The People's Bank recently announced new initiative measures to Sri Lankans earning foreign currency, offering the best short term and long term investment opportunities through the Sri Lankan Rupee Treasury Bills and Bonds.
This scheme offers a safe and highly liquid investment opportunity to the Sri Lankan diaspora and migrant workers while providing an attractive return on their investments, according to a bank statement.
A Treasury Bill is a short term debt instrument issued by the government under the local treasury bill ordinance with maturities of 91 days, 182 days and 364 days. Overseas Sri Lankans can channel their investments through the Treasury Bill / Bond Investment External Rupee Account - Deshabhimani (TIERA-D) which can be opened by the investor for that purpose.
Vasantha Kumar, Senior Deputy General Manager – Treasury and International Business, People's Bank said, "This is a great investment opportunity for Sri Lankan's living abroad to earn high return in concurrence with further empowering the government to go ahead with needed development projects in the country."
In addition, under the Central Bank's new initiative measures, arrangements have been made to pay a bonus interest in Sri Lanka rupees on the interest paid on Resident Foreign Currency and Non Resident Foreign Currency accounts with effect from February 1.
The bonus paid will be the rupee equivalent of 20% of the foreign currency interest that accrues on deposits.
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