BOC enjoys growth in inward remittances; nets $ 2.48 b so far

State-owned giant Bank of Ceylon (BOC) has succeeded in enjoying growth in its inward remittances business.

BOC Chairman Kanchana Ratwatte said the growth augured well not only for the bank but also the country. 

In the first 11 months of this year total remittances attracted by BOC was $ 2.48 billion as against $ 2.45 billion in the corresponding period of 2019. The achievement is significant considering the challenges amidst COVID-19 pandemic.

The market share of BOC in the inward remittances market is over 40%. 

BOC has also seen growth year on year on a monthly basis since June except in September.

As per available Central Bank data, Sri Lanka’s total receipt of inward remittances in the first nine months was $ 5.05 billion, up by 2.4% with September netting $ 703 million, up 36% year on year.