As Sri Lanka’s highest receiver of foreign inward remittances, Bank of Ceylon, the 100% government-owned banking giant, is confident of achieving a target of a staggering 160 billion rupees in this sphere this year (2008).

"In 2007, we handled 147 billion worth inward remittances, and this year, we are working vigorously towards pushing this figure over 160 billion rupees", says H. M. A. B. Weerasekara, Deputy General Manager, International & Treasury, Bank of Ceylon.

In the year 2006, Bank of Ceylon (BOC) handled overseas inward remittances to the value of 124 billion rupees.

"As these statistics clearly indicate, there has been a considerable growth in the volume and value of these remittances handled by us over the past three years", he noted.

"Although, the prevailing global economic downturn has created difficulties all around, we are positive of securing over 160 billion rupees target in inward remittances from Sri Lankan expatriate workers and the Diaspora", Weerasekara stressed.

"We have already made significant headway in achieving this year’s target", he assured. "This will be a record".

He said that substantially foreign inward remittances flow primarily from North America, Middle East, European Union, South East Asia, South Asia, Far East Asia and Australia.

"In fact, there are more than 100 countries world-wide we receive remittances from Sri Lankan expatriate workers and the Diaspora", Weerasekara explained.

As Sri Lanka’s leading commercial bank, the Bank of Ceylon handles more than 50% of the total foreign inward remittances industry, he said. "We play the lead role".

He said that as part of the ongoing drive to garner more foreign currency remittances, the Bank of Ceylon has deployed its staff in key centres in the Middle East, Korea, Japan and Italy.

"We have also joined hands with many overseas Exchange Houses, banks and fund transfer companies by appointing representatives to tap the potential and expand our customer base", Weerasekara said.

"Opening an Exchange House in Italy is on the cards", he said. "We want to open exchange houses in countries where there is a heavy concentration on Sri Lankans".  

He said that inward remittances can be sent to Sri Lanka from any overseas destination within 10 minutes via BOC’s e-cash money transfer system. "These funds can be credited to a BOC account or collected from any of our 306 branches island-wide".

"One need not be a BOC customer to receive money via e-cash", the DGM emphasized. "We will even deliver the cash to their homes, if the need arises".  

Sri Lankan expatriate workers who are BOC customers are also eligible to apply for loan facilities, Weerasekara noted. "They can apply for a loan to build a house or for any other purpose".  

"BOC branches in London, Male and Chennai are also playing an active role in this regard", he pointed out. "We want to make our London branch a subsidiary from next year with plans to expand to other parts of Europe".