Night Banking

Sri Lankan President Maithripala Sirisena (L) and Sri Lankan Prime Minister Ranil Wickremasinghe gesture as Sri Lankan Finance Minister Ravi Karunanayake (unseen) presents a supplementary budget to parliament, marking the first economic policy statement of the new government which came to power earlier in the month in Colombo on January 29, 2015. Sri Lanka's new government announced hefty taxes on top companies in a bid to raise revenue, accusing the previous regime of fudging the figures and leaving the economy in a "sad state". AFP PHOTO / Ishara S. KODIKARA (Photo credit should read Ishara S.KODIKARA/AFP/Getty Images)

Nov 16, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon will start a branch that will stay open 24 hours to support government efforts to expand night economic activities in Colombo, an official said. The branch in Colombo’s Fort areas is expected to start on November 19, chairman Gamini Wickramasinghe said.

The government legalized gambling through a new law passed this month, where specific areas can be designated to operate casinos.

The area around Colombo’s D R Wijewardene Mawatha, has also been earmarked to be developed as a leisure and entertainment complex by the urban development authority.

The Bank of Ceylon is Sri Lanka’s largest bank by assets.

The bank also launched a two year savings certificate paying 8.0 percent a year this week. Branded ‘Unity Premium Bonds’ the scheme hopes to raise 2.0 billion rupees in two weeks, officials said.

They come in denominations of 1,000, 5,000, 50,000, 100,000 and 500,000 rupees.

Officials say they are intensifying deposit collection despite excess liquidity in the banking system to promote savings. Officials say excess liquidity will be a temporary.