A high-level IMF delegation, led by Asia Pacific Director Krishna Srinivasan, will visit Colombo from October 2-4 to meet President Anura Kumara Dissanayake and Sri Lanka’s new economic team: The visit aims to discuss recent economic developments and reforms under the IMF-supported economic programme: The delegation will issue a statement at the end of the visit.
Samagi Jana Balawegaya (SJB) Legal Secretary Farman Cassim submits a Right to Information (RTI) request for details about privileges allegedly requested by Ranil Wickremesinghe’s Security Head on behalf of the former President: SJB’s Weligama Organiser Rehan Jayawickrama confirms that his party filed the application and is awaiting a response from the former President’s office regarding the purported letter.
Former MP Wimal Weerawansa says the distinction between the Janatha Vimukthi Peramuna (JVP) and the National People’s Power (NPP) is now clear, with the latter in power: expresses hope that the NPP will improve the country but noted that every new government, like Gotabaya Rajapaksa’s, goes through a honeymoon phase before revealing its true nature.
Ministry of Foreign Affairs advises Sri Lankan nationals not to travel to Lebanon and Syria due to regional instability: Sri Lankans in these countries are urged to remain vigilant, limit movements, and stay in regular contact with local embassies: Emergency contacts and emails have been provided: This follows intensified conflict between Israel, Hamas, and Hezbollah, with airstrikes targeting Lebanon.
The Ceylon Petroleum Corporation (CPC) announces a fuel price revision effective from midnight on 30 September: Petrol 92 Octane is reduced by Rs. 21 to Rs. 311 per litre, Auto Diesel by Rs. 24 to Rs. 283, Super Diesel by Rs. 33 to Rs. 319, and Kerosene by Rs. 19 to Rs. 183: Petrol 95 remains unchanged at Rs. 377: LIOC and Sinopec have matched these prices.
Sri Lanka’s inflation, measured by the Colombo Consumer Price Index (CCPI), fell to -0.5% in September 2024 from 0.5% in August: Food inflation also dropped to -0.3%, while non-food inflation declined to -0.5%: The overall CCPI decreased to 190.9 from 191.1 in August: Despite these declines, the core inflation index slightly rose to 177.6 in September.
Former MPs have been instructed to return firearms issued to them, following the dissolution of Parliament: Other MP privileges, including allowances, fuel provisions, and staff support, have been revoked: However, former MPs may continue using official residences at the Madiwela Housing Complex until the upcoming election: Unsuccessful candidates must vacate these homes immediately after the election.
As of September 30, only independent candidate M. Premasiri Manage has declared his campaign finances for the 2024 Presidential Poll, adhering to the Regulation of Election Expenditure Act: No major party or other candidate has submitted their financial reports, despite the legal deadline of October 12: Candidates must declare both campaign income and expenses to avoid legal action.
Examinations Commissioner General Amit Jayasundara confirms the decision not to re-conduct the Grade Five scholarship exam remains unchanged: adds free marks will be awarded for the three leaked questions to ensure fairness: stresses examination of answer scripts will begin soon, with results expected before the new school term starts.
Despite a drop in egg prices, several traders have not yet lowered the prices of egg-based food items, despite requests from canteen and restaurant owners: While the All Island Canteen and Restaurant Owners’ Association plans to reduce prices, the bakery sector says reductions depend on wheat flour costs: Rising prices of other ingredients like margarine and vegetables remain unaddressed.
The purpose of this article is to highlight the irrationality and inappropriateness of the Monetary Policy Board (MPB)’s last policy rates decision to keep them unchanged at 8.25%-9.25% as announced on 27 September.
The Central Bank (CB) announced the monetary policy decision at 7.30 morning of 27 September. (press here to read the statement). The prior MPB decision was 25 bps cut announced on 24 July.
I predicted on 25 September that either MPB would cut policy rates between 25-100 bps or else keep them unchanged at current level of 8.25%-9.25% as policy rate/monetary policy decision is a highly arbitrary bureaucratic decision. (press here to read my article).
Key consideration of the MPB for making the decision
Some of those considerations are reproduced below as appeared in the CB press release.
The Board arrived at this decision after carefully considering the recent and expected macroeconomic developments and possible risks and uncertainties on the domestic and global fronts with a view to ensuring that inflation aligns with the target of 5 per cent over the medium term, while enabling the economy to reach its maximum potential.
The Board observed that inflation is likely to remain well below the target of 5 per cent over the next few quarters, potentially recording deflation in the immediate future driven by changes to administratively determined prices and easing of supply conditions.
Headline inflation softened significantly with the recent downward revisions to the electricity tariffs, and fuel and LP gas prices as well as the overall decline in volatile food prices. Moreover, core inflation, which reflects underlying demand conditions in the economy, also moderated, albeit at a slower pace.
Accordingly, the latest projections confirm that headline inflation is likely to be below the target by a notable margin in the forthcoming months while core inflation is projected to remain around the current levels on average.
Supported by appropriate policy measures, inflation is expected to gradually align with the targeted level of 5 per cent over the medium term after a likely overshooting in the second half of 2025.
Meanwhile, yields on government securities, which came under pressure owing to perceived uncertainties amidst the Presidential election, showed preliminary signs of easing at the Treasury bill auction following the election.
The continuation of the Extended Fund Facility arrangement with the International Monetary Fund (IMF-EFF) and early finalisation of the debt restructuring process will support the strengthening of external sector buffers further.
The Board noted that the current accommodative monetary policy stance is yielding the expected outcomes, particularly in terms of the continued easing of market lending interest rates, expansion of credit to the private sector, and a strong rebound in domestic economic activity amidst a low inflation environment.
The Monetary Policy Board will continue to monitor and assess incoming data on inflation developments and other macroeconomic variables and will adopt data-driven policies as required, going forward.
My comments and concerns
Almost all reasons given above are irrelevant and unjustifiable for the MPB mandate of the monetary policy for inflation target as agreed with the Minister of Finance on 3 October 2023.
As per monetary policy framework agreement signed with the Minister of Finance (Read the Gazette here), the inflation target is 5% on quarterly average of the year-on-year CCPI monthly headline inflation for the three months of the corresponding quarter, with a margin up to 2%. Accordingly, effective target is the quarterly inflation of 3% to 7% in any quarter. This means that the mandate of the MPB is to comply with the inflation target on a quarterly basis (three months moving average) for the past. Therefore, the MPB’s only duty is to look at the trend of the quarterly average inflation figure and invoke monetary policy actions it considers fit to get the quarterly average inflation back to 2%-7% target in future.
Therefore, all reasons or macroeconomic outlook and risks stated in the press release are inappropriate. For example, recent price revisions, core inflation, monthly headline inflation, balance of payment developments, foreign reserves and growth factors are not relevant on the monetary policy framework, i.e., policy rate change to achieve the quarterly average inflation target by changing the aggregate demand of the economy suitably. Therefore, consideration of other micro economic information such as prices of selected goods and services, deb restructuring, foreign reserves and potential production is not warranted in the monetary policy. Further, the MPB has no mechanism or mandate to influence those areas through monetary policy. However, previous Monetary Board under the Monetary Law Act had a mandate for balancing the growth, prices and balance of payment, etc., for economic and price stability.
The price analysis in the price index is an unwarranted exercise as monetary policy has no instruments to target or influence such individual prices to comply with the inflation mandate. Such price controls are the work of the government. What the MPB should be worried is only the quarterly average inflation number. Therefore, the most part of the press release is out of its mandate and framework.
The decision made on the basis of inflation forecast is not rational as the CB inflation forecast itself is unacceptable. The CB itself states that the forecast is nether promise nor commitment. Therefore, inflation forecast has been changed in each monetary policy statement. It is now accepted that inflation forecast of even Bank of England and US Fed are defective. Central banks may predict inflation and economic variables not more than one month or one quarter. No human being can predict present days’ economic outcomes.
Expectation of deflationary period without early monetary policy action such as cutting policy rates and printing more money to prevent it is a violation of the MPB’s statutory mandate on inflation target. Deflation is considered as a serious blow on production and employment than inflation.
Although past policy statements generally report the status of inflation expectations and its anchoring process by the monetary policy, the present statement does not reveal anything about it or whether the expected deflationary trend is connected with change in inflation expectations.
The near-term and medium-term used for expectations of several key economic outcomes are not specified in calendar times. Therefore, the general public is unable to adjust their economic activities accordingly.
Although policy statement mentions about policy consideration to enable the economy to reach its maximum potential, the monetary policy mandate does not cover any potential of the economy. Further, the MPB does not give any indicators for the maximum potential of the economy at present. In fact, lower interest rates are required to promote the economy towards its potential it is below at present. It is no secret that economy’s potential is severely blocked by tight fiscal and monetary policies and continued supply chain disruptions as shown by alarming magnitude of migration of youth and skilled professionals seeking employment overseas.
A strong policy rate cut was expected due to several valid reasons as highlight below.
First, inflation has been closer to zero from March this year as compared to the peak of 70% in September 2022. However, the reduction in policy rates has been only 7.25% so far from May 2023 in total of six occasions. Two jumbo rate cuts of 4.5% was announced in May and July 2023 when inflation was in the range of sugar high 35%-25%. Therefore, keeping policy rates at still high 8.25%-9.25% at inflation closer to zero is not justifiable.
Second, although press release states that market interest rates have fallen, it is observed that market rates have tended to move up for past three months even for the CB controlled interest rates such as Treasury bill yields and call money rate. Despite the injection of reserves through reverse repo auctions daily around Rs. 40 bn – 60 bn at lower interest rates than SLFR, call money rates recently have been moving towards the upper policy rates corridor from its lower bound (see the charts below). Therefore, market interest rates and policy rates are inconsistent with zero bound inflation. Accordingly, a strong policy rates cut is now necessary to bring market interest rates sustainably down to be in line with zero bound inflation.
Third, global central bank community has now commenced a rate cutting cycle after more than two years of rate hiking cycle as inflation has been strongly and sustainably fallen to around the target of 2%. While the cycle started with 25 bps cut by the European Central Bank in last June (second 25 bps cut in September) and Bank of England in last August, it was strengthened by the Fed’s unexpected jumbo rate cut of 50 bps on 18 September even facing the Presidential Election coming up on 5 November. As a result, many central banks are now in the cutting bandwagon. The MBP in the past cited the global rate hike as one reason for steeper policy rates hike in Sri Lanka. Therefore, the MPB has no global reason now to keep policy rates high further because Sri Lankan monetary system is also a dollarized one through capital flows.
The MPB’s view that “that the current accommodative monetary policy stance is yielding the expected outcomes, particularly in terms of the continued easing of market lending interest rates, expansion of credit to the private sector, and a strong rebound in domestic economic activity amidst a low inflation environment” to keep policy rates unchanged is factually incorrect and unacceptable due to following reasons.
First, what expected outcomes are yielding are not indicated.
Second, easing of market lending rates is not correct as market interest rates are now rising as shown above, despite high volume of reserves of banks parked at the CB for risk free return now at 9.25% (see the chart below) with hardly overnight borrowing from at SLFR, partly due to low level of economic activity requiring reserves.
Third, private credit expansion is not a matter for the monetary policy framework as its present mechanism is the policy rates, financial conditions/money supply and quarterly average inflation. Private credit is only a sectoral finance matter for the banking sector and government. The new CB does not have instruments for bank credit controls under the monetary policy.
Fourth, strong rebound in domestic economic activity is justified with relevant information while domestic economic activity is not a matter for the present monetary policy framework. Further, if the activity had been so strong, the former President would have been re-elected. However, he lost to a brand new political movement.
Fifth, the link between the economic activity rebound and low inflation environment is not provided in the policy statement.
Remarks
In view of comments and observations made by me as above, the MPB’s decision to maintain policy interest rates unchanged at 8.25%-9.25% is irrational and arbitrary while reasons given for the decision are incorrect and irrelevant. Almost all contents are meaningless jargon that nobody understands.
The current level of policy interest rates of 8.25% and 9.25% on risk free and cost free money printing operations has no economics for a bankrupt economy with sky-rocketed cost of living as such high interest rates worsen the economy.
In common business sense, a jumbo policy rate cut of at least 2%-3% is now required to spearhead a new dynamism of the economy in order to recover from the present bankruptcy status.
Keeping interest rates unchanged while global interest rates are falling in low inflation environment is an indication of the MPB using it monetary policy unlawfully for other motives such as raising foreign reserve buffer through hot capital inflow on rising interest differential.
It is reported that the even the IMF who is the architect of Sri Lankan monetary policy is also now not happy with present two policy rates (rates corridor) system with ample lending to primary dealers for on lending to the government although the system was set up under the assistance of the IMF/World Bank.
The CB cannot do all economic wonders under the sun through its policy interest rates as it is not a magician or scientist but a geo-political bureaucrat managed by people of politics, not of divine.
Therefore, the system of the present monetary policy requires a major revamp to make it advantageous to the general public of the presently bankrupt economy which is to be managed by a fresh political leadership elected first time by voters after 75 years.
(This article is released in the interest of participating in the professional dialogue to find out solutions to present economic crisis confronted by the general public consequent to the global Corona pandemic, subsequent economic disruptions and shocks both local and global and policy failures. All are personal views of the author based on his research in the subject of Economics which have no intension to personally or maliciously discredit characters of any individuals.)
P Samarasiri
Former Deputy Governor, Central Bank of Sri Lanka
(35 years of staff grade service in the Central Bank, a former Director of Bank Supervision, Assistant Governor, Secretary to the Monetary Board and Compliance Officer of the Central Bank, Former Chairman of the Sri Lanka Accounting and Auditing Standards Board and Credit Information Bureau, Former Chairman and Vice Chairman of the Institute of Bankers of Sri Lanka, Former Member of the Securities and Exchange Commission and Insurance Regulatory Commission and the Author of 13 Economics and Banking Books and a large number of articles published.)
September 30, Colombo (LNW): Dr. Harini Amarasuriya, the newly appointed Prime Minister of Sri Lanka, made her debut address on 30th September 2024, coinciding with the celebration of both International Children’s Day and Elders’ Day. As Minister of Women, Child and Youth Affairs and Sports, she emphasised her administration’s commitment to prioritising the welfare of children and elders.
Speaking on the theme of this year’s International Children’s Day, “Investing in our future means investing in our children,” Prime Minister Amarasuriya outlined the government’s focus on delivering a robust public education system.
This initiative aims to ensure every child has access to high-quality education, without the hindrance of financial constraints. In a bold statement, the Prime Minister condemned physical and mental abuse in educational settings, warning against the pressures of “unhealthy competition.”
Instead, she advocated for environments that foster empathy, care, and understanding, signalling a significant policy shift towards more nurturing educational frameworks.
In her remarks on Elders’ Day, Prime Minister Amarasuriya reiterated her government’s dedication to improving social security systems and healthcare access for the elderly.
The 2024 theme, “Ageing with Dignity,” reflects her administration’s pledge to enhance support for older citizens, particularly in retirement and healthcare.
These measures, she noted, are designed to honour the lifetime contributions of Sri Lanka’s elder population.
Prime Minister Amarasuriya called on all Sri Lankans to unite in building a better future for both the young and the old, underscoring her vision of a nation rooted in compassion, equity, and sustainable progress.
Full Speech:
Today is a special occasion as I deliver my first message as Prime Minister and Minister of Women, Child and Youth Affairs and Sports of Sri Lanka celebrating both International Children’s Day and Elders’ Day. These two important observances remind us of the vital roles children and elders play in shaping the future and the legacy of our society.
This year, the theme for International Children’s Day is “Investing in our future means investing in our children.” This is more than a slogan-it embodies a core principle and policy direction of our government.
We are committed to providing a high-quality, public education system that benefits every child in Sri Lanka. Our vision is to equip children with the tools they need to thrive in a world full of opportunities, free from the burdens of financial limitations.
Moreover, we strongly oppose all forms of physical and mental abuse directed at children,particularly within educational institutions. Children deserve to grow up in environments filled with empathy, care, love, and joy-not under the strain of unhealthy competition. By fostering compassion, understanding, and mutual respect, we can raise a generation capable of building a just and equitable future. The best interests of children will always be our top priority in every decision concerning them.
As we mark Elders’ Day, we honour those who have contributed so much to our country’s progress. The 2024 theme, “Ageing with Dignity: The Importance of Strengthening Care and Support Systems for Older Persons Worldwide,” reflects our dedication to enhancing social security and protection for elderly people. Our government is committed to improving retirement benefits for elders and ensuring free and equal access to healthcare, especially for those who have spent their lives contributing to the workforce.
Let us join hands in working for the well-being of both our children and elders, in our journey of building a thriving nation and a beautiful life for all Sri Lankans.
Dr. Harini Amarasuriya Prime Minister Democratic Socialist Republic of Sri Lanka 30th September 2024
September 30, Colombo (LNW): People’s Bank, in partnership with Sri Lanka’s leading state-owned non-banking financial institution, People’s Leasing & Finance PLC (PLC), has introduced a co-branded credit card known as the CLASSIQUE VISA Infinite. The official launch took place during a special event at the PLC CLASSIQUE premier centre.
The launch ceremony was attended by notable figures from both institutions, including People’s Bank Chairman Sujeewa Rajapakse, Chief Executive Officer and General Manager Clive Fonseka, PLC Chairman Pradeep Amirthanayagam, CEO and General Manager Sanjeewa Bandaranayake, and VISA Country Manager for Sri Lanka and the Maldives Avanthi Colombage. Senior staff members from People’s Bank and PLC also attended.
The CLASSIQUE VISA Infinite card is designed to cater to a select group of high-end consumers, offering exclusive benefits across four major areas: lifestyle, entertainment, retail, and travel. Cardholders will gain access to premium services and privileges, such as special dining offers, VIP access to entertainment events, luxury shopping experiences, and travel benefits. Additionally, the VISA Infinite platform enhances the experience by providing concierge services in over 500 cities, which include meet-and-greet airport services and luxury hotel booking privileges.
One of the standout features of the CLASSIQUE VISA Infinite card is its complimentary lounge key membership, which offers two free airport lounge accesses annually. The card also comes with an overseas travel insurance policy, providing coverage up to $500,000, ensuring peace of mind for international travelers. Furthermore, an exclusive WhatsApp Concierge Service is available 24/7 for elite cardholders, adding another layer of convenience.
Customers will enjoy special discounts year-round at selected outlets, with additional promotions during holiday seasons. The card also allows for supplementary cards with flexible settlement options of up to 24 months and an interest-free credit period of 51 days. To assist cardholders, a dedicated 24-hour customer service hotline (1961) is available, and additional benefits include a balance transfer facility, travel insurance, and a 0% installment plan for insurance payments.
During the launch event, Sujeewa Rajapakse expressed his enthusiasm for the partnership between People’s Bank and PLC, stating that this collaboration between two of Sri Lanka’s largest financial institutions would create a credit card that everyone would aspire to carry. He highlighted that the CLASSIQUE VISA Infinite card offers significant value and would continue to evolve with further benefits in the future.
Pradeep Amirthanayagam echoed this sentiment, emphasizing the strength of the partnership between People’s Bank and PLC. He noted that People’s Bank is one of Sri Lanka’s most trusted brands, and the introduction of the co-branded credit card would make it a highly desirable financial product. He expressed confidence that this collaboration would create a powerful financial service provider, capable of excelling in both conventional banking and leasing.
The CLASSIQUE VISA Infinite co-branded card by People’s Bank and PLC sets a new benchmark for credit card services in Sri Lanka, offering a comprehensive suite of premium features and exclusive benefits tailored to elite consumers.
September 30, Colombo (LNW): The Hotels Association of Sri Lanka (THASL) and Sri Lanka Association of Inbound Tour Operators (SLAITO) praised the government’s decision to reinstate the Electronic Travel Authorisation (ETA) system, simplifying the process for tourists visiting the country.
This platform, operational since 2012, had been recognized as one of the most efficient in the region, contributing significantly to the growth of tourism. However, it was unexpectedly replaced by a new system in April 2024 after the previous government outsourced visa processing.
THASL and SLAITO revealed in a joint statement that this abrupt change negatively impacted tourist arrivals. After their appeals for a reversal were ignored for more than two months, key industry stakeholders filed Fundamental Rights petitions in Sri Lanka’s Supreme Court in July 2024.
They expressed gratitude to the Supreme Court for its directive on 2 August 2024 to restore the previous ETA system. However, there was a delay in executing the court’s order, causing confusion and significant revenue loss due to the decline in tourist arrivals. The absence of a streamlined online visa system contributed to this downturn.
Both associations expressed delight at the reinstatement of the old ETA system by the Department of Immigration and Emigration, anticipating a positive outcome with an expected surge in tourist numbers in the near future. They also acknowledged the efforts of the Committee on Public Finance (COPF) in May/June, as well as the Supreme Court’s interim order, which was issued two months prior.
Additionally, THASL and SLAITO extended their thanks to Sri Lanka’s President and the Minister for Public Security for ensuring the Supreme Court order was promptly enforced after they took office. They emphasized the critical role tourism plays as the leading net foreign exchange earner for Sri Lanka, with over 10% of the population relying on the industry for their livelihood.
September 30, Colombo (LNW): Hanif Yusuf, a distinguished businessman and former CEO of Expolanka Holdings PLC, officially assumed his role as the Governor of Sri Lanka’s Western Province, marking a significant moment in his career. Appointed by President Anura Dissanayake,
Business leader Yusuf brings extensive business experience and a reputation for excellence to his new role. His appointment also highlights the contributions of the Memon community, to which he belongs, recognizing their role in driving Sri Lanka’s economic development.
Yusuf, who has built a global business empire across 40 countries, emphasized that real progress is measured by the welfare of the underprivileged, not just the accumulation of wealth by the rich.
He highlighted the need for an inclusive approach to development that benefits all sections of society. He also stressed the importance of tackling corruption and called for collective efforts to bring about the change that citizens demand. “Eliminating corruption is difficult but not impossible if we work together,” he said, committing to use his skills to address this challenge.
Reflecting on his new role, Yusuf acknowledged the complexity of the task ahead but remained optimistic, stating that his extensive experience in business and leadership positions him well to contribute meaningfully to the province’s progress. “This is not something I can do alone,” he noted, underscoring the need for collaboration among stakeholders.
Yusuf’s journey from a local entrepreneur to a global business leader is inspiring. Born in the bustling district of Kollupitiya, Colombo, his family traces its roots back to Gujarat, India. His father was granted Sri Lankan citizenship in 1953, under Prime Minister John Kotelawala, and the family has been deeply committed to their adopted homeland ever since.
Yusuf received his education at the prestigious Royal College in Colombo, and later co-founded Expolanka Holdings in 1978. Under his leadership, the company grew from a small family business into a multinational enterprise spanning logistics, leisure, and information technology sectors, operating in over 39 countries.
Yusuf’s achievements have been recognized with numerous awards, including the ‘Legend of Logistics’ award in 2022 and the ‘Asia Pacific Entrepreneurship Special Achievement Award’ in 2013. These accolades highlight his pivotal role in shaping Sri Lanka’s logistics industry and his commitment to excellence.
As he embarks on his new journey as Governor, Yusuf’s appointment not only honors his personal achievements but also serves as a recognition of the Memon community’s contributions to Sri Lanka’s economy. His leadership symbolizes resilience, entrepreneurship, and innovation, inspiring future generations to continue building on this legacy.
In his new role, Yusuf promises to foster development and innovation while prioritizing the welfare of the people. His leadership is expected to bring positive changes to the Western Province, driving growth and inspiring others to contribute to the nation’s progress.
September 30, Colombo (LNW): National Development Bank PLC continued to demonstrate strategic agility and resilience amidst less than conducive operating conditions, as was reflected in financial performance for the six months ended 30 June 2024, released to the Colombo Stock Exchange recently.
The Bank posted a pre-tax profit of Rs. 6.5 Bn for the period under review, an impressive growth of 58%, predominantly driven by healthy net interest income. NDB’s Director/ Chief Executive Officer. Kelum Edirisinghe attributed such performance to alignment to the Bank’s current mid-term strategy, delivered by the passionate and dedicated NDB team.
This strategy will enable us to drive profitability and enhance shareholder value, helping the Bank reach and exceed its true potential.
NDB Bank has reached a significant digital achievement by becoming the first bank in Sri Lanka to surpass 100,000 subscribers on its YouTube channel.
This milestone reflects the bank’s commitment to innovation and its digital-first strategy for customer engagement, setting a new standard in Sri Lanka’s banking industry.
As a key player in using social media to connect with its customers, NDB Bank’s YouTube channel serves as a platform for educational and engaging content.
The channel offers financial insights, updates on the bank’s products and services, and educational material on critical financial topics.
Most of its subscribers, over 96%, are based in Sri Lanka, with the primary audience being individuals aged 25-34, followed by the 35-44 age group. Through its dynamic video content,
NDB Bank has been able to empower customers to make informed financial decisions, building trust and loyalty in the process.
This achievement aligns with NDB’s broader strategy to lead the evolving digital landscape. In addition to YouTube, the bank is active on Facebook, Instagram, TikTok, LinkedIn, and X, using these platforms to provide timely information and foster interactive experiences with its customers.
“NDB has always aimed to stay at the forefront of digital banking. Reaching 100,000 subscribers on YouTube is a reflection of our ongoing efforts to deliver meaningful content that resonates with our audience and meets the needs of our tech-savvy customers,” said Darshana Jayasinghe, NDB’s Head of Marketing.
He emphasized that the achievement underscores the bank’s commitment to innovation and its intent to continue expanding its digital presence to add value for customers.
As digital engagement continues to grow, NDB Bank is well-positioned to lead the industry by offering seamless, user-friendly, and innovative financial services.
This accomplishment further solidifies NDB Bank’s leadership in Sri Lanka’s financial sector and its role as a pioneer in digital transformation, setting a new benchmark for customer engagement in the digital age.
September 30, Colombo (LNW): Minister Vijitha Herath has been appointed as the spokesperson for the newly established three-member interim cabinet, which is currently touted as one of the smallest cabinets in the world.
This cabinet is formed under the leadership of the National People’s Power (NPP), signalling a shift in governance amidst ongoing challenges.
The inaugural cabinet briefing is scheduled for tomorrow (Oct 01), where Minister Herath will outline the cabinet’s initial decisions and priorities.
This briefing is expected to provide valuable insights into the new government’s strategic direction, particularly as the country navigates through pressing economic and social issues.
Observers anticipate that the cabinet’s decisions, as articulated by Herath, will set the tone for the new government’s approach and priorities.
September 30, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates appreciation against the US Dollar today (30) in comparison to last week, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 293.50 from Rs. 295.30, and the selling price to Rs. 302.56 from Rs. 304.33.
The Sri Lankan Rupee indicates appreciation against several other foreign currencies as well.
