‘Lanka needs to breach USD 10 bn export import mismatch’
Sri Lanka urgently needs to breach the annual USD 10 billion export import mismatch to bring back ‘economic normalcy’ once again.
This was opined by the Chairman Bank of Ceylon, Kanchana Ratwatte at the banks 83rd year celebrations last morning celebrating the occasion beginning with a multi-religious ceremony at the Bank’s Head Office with the participation of guests composed of customers and well- wishers.
He said that average Sri Lankan exports are around USD 10 to 12 billion but the imports are over USD 20 to 23 billion. “Before the C-19 pandemic this mismatch was breached with remittances accounting to around USD 6 billion, tourism another USD 3.5 billion, FDI 1 billion and other donor funding.”
With the C-19 pandemic Sri Lanka not only saw a huge dip in remittances, tourism earnings along with FDI’s but also had to invest on an unprecedented amount to nurse COVID patients, import C-19 injections. “In addition Sri Lanka also had to find USD 4.6 billion for debt servicing.”
As a result of this Sri Lanka is facing this current crisis. He also recalled that it was the Bank of Ceylon that first introduced the Home medical care system which was a great help towards C-19 treatment.
He said that it was pleasing to note that for the first time after 2002 exports have surpassed imports and this is a very positive sign. The Bank of Ceylon too is egging on exporters and the SME sector and introduced new initiatives such as “SME Circle” and “Export Circle” by taking a step to further develop entrepreneurship with them.’
“Similarly today we are launching a special unit to address issues of Sri Lanka expatriates and assist them. This will be a 24-hour operation.”
He said that they posted a healthy RS. 9 billion PBT for the first quarter and the second quarter results too would be positive. “However due to several economic issues in the country and high interest rates, difficulties in recovery may impact our profits in the last two quarters.”
“Our Journey as the No. 1 Bank in the country has always been a challenging, yet inspiring one but we managed to achieve enormous profits,” stated the General Manager of Bank of Ceylon, K. E. D. Sumanasiri.
“As a prominent financial institution, we are also committed to build a financially and digitally inclusive community aiming for a positive impression on the economy.”
From the inception of the Bank, with the opening of its first branch, the “City Office Branch”, Bank of Ceylon has increased its footprint to include a network of up to 649 branches, and 1,415 ATMs, CDMs and CRMs across the country.