“The Bank is ideally positioned to take the lead in streamlining flows to Sri Lanka”
Supporting the power of remittances to spur development and in support of the efforts of the Central Bank of Sri Lanka (CBSL) to optimize inbound remittances to Sri Lanka, the leading private sector bank HNB PLC, has recognized and rewarded its top performing clients, during a special ceremony at their premises.
The event featured CBSL Governor Ajith Nivard Cabraal as the main guest, and CBSL Deputy Governor Dharmasiri Kumarathunga, who, along with HNB CEO / CEO Jonathan Alles and des executives, presented cash prizes of LKR 100,000 to the winners.
Speaking on the occasion, CBSL Governor Ajith Nivard Cabraal said: “We express our gratitude to all Sri Lankans working overseas who are able to send part of their hard earned income home. them. Remittances are not only a benefit to those who send and receive money, but also an extremely valuable benefit to our nation. By recognizing these factors, we understood that it is important to offer as many privileges as possible to those who use official channels for their remittances.
These will include immediate CBSL measures such as offering Rs. 2 on every US dollar donated, as well as additional tax benefits. Likewise, if they used these funds to start a business, they would also receive additional concessions. Every Sri Lankan who works abroad should be treated like a VIP. We are grateful for their services and hope they make the most of this opportunity. I would also like to thank HNB for immediately committing to support our vital efforts to increase remittances, which are critical to Sri Lanka’s future development.
Among other initiatives to increase remittances, from $ 7 billion to $ 9 billion, CBSL, in collaboration with the banking industry, plans to introduce SL-Remit, a mobile application allowing migrant workers to ‘send their income through a safe and secure network. , official channel.
Nationally, workers’ remittances have declined in recent months, with September’s inflows halving to $ 353 million from $ 703 million a year ago. Remittances in the first nine months were down 9% year-on-year to US $ 4.5 billion compared to the corresponding period last year.
“Migrant workers who choose to send their currencies through formal banking channels will benefit from new privileges, both at the national level and at the banking level. Given HNB’s rich 40-year heritage in the remittance business, we are uniquely positioned to take the lead in streamlining inbound flows to Sri Lanka, while ensuring that the interests and welfare of migrant workers during their time as a migrant and upon their return home, ”said HNB CEO Jonathan Alles.
With over four decades of experience in remittances, HNB has deployed agents in select locations as a regular point of contact to provide solutions and advise clients on their banking expectations.
HNB’s remittance services provide customers with the convenience and security of transferring funds through the bank’s global network of partners across all populated continents. HNB’s global network consists of more than 130 links with reputable foreign exchange bureaus and banks around the world, where deposits can be made in 13 designated foreign currencies, as well as LKR.
Notably, HNB saw a significant 15% year-on-year increase in digital remittances in the first half of 2020 alone, following the introduction of cardless withdrawals for Lankan expats and the launch of the HNB blockchain installation. RippleNet for Business, which has helped alleviate the challenges faced by customers. . By the end of its last fiscal year, HNB had facilitated inbound remittances of over LKR 203 billion.