BoC slashes loan interest rate
Sandasen MARASINGHE
Bank of Ceylon (BoC) has taken measures to reduce the loan interest
rate to nine percent from 12 percent from August 1 to provide relief to
the public.
|
Dr Gamini
Wickramasinghe |
This is being done on the instructions of President Mahinda Rajapaksa,
Chairman Dr Gamini Wickramasinghe said.
He made this announcement at a ceremony to distribute appointment
letters to 300 new management graduand recruits to the BoC. The ceremony
was held at Temple Trees under President Rajapaksa’s patronage.
Dr Wickramasinghe said that the BoC decided to reduce loan interest
rates from August 1, the day the BoC celebrates its 72nd anniversary,
giving priority to the President’s pledge in his last budget speech and
on his instructions.
He added that this move would influence other banks as well to
provide relief to loan applicants.
Dr Wickramasinghe also stated that out of the loans granted last year
by the BOC, more than 25 percent was, granted to agriculture- related
activities. The BOC also has taken this initiative to establish a farm
to rear cattle for milk and a factory in Kilinochchi at a cost of Rs
30,000 million which is a long felt need.
He said that 300 appointees were selected to BoC out of 15,907
applicants after an examination held by the Examinations Department. He
added that around 50 have been selected from the North and East.
Agriculture Minister Mahinda Yapa Abeywardana and Finance and
Planning Deputy Minister Geethanjana Gunawardena also participated. |
