BOC’s market leadership position in foreign remittances helps uplift national economy in crisis period

BOC’s Deputy General Manager (International, Treasury & Investment), R. M. N. Jeewantha, recently discussed BOC’s lead role in foreign remittances in Sri Lanka amid the COVID-19 pandemic, plus the bank’s role in offering uninterrupted banking services at the Bandaranaike International Airport.

The following are some excerpts from his presentation.

“The importance of foreign worker remittances to the national economy cannot be overstated. Remittance-generated income has become even more crucial currently, owing to the ongoing health crisis.”

With over 2 million Sri Lankans residing and working in foreign countries, they amount to approximately 10% of the country’s population and 25% of the local workforce. In the year 2019, a total of USD 6.7 Billion was generated in foreign currency remittances, corresponding to 8.03% of our total GDP. This is indicative of the significance of the contributions by migrant workers, particularly in Middle Eastern, East Asian and Western countries, to our national economy.”

“Of the above stated total in 2019, a notable 40% market share of foreign currency remittances was garnered by Bank of Ceylon, which the bank has consistently maintained over numerous years. An institution that has formed a reputation as Bankers to the Nation, BOC has helped Sri Lankans send money home reliably, safely, and promptly for many decades. The impact that the ability to securely transfer money has on our citizen’s social well-being, is incalculable.”

“Despite remittances being hard hit in the months of April and May by the COVID-19 pandemic worldwide, and extended periods of lockdown as a result, foreign remittances in Sri Lanka reached a high of USD 703 Million in September 2020. BOC has maintained market leadership position in foreign remittances in 2020 as well, while managing to retain 40% market share once more.”

“Additionally, for conversion of remittances to rupees plus for foreign currency deposits, BOC provides the most attractive exchange rates market-wide. These benefits feature heavily when Sri Lankans working abroad opt for BOC to facilitate their money transfers.”

“BOC also maintains over 100 direct relationships with exchange houses worldwide. These partnerships are facilitated by BOC business promotion officers across the world in countries such as Qatar, South Korea, Oman, UAE, Italy, Saudi Arabia, Japan, Kuwait, and Israel. It is important to note that even amidst the current global pandemic, these BOC business promotion officers have not requested to come back home, and they continue to serve Sri Lankans in those countries and the country as a whole.”

“The bank’s resolve to continue serving the nation even in times of adversity, ensured state corporations, private entities and the country as a whole could operate and continue as before. This fully captures the spirit of Bank of Ceylon, and its determination to lead the country forward.”