CB pushes for more deposits

To achieve per capita income target:

Harshini PERERA

The Central Bank expects an increase in fixed deposits and savings among the public due to the economic development in the country.

According to Government plans, it is expected that Per Capita income will double in the future.

“Sri Lanka needs 30 percent of investments to go for the target. Savings play a vital role. Hence, savings in the country should also be increased to achieve this target,” a Central Bank official said.

The Central Bank of Sri Lanka encourages deposits through NRFC and RFC accounts and savings schemes for senior citizens.

The Central Bank will promote the increase in deposits while commercial banks and registered finance companies will also add by conducting different promotional activities to the increase in deposits, he said.

“It is expected that fixed deposits and savings accounts will increase in the future following the economic improvement in the country,” he said. “Soon after the collapse of several finance companies in the recent past, many investors were reluctant to invest in them. Instead they turned towards investing in the banking sector. During the last couple of months, deposits in the banking sector have rapidly increased,” he said.

Apart from that, due to the healthy economy investors direct their money towards new investment avenues such as the stock exchange. According to the investment opportunities in the economy, investors can move to other areas of investment in the future.