Showers or thundershowers will occur at times in Western, Sabaragamuwa, Central and North-Western provinces and in Galle and Matara districts and fairly heavy showers above 75 mm can be expected at some places in Western, Sabaragamuwa and Centralprovinces and in Galle and Matara districts, the Department of Meteorology said in a statement.
Showers or thundershowers will occur elsewhere over the Island during the afternoon or night.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather
Condition of Rain:
Showers or thundershowers will occur at times in the sea areas off the coast extending from Puttalam to Matara via Colombo. Showers or thundershowers may occur at several places in the other sea areas around the island during the afternoon or night.
Winds:
Winds will be south-westerly and wind speed will be (25-35) kmph. Wind speed may increase up to (40-45) kmph at timesin the sea areas off the coast extending from Puttalam to Kankasanturai via Mannar and up to (45-55) kmph at timesin the sea areas off the coast extending from Galle to Pottuvil via Matara and Hambantota.
State of Sea:
The sea areas off the coast extending from Galle to Pottuvil via Matara and Hambantota will be rough at times and sea areas off the coast extending from Puttalam to Kankasanturai via Mannar may be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
President optimistic that debt restructuring discussion will end successfully following talks with the Chinese Finance Minister.
President Ranil Wickremesinghe stated that he had recently discussed Sri Lanka’s debt restructuring with the Chinese Finance Minister and he is optimistic that the discussions in this regard would be concluded successfully.
The President further mentioned that the delegation headed by the State Minister of Finance, who is currently in Washington, held initial discussions yesterday (15) with the International Monetary Fund and the three main countries, China, India and Japan that have given loans to the country. He said that the government is giving priority to immediately solve the problem of the country’s bankruptcy and to ensure food security.
President Ranil Wickremesinghe made these remarks following an observation tour of the cultivated lands in Rathumada-Weerakandawala area in Siambalanduwa Divisional Secretariat this morning (16).
The President also discussed the progress of the implementation of the food security program in Monaragala district with government officials.
He said that there is no problem with having debates and also recalled the statements made by some people that they would come forward and shed blood and said that one should live before shedding blood.
The President mentioned that if a proper program is not implemented to provide food to the people, they will not have to shed blood but will starve to death. The President also stressed that politics should be discussed only in Parliament and that everyone should unite in the program to fulfil the needs of the people.
While visiting the cultivated lands in Rathumada-Weerakandawala area in Siambalanduwa Divisional Secretariat, the President also engaged in open discussions with the farmers.
The farmers had the opportunity to discuss the issues they were facing directly with the President and he was also informed by the farmers about the lack of fertilizer, insecticides and pesticides as well as land problems, water problems and the threat of wild elephants in the area.
The President immediately called the relevant officials to the agriculture lands and directed them to take steps to provide immediate solutions to the problems faced by these farmers. While thanking the President for visiting them and looking into their problems the farmers mentioned that this is the first time that a President had visited their areas.
The President noted all the issues presented here by the farmers through an officer of the President’s Office and stated that he will appoint a separate Additional Secretary in the President’s Office and take measures to provide immediate solutions to all these problems in coordination with the District political authority and District Government officials.
Also, many problems of the people of the area were presented to the President and among them were the problems of education, roads and housing.
The President, who listened to all those problems, said that he will provide the necessary facilities to ensure that the children of the area who are engaged in education activities in the midst of many difficulties are given the opportunity to receive university education.
While returning from participating in this event, the President also visited a Daham Pasala held at Dharmashoka Pre-School, Siyambalanduwa Kaluobba, without prior notice, and inquired about the well-being of the students.
Even though he arrived at the place without prior notice, the students welcomed the President by singing Jayamangala Gatha.
Governor of the Uva Province A.J.M. Muzammil, State Ministers Shashendra Rajapakse, Vijitha Berugoda, Jagath Pushpakumara, Member of Parliament Dr. Gayashan Navanandana, President’s Senior Adviser on National Security and President’s Chief of Staff Sagala Ratnayake, former Member of Parliament Sumedha G. Jayasena, Former Deputy Speaker Ananda Kumarasiri, Secretary to the President Saman Ekanayake, Adviser to the President on National Food Security Dr. Suren Batagoda, Monaragala District Secretary Gunadasa Samarasinghe, Siambalanduwa Provincial Secretary Asanka Dayaratne and a group of District and Local Government officials participated at this occasion.
The Sri Lankan rupee, which shed nearly 80 percent of its value, has sent the rupee value of the foreign currency-denominated debt of the government spiralling by significant proportions, even with no fresh borrowings, as the rupee weakness is sending ripple effects across markets.
According to the outstanding public debt data available through April this year, the cumulative debt, comprising both domestic and foreign, surged to Rs.23,310.1 billion, from Rs.17,589.4 billion at the end of 2021.
While the domestic component of the total debt rose by Rs.1,345.1 billion in the four months to Rs.12,442.3 billion, the debt held by non-residents added the biggest jolt to the total outstanding debt.
The domestic debt component also consists of Sri Lanka Development Bonds and International Sovereign Bonds held by the resident Sri Lankans and the non-resident holdings of the two types of instruments are classified under foreign debt.
The total foreign debt stock added a massive Rs.4,375.6 billion in the four months through April, coming entirely from the translation effects of the foreign debt component at the weaker rupee
Sri Lanka has seen a resumption of interest on rupee denominated foreign bonds, as interest rates went up, and domestic credit slowed, reducing outflow of foreign exchange.
Foreign investor’s holdings of rupee bonds went up from 4.01 billion rupees on August 31, 2022 to 22.5 billion rupees on October 05.
The bonds were bought despite a threat of a second hair cut or restructuring of rupee bonds.
Rupee bonds have already been subjected to a high inflation and financial repression (IFR) haircut with their real value almost halving as the rupee’s soft-peg with the US dollar collapsed from 180 to 360 to the US dollar.
Domestic inflation has hit 70 percent in the 12-months to August.Foreign holdings of Sri Lanka’s rupee bonds are now at levels last seen in June 2020.
Foreign investors held large volumes of rupee bonds before the rupee started to collapse rapidly under ‘flexible inflation targeting’ perhaps the most deadly ‘impossible trinity’ style monetary regime ever cooked up by Washington-based Mercantilists.
Flexible inflation targeting involves applying aggressive open market operations to suppress interest rates with printed money to a reserve collecting peg, triggering currency crises.
Critics have said that such regimes, which are an extreme example of the impossible trinity of monetary policy objectives, are easily peddled to third world nations without a strong doctrinal foundation in either sound money or classical monetary theory.
A World Bank survey showed that there was no such doctrinal foundation in the entire South Asia region, and only 2 percent of ‘experts’ were aware that balance of payments deficits were caused by central banks, indicating that the region would continue to be dogged by monetary instability for year to come.
Washington based Mercantilists including Harry Dexter White and John H Williams first cooked up the Bretton Woods system promising ‘independent monetary policy’ to central banks that pegged the US dollar.
To be fair however Bretton Woods central banks were also pegged to gold independently and were free to pursue policies to maintain the gold peg, which was done by countries like Germany and Japan who successfully kept their pegs and Germany appreciated once.
United States Assistant Secretary of State for South and Central Asian Affairs Donald Lu is expected to visit Sri Lanka this week.
A high-ranking delegation from the US government is also scheduled to visit the island along with Assistant Secretary Donald Lu.
Secretary Lu is likely to meet several senior Government and Opposition officials including the President during his visit to Sri Lanka, according to sources.
The visit comes in the wake of two high-profile visits by US Agency for International Development (USAID) Administrator Samantha Power and US Permanent Representative to the UN Food and Agriculture Agencies in Rome Ambassador Cindy McCain to Colombo recently
Secretary Lu had led a delegation to India aimed at deepening the US-India Comprehensive Global Strategic Partnership last month, whilst the situation in Sri Lanka has also been taken up with the Indian authorities.
According to Lu he had seen tremendous opportunity in this South Asian region for American engagement. These countries can see the engagement of America’s adversaries, and they’re anxious to see what we bring to the table in terms of our economic, security, and climate engagement,” he said.
While he did not mention the focus areas during his visit to Sri Lanka, US officials said that human rights and bilateral trade will top the list.
During a discussion with the Tamil National Alliance and Global Tamil Forum in Washington, Donald Lu had underscored that human rights was central to US foreign policy on Sri Lanka.
The US has been supporting Sri Lanka with vaccines to fight Covid and has also partnered with the country to fight terrorism.
During the visit to Sri Lanka Donald Lu is also expected to emphasis on the US policy for a free and open Indo-Pacific.
The purpose of his meetings is to explore the most effective ways for the United States to support Sri Lankans in need, Sri Lankans working to resolve the current economic crisis, and Sri Lankans planning for a sustainable and inclusive economy for the future.
The US delegation also pressed upon the government the need to negotiate urgently with its creditors and the IMF to finalize an assistance package, in order to ease the suffering of the Sri Lankan people and get the economy back on track as quickly as possible.
This visit underscores US ongoing commitment to the security and prosperity of the Sri Lankan people. Our efforts to support economic growth and strengthen democratic institutions have never been more critical.
Now is the time to redouble US Sri Lankan joint efforts to get Sri Lanka back on the path to economic stability. Now more than ever the private sector can make a difference in creating a more inclusive and sustainable economy
First, the debt crisis must be resolved. The US welcomed the steps Sri Lanka has taken to go to the IMF, to hire debt and legal advisors, and begin debt restructuring talks.
The deepening economic crisis is forcing the government to make immediate choices between seeking short term funding at concessionary rates or as grants from international agencies and donor countries.
The International Federation of Red Cross and Red Crescent Societies (IFRC) has made an Emergency Appeal for urgent humanitarian assistance for 28 million Swiss francs in support of Sri Lanka Red Cross.
In line with the IFRC appeal, the International Committee of the Red Cross (ICRC) supports the Sri Lanka Red Cross to respond to the humanitarian issues arising from the economic crisis with a focus on providing medical equipment to the healthcare system and economic assistance to vulnerable people.
According to Foreign Minister Ali Sabri , the man-made economic crisis was ignored by the then cabinet of previous Gotabaya Rajapaksa regime due to their lack of knowledge.
Under this set up the country is compelled to extend its begging bowl for foreign funding with an urgent appeal to the World Bank to down grade Sri Lanka as low income country temporary.
The International Monetary Fund (IMF) and Sri Lanka had further discussions on the steps Sri Lanka must take to obtain approval for the proposed Extended Fund Facility (EFF) programme.
The Sri Lankan delegation to the IMF/World Bank Annual Meetings 2022 led by the State Minister of Finance Shehan Semasinghe, had a fruitful discussion with the Deputy Managing Director of the IMF, Kenji Okamura, IMF sources said.
The delegation extensively discussed with the IMF team Sri Lanka’s recent economic trends and the next steps required to obtain the IMF Executive Board approval for the proposed Extended Fund Facility (EFF) programme.
Dr. Chandranath Amarasekara, Alternate Executive Director of the IMF, Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka and Mahinda Siriwardana, Secretary to the Treasury also attended the talks.
The IMF had reiterated last week the prior actions Sri Lanka must take for the IMF board to approve the disbursement of funds.
Deputy Director, Asia and Pacific Department at the International Monetary Fund, Anne-Marie Gulde, had said that the conditions involve securing assurances from bilateral creditors and dealing with the private sector debt.
“Sri Lanka is facing a very severe economic crisis. And let me start by saying that we are very concerned about what’s going on in Sri Lanka.
And we all hope that we will be able to work very fast to end the suffering, especially the suffering of the poor and vulnerable. We have reached a staff level agreement on a four-year EFF program on September 1 of this year,” Anne-Marie Gulde said.
She said that the initial disbursement of the program will only come after the IMF board meeting.
UNP Chairman and MP Wajira Abeywardena says Articles 147, 148, 149, 150 & 151 of the Constitution have been violated by announcing the country as being “bankrupt”: also says the sole UNP MP Ranil Wickremesinghe opposed the declaration: bankruptcy was announced without prior approval of the AG, MB, Cabinet, or Parliament, when Sabry was the Finance Minister.
Foreign Minister Sabry says the previous Cabinet was “not aware” of the “dire” state of the economy: however, data shows then Finance Minister Basil Rajapaksa submitted a comprehensive Cabinet memo re. the “Economy and Way Forward” on 3rd Jan 2022 and briefed the Cabinet re. the economic challenges & risks, and received the unanimous approval of the Cabinet for the home-grown “way forward plan”.
Energy Minister Kanchana Wijesekera says term and spot tenders by CPC fail to attract bids: also says CPC has evaluated 301 unsolicited proposals to supply fuel since 1st January, but awarded orders to 60 only, of which a mere 11 have materialised.
Sri Lanka – 108 all out (19 overs) lose to Namibia 163/7 (20 overs) in the First Round Group A – ICC Men’s T20 World Cup Opener, in Australia.
Senior defence ministry official says over 35,000 private gun holders must renew their firearm licences before 31st December.
Authorities step up search for navy boat with 6 sailors that went missing a month ago: boat was on a regular patrol in the Indian Ocean off the Southern coast.
Energy Minister Kanchana Wijesekera says crude oil shipment of 99,000 MT from Russia awaits prior payment to discharge: also says payments not being made for 2 previous shipments of crude oil, resulted in the refinery being shut-down: laments another ship with 35,000MT of diesel is offshore, awaiting payment.
Ceylon Chamber of Commerce Vice Chairman Duminda Hulangamuwa says Government will have to opt for a “haircut” on domestic debt if taxes are not raised as per the requirements of the IMF.
Survey reveals that nearly 9834 undergrads gave up studies at state universities during the past 15 years due to brutal ragging by seniors: 9903 female undergrads had also been subject to sexual harassment by seniors.
Disaster Management Centre says 3 people have died while 55,435 people from 13,902 families have been affected by several days of heavy rains, strong winds and severe lightning.
Suresh Goonesekere would have turned 50 today, just over a year after his tragic death left his family and friends bereft of his kindness, generosity, strength of character and permanent grin. Being one of those friends, who knew him from childhood, it is still hard to believe that he is gone. We were more than mere friends. Growing up, we attended Thomas’ College, Mt Lavinia together and our childhood homes were close to each other.
In our adulthood, our lives crossed paths in so many delightfully unpredictable ways, each one leaving me with memories of joy, human kindness and good times. Knowing that we have crossed paths for the last time leaves a void in me that I cannot fathom how to fill. Whatever else may ever have been uncertain in this world, Suresh’s presence, his kindness, his loyalty and his compassion were never in doubt.
Suresh lived most of his adult life in Singapore and in England. Whenever my travels took me to either country, we would meet without fail, almost like a ritual or tradition. So, it was not unusual for him to invite my family over to dinner when we were visiting Singapore a little over two years ago.
It was quite a random invitation, very typical of Suresh. He knew that I was not going through the best of times. I had not told him as much, but he made it his business to know about the wellbeing of everyone close to him.
As it so happened, the day he hosted us also happened to be my birthday, a fact that my wife casually mentioned over dinner. Suresh’s response came instantly. He said, ‘Adey KP, we have to celebrate tonight,’ before proceeding to order a bevvy of whiskey, wine and even more food. In a flash, he transformed a low-key reunion dinner into a massive and humbling celebration.
As we celebrated, he insisted that he and I take a photograph. I didn’t know then that this picture, with Suresh’s arm around my shoulders, would become one of the most precious photographs I would ever possess, one that I will cherish forever.
That was Suresh in a nutshell – always going out of his way to make you feel delighted, special and happy.
It wasn’t enough. After dropping my wife and daughters at home, he insisted that he and I stay out. He treated me to several more hours of merriment, as we went from bar to bar and club to club.
Everywhere we went, people recognized Suresh and greeted him. When he introduced me as his friend whose birthday he was celebrating, everyone bent over backwards to ensure that we enjoyed ourselves.
Although we spoke often on the phone, that night in Singapore was the last time I saw Suresh in person. A year and a half later, on the 31st of July, 2021, he left us all, after having suffered a heart attack.
I have often agonized about his last moments of consciousness. The only solace to be found is that the final moments that Suresh experienced were of the two things that he enjoyed the most in this world: playing golf, and that too above all else, doing so with his son Zidan, who was the light of his life.
There is no gainsaying that Suresh was gifted, in more ways than one. Some say that cricket was in his genes. His father Premalal had also captained St Thomas’ and led the team to a memorable victory at the Big Match of 1964. The year Suresh captained that same team, it was adjudged the best all-island team. What is remarkable is that he was also an outstanding student, securing 3 A’s and a B at his Advanced Level Examination, which, most contemporary Thomians would tell you, was quite rare for a cricket captain.
After college, he went on to become not just a fully-fledged accountant but a highly respected banking and finance professional, serving in senior roles internationally at Deustsche Bank, HSBC, ABN Amro and finally for over a decade at Standard Chartered Bank.
That Suresh was gifted is therefore on record. There are boxes full of awards, certificates, and qualifications to prove it. But there are no awards or certificates for heart. If there were, there would not be enough room on this earth to fit all of those that Suresh would have earned in the nearly 49 years that he walked this earth.
He was endowed with amazing human qualities that were an inspiration to everyone around him. His was a heart of gold. He was always easy-going. If you were doing well in life, Suresh was rarely to be seen. But he would show up and stand by you without fail if ever you faced a crisis.
I have never heard him run down or complain about anyone. He was a very special friend who never ever took his friendships for granted. He had a deep understanding about true friendship and loyalty, family values, duty to one’s country, fiduciary responsibility, and every other ethical compass that one needs to be considered honest, reliable and beyond reproach.
I have so many memories of Suresh that I cannot pen them all down. His father offered me my first ever job. As I came to associate Premalal, I couldn’t help my amusement at how similar the speaking patterns were of both father and son. I would imitate their high-speed mumbling and energetic monotones around our friends, and Suresh had the good humour to laugh with us.
Suresh learned to look after his family early on in life when he lost his father. He did his best to fill those enormous shoes, standing by his family, dedicating himself to look after his mother and younger brother. I cannot get my head and heart around the fact that all those who had grown to rely on him, who had experienced the constant peace, joy and security that he brought into our lives, now have to live without this wonderful human being in our lives.
He met his wife Yoshi in our childhood, and I was close enough to him to vouch for the fact that she was the only woman with whom he ever fell in love when their romance blossomed through their teen years.
Every time I saw him make any decision, I watched him “run the numbers”, like an actuary, on how it would affect Yoshi, their son Zidan, and Suresh’s mother Shanti and brother Ramesh. His number one priority was always their wellbeing. Despite all his own accomplishments, Suresh’s proudest moment was when he learned during the height of Covid that Zidan had been admitted to King’s College in London, to study history and politics.
So many of us would have given anything for the opportunity to have Suresh play a longer innings. But no one can deny that the 48 he scored was graceful, captivating and flawless. He looked every single ball in the eye and played each shot with finesse and his signature irascible smile. He never ran anyone out and never lost hope, no matter the odds.
He played fair. He heeded the counsel of the non-striker and was generous with his advice. He played always for his team and never for himself. He played like the gentleman he was. It was an exemplary innings, an example to us all. Having watched from beyond the boundary, it was a privilege to witness his time at life’s crease – a sight to behold.
Today, I so very much wish I could have called Suresh, wished him a happy 50th birthday, swapped yarns and reminisced about the old days. Instead, I hope he can hear me from his perch in the heavens, that he can feel our wishes, that he knows how much he is missed, and knows that his memory will always brighten up our days.
Leading Sri Lanka’s delegation to the Sixth Summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA) in Astana, Kazakhstan from 12-13 October 2022, State Minister of Foreign Affairs Tharaka Balasuriya called on CICA to focus on the challenges encountered by the membership. He stressed the need to remain firmly committed to collectively identify the challenges, find viable solutions and follow the right strategies towards promoting inclusive and equitable growth in the region.
Minister Balasuriya made these observations when he addressed the Sixth Meeting of the Heads of State or Government of CICA in Astana, Kazakhstan on 13 October 2022. Speaking further, the State Minister of Foreign Affairs also stated that as an island with vast potentials in tourism, Sri Lanka encourages focus on tourism which is an important industry in Asia which has the capacity to strengthen bonds of understanding and friendship among the nations. He recalled that in 2021, Sri Lanka, in the capacity as the co-coordinator of Confidence Building Measures in Tourism, successfully conducted a ‘Virtual Business to Business Interactive Session with the CICA Member States to Enhance Tourism Cooperation’.
He also drew attention to Sri Lanka’s proactive role in CICA by pointing out the country has proposed several other activities to the CICA work plan aiming at greater integration and cooperation within the Tourism Industry in the region. Minister Balasuriya stated that Sri Lanka looks forward to receiving the fullest cooperation towards the successful implementation of these projects in the coming years.
Minister Balasuriya also expressed appreciation to the host Government of Kazakhstan for steering the sessions successfully as the current Chair of CICA and the role played by the CICA Secretariat which has given further impetus to the CICA process.
He also attended the luncheon hosted by the President of Kazakhstan Kassym-Jomart Tokayev, to the Heads of State or Government and delegation, attending the Summit.
State Minister Balasuriya who was accompanied by the Acting Additional Secretary at State Minister’s Office and Public Diplomacy, Sithara Khan, also met with Ministers from India, Kazakhstan and Azerbaijan on the sidelines of the Summit.
State Minister Balasuriya was also interviewed by the TV and Radio Complex of the President of the Republic prior to the commencement of the Summit.
CICA, which recently celebrated its 30th anniversary, is a multi-national forum for enhancing cooperation towards promoting peace, security and stability in Asia, which was formed on 5 October 1992, at the 47th Session of the United Nations General Assembly. With 27 Member States comprising approximately half the global population, CICA is the largest regional intergovernmental forum in Asia.
Calls for better and equitable law enforcement in relation to corruption
Asks for public input to be incorporated into proposed Anti-Corruption Bill
Makes key recommendations on the proposed Anti-Corruption Bill
Transparency International Sri Lanka (TISL) welcomes the government’s initiative to bring to the forefront the Anti-Corruption Bill that has been in the making for several years. The Bill (made public at www.tisrilanka.org) contains many laudable provisions that seek to improve upon existing law. TISL notes, however, that no public comments have thus far been incorporated, and remains seriously concerned that what proposes to be a seminal piece of legislation may be rushed through Parliament, with very little room for public intervention on its critical details and implications.
With news of the proposed Bill being sent for the Attorney-General’s assent, TISL and several others have provided their comments on the Bill to the Ministry of Justice within the very short period that was indicated. However, it remains unclear whether any public comments on key policy and procedural choices are being considered prior to the Bill being presented in Parliament. This law seeks to replace the Bribery Act, the Commission to Investigate Allegations of Bribery or Corruption Act and the Declaration of Assets and Liabilities law.
While appreciating the need to address the issue of corruption in the country as a priority, TISL notes that Sri Lanka does not lack laws to deal with bribery and corruption even at present. It is the enforcement of these laws that remains woefully inadequate. Law enforcement has demonstrated to be ineffective in prosecuting instances of grand corruption on multiple occasions, where key cases have been discontinued due to technical errors, coupled with deeply problematic withdrawals that have led to critical concerns being raised regarding the independence, resourcing and expertise of law enforcement agencies. It is in this background where Sri Lanka is struggling to effectively and equally apply even the existing anti-corruption laws, that a new Anti-Corruption law is being proposed by the government. TISL seriously notes that the independence of any proposed anti-corruption body from the Executive could only be assured, if any forthcoming Constitutional amendment adequately provides for the same.
TISL’s observations on the Bill includes ensuring that public access to declarations of assets and liabilities is made mandatory, taking steps to prevent the abuse of investigative powers of the proposed Commission, ensuring the independence of the Commission, increasing the penalties, effectively addressing private sector corruption and ensuring that the proposed Commission has the liberty to coordinate with other law enforcement entities and to make information publicly available about the progress of investigations. TISL also notes that the proposed law does not cover significant parts of the United Nations Convention Against Corruption (UNCAC) that Sri Lanka is a party to, such as international asset recovery and the regulation of election campaign finance.
TISL Executive Director Nadishani Perera stated, “It is important that laws are not enacted in a vacuum. They must take into account the context in which they are brought in. Corruption in Sri Lanka cannot be “solved” instantly by law alone. It takes political will, genuine commitment of multisectoral actors, essential systemic reforms and a cultural change to root out corruption from the highest to the lowest level.”
In view of the above, TISL earnestly calls upon the government to prioritise law enforcement, using the existing law to maximum effect against perpetrators of corruption. TISL also calls upon the government to ensure a transparent, consultative process prior to bringing the proposed Anti-Corruption Bill into Parliament at this crucial juncture of the country, in order to gain public ownership and to avoid technical or procedural shortfalls.
The Central Bank of Sri Lanka has issued a circular terminating further opening of special fixed deposit services for senior citizens.
Accordingly, all commercial banks will be prevented from opening new fixed deposits for senior citizens and those already opened will not be renewed after reaching maturity.
Commercial banks of Sri Lanka for many years provided a higher interest of 15 per cent for a maximum fixed deposit of Rs. 1.5 million for senior citizens and following the revision on interest rates even a normal fixed deposit of Rs. 1.5 million earns an interest of 23 per cent.
Accordingly, the termination of fixed deposit service for senior citizens will not be a loss for the customers at all, commercial banks opined.
