To cater to the heightened economic activities in the North and East, the Central Bank will open its fourth regional branch in Jaffna early next month. This will be followed by another in Trincomalee.
A senior official said the Monetary Act had provisions to decentralise Central Bank activities. In keeping with the provisions of the Act, it had earlier set up regional branches in Anuradhapura, Matale and Matara.
The Senior officer said people in the North believed they had a great need for poverty alleviation and felt that one of the ways of doing it was by getting involved in economic development. There is an increased demand for banking services in Jaffna. He said they will establish this branch to facilitate banking services and economic growth. He added that in countries such as India, its Central Bank known as the Reserve Bank of India had devolved its functions to regional branches.
The official said with the setting up of the regional branch it will be convenient for people in the area to inquire about such matters as their Employees’ Provident Fund balances among others.