BoC opens another branch in Maldives

The Bank of Ceylon (BoC) will open a branch in Addu in the Maldives, before the commencement of SAARC, said BoC Chairman, Dr. Gamini Wickremasinghe.

He said that the Bank has found an ideal location and construction will commence when the Maldives Monetary Authority gives the nod.

In addition, the government is also constructing a friendship road in the Maldives. The work will be handled by Sri Lankan companies.

The Bank has given a revolving credit line of $ 10 m to the Maldives at an interest rate of six percent to support the tourism industry.

This is the first time Sri Lanka has given a credit line to another country, which will be utilised for the purchase of fruits and vegetables from Sri Lanka.

Earlier Sri Lanka had exported 80 percent of the fruits and vegetable requirement of the Maldives but it has been taken over by India, Thailand and Malaysia.

Dr. Wickremasinghe said that the North and the East produce lots of fruits and vegetables and the Bank has supported farmers in the North and the East with loans while they will be supported in all areas to improve the quality to export grade. Maldivian President Mohamed Nasheed who was in Sri Lanka recently inquired as to whether they could import more items to the Maldives which will include milk, chicken, eggs, vegetable oil and corn oil.

The BoC Chairman said that in the event the credit line turns out to be a success the Bank will then move into other areas. The Maldivian President was also interested in exploring opportunities to have a common currency for the Maldives and Sri Lanka with the concurrence of the Central Bank. SG