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People’s Bank in danger! ; Depositors continue to withdraw money

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The heads of all government corporations and departments have informed the Ministry of Finance that they will immediately transfer the existing accounts at the People’s Bank to other banks, the state-owned ‘Dinamina’ newspaper reported. 

In addition, many businessmen have also informed President Ranil Wickremesinghe as the Minister of Finance that they will have to withdraw their accounts from the People’s Bank.

They have informed the President that they would take this decision with regret since their businesses may be affected if protests and strikes continue to hamper the performance of the bank. 

The heads of corporations and departments have informed President Wickremesinghe that they had to face many inconveniences since the employees of the People’s Bank also joined the strike on Wednesday (15).

The heads of public corporations and departments have explained to the Ministry of Finance that the employees could not withdraw money for their needs, and therefore the clients were inconvenienced by having to find alternatives.

Therefore, they have requested the Finance Ministry to take necessary steps to remove their accounts from the People’s Bank and transfer them to other banks.

Meanwhile, President Wickremesinghe has informed the relevant authorities at the Finance Ministry yesterday (16) to pay special attention to the request made by the heads of government corporations and departments.

Only 113 People’s Bank branches were closed – PMD

However, the President’s Media Division quoted People’s Bank Acting CEO/GM Clive Fonseka and said that 272 Branches out of the 340 were fully functional with attendance reported at over 75% as at 10.30 AM on the 15th.

Depositors withdraw money

Meanwhile, economic experts pointed out that due to this situation, the customers of People’s Bank will probably be tempted to withdraw their money from the bank.

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No justification for coconut oil price hike – Coconut Development Authority

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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Coconut oil price upped

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The price of a litre of coconut oil has been increased by more than Rs. 100, the National Consumer Front (NCF) has said.

NCF Chairman Asela Sampath said that the price of a litre of coconut oil has been increased by between Rs. 180 and Rs. 200. 

Accordingly, the current retail price of a coconut oil litre is Rs. 550.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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