BoC open for foreign investments and deposits

The Bank of Ceylon(BoC) would now accept investments and deposits from citizens of foreign states, Sri Lankan citizens residing outside the country, corporate bodies incorporated outside Sri Lanka and foreign institutional investors.

This follows the announcement by the Central Bank of Sri Lanka on the easing of the regulations restricting local banks from accepting deposits from foreign states and citizens. In view of this liberalisation, the Bank of Ceylon will offer services to make investments in savings and time deposits in designated foreign currencies or in Rupees.

The Savings scheme will bring a new dimension of services to the many clientele of the bank.

It will also be helpful in securing a comparative advantage by moving to global financial markets for the mobilisation of foreign savings.

This will in turn fill the country's domestic savings-investment gap in the interest of enhancing its macro-economic performances.

Bank of Ceylon Chairman, Dr. Gamini Wickramasinghe said, "The positive move taken by the Central Bank to open its doors to welcome investments and deposits from foreign citizens is indeed commendable.

I am proud that the Bank of Ceylon is geared to undertake this initiative as it will certainly offer a boost to the country's economy.

The Bank of Ceylon has always been a leader in corporate and offshore banking, and with this new initiative, it will further strengthen the Bank's superior client servicing capabilities."

This permission has been granted from June 2, and is subject to the conditions that a deposit account should maintain a minimum balance of at least US$ 10,000 or its equivalent. Negotiable rates will be offered by the Bank of Ceylon for higher account balances.