BOC accounts for over 47% inward remittances
Sanjeevi Jayasuriya
“Sri Lanka received inward remittances worth $ 4 billion last year
and the country has the potential to double the value over the next few
years. We now see a trend where the banking system is being used widely
to remit money unlike in the past which is a positive sign towards
enhancing the remittance volume,” Bank of Ceylon (BOC) Chairman
Dr.Gamini Wickramasignhe said.
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Dr. Gamini Wickramasignhe |
The country will reach $ 4.8 billion foreign remittances by the end
of this year. Bank of Ceylon has been able to account for over 47
percent of the entire inward remittances to the country, he said.
“Our target is a ten percent remittance growth from the current Rs
200 billion. If the country could harness its true potential the volume
could even be higher,” he said at the launch of NRFC Wasana and Cash
Remitts raffle draw 2011 and 2012 and the re-launching of the RKFC
Account held on Friday in Colombo.
Bank of Ceylon is focusing on expanding its foreign network and will
be concentrating on areas where immediate business could be generated.
“We need massive funds to set up foreign branches. The expansion is
strategically planned and we will expand within India shortly.
The BOC has branches in London, Male and Chennai at present and the
Italy branch will be opened in the near future with focus to set up
branches in America, Canada and Europe with the availability of funds,”
he said.
The savings base in the country needs to be expanded to reach 35 to
40 percent of the GDP to facilitate the development drive. Bank of
Ceylon has embarked on a deposit drive with a new approach to reach its
targets, he said.
“We need to encourage people to save more and this will not only
benefit them, but the country as a whole where it is on a development
path. Sri Lanka has a need for more remittances and the Bank of Ceylon
is a vehicle to facilitate this process,” he said.
Bank of Ceylon records a $ 800 million foreign currency base at
present and it targets a $ one billion NRFC base by the end of this
year. |
