circulated to everybody through banks all over the country. Financial institutions have popularised these Government instruments to individuals in areas and educate the society to invest in these financial instruments.

These Government instruments are much secure than cheettu (a periodic installment system which gives an amount of money according to the numbering system) which is in practice in rural areas.

If we develop the rural market of the country and introduce Government Financial Instruments to the rural population, we can realise that Sri Lanka is a nation of investors and not a nation of depositors." De Silva was speaking at the programme launch and lifetime award ceremony 2006/2007 of the Association of Chartered Bankers of Sri Lanka Trust.

He said that Natwealth of the Mahapola Trust is planning to open a branch at Matara to promote and sell Government debt instruments.

The Association of Chartered Bankers of Sri Lanka Trust conducted the programme launch and the Lifetime award ceremony 2006/2007 at the Ceylon Continental Hotel, Colombo on November 2, 2006.

The lifetime award winner for 2006/2007 was the CEO of Lanka Clearings of Bank of Ceylon Sarath De Silva.