Govt. rolls...

The scheme guarantees a higher return by offering an additional 3% annually either above the Average Weighted Fixed Deposit Rate (AWFDR) or the bank's declared fixed deposit rate, whichever is more beneficial to the depositor.

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"The intent is to offer a guaranteed premium return above prevailing market rates," he explained.

Dr. Jayatissa said the Government has allocated Rs. 30 billion to fund the higher interest rate offered under this scheme.

"This measure is expected to ease the financial burden on thousands of retirees who rely heavily on savings based income," he pointed out.

When asked if the Government intends to increase the maximum deposit threshold beyond the existing Rs. 1 million, he said it will depend on the public response and the number of accounts that will be opened in the next six months.

"Depending on the resilience of the banking system also the Government could explore options to extend the relief further," Dr. Jayatissa added.

The proposal to this effect submitted by President Anura Kumara Disanayake in his capacity as the Finance, Planning and Economic Development was approved by the Cabinet of Ministers.

President ...

Disanayake further emphasised that the public service should not be an inaccessible mechanism distant from citizens. He underscored the importance of considering the impact of decisions on people’s lives when making policy choices.

During the ceremony, the President also presented Siriwardana with a commemorative token in appreciation of his outstanding service to the country.