State institutions allowed to open accounts in private banks for emergencies



A decision has been taken during a special Cabinet meeting held today (March 01) to permit state institutions, ministries, departments and statuary boards to open accounts at private banks, if trade union actions are hindering the opening of letters of credit to import medicines and other essential goods, says the Cabinet Spokesperson, Minister Bandula Gunawardene.

During the meeting, the ministers have pointed out to the President that as a result of the state bank staff resorting to trade union actions, the continuation of public services may become problematic.

They have also highlighted that it will affect the lives of the people, if a situation emerges, where it is not possible to issue letters of credit on time, especially for the most essential services such as purchasing fuel, gas and medicines.

Accordingly, drawing attention towards this situation, the Cabinet of Ministers has proposed to permit public institutions to open and maintain accounts at private banks to be useful in case of an emergency.

Thus, the President has instructed to grant approval for the matter with prior approval of the Ministry of Finance, Minister Bandula Gunawardena said.



Exit mobile version