Sri Lanka: Telecom Revenue Commission beats the state banks again

Posted on June 21, 2010  /  2 Comments

Given the interest rate spread that is generally high, it did not take much effort to make money from banks in Sri Lanka. But state banks are state banks. You’d expect them and the Sri Lanka Ports Authority to be highest revenue earners for the government. But nothing can keep up with what the TRC gives the Treasury:

It would take 2.3 billion rupees coming from Bank of Ceylon, 1.8 billion from People’s Bank, 1.0 billion rupees from National Savings Bank and 40 million from State Mortgage and Investment Bank.

The telecommunications regulator would be charged a levy of 9.0 billion rupees, the National Insurance Trust Fund 5.0 billion rupees and the Geological Survey and Mines Bureau 300 million rupees.

Full story in LBO.