Banks slash opening hours as power cuts bite

The banking sector has become the latest victim of hours-long daily power cuts, with some banks finding it difficult to keep open their branches and thus deciding to significantly cut down on their opening hours from this week.
In general, bank branches operate with backup power from generators. But longer the power cuts, operating them for full working hours becomes costly, particularly with the increased diesel prices.

Sri Lanka’s commercial sector is already subjected to higher electricity tariff among other user groups.
The banks also said the ability to operate through generators is greatly impaired, due to the dollar shortage, which has made fuel in short supply.

Weighing in on the prevailing power crisis, the Ceylon Chamber of Commerce this week offered both short and medium-term measures for the government to follow to emerge out of this crisis, which is taking an immense toll on businesses.

In addition, one economic analyst Mirror Business spoke to called to end preferential tariff now offered to religious places, to put an end to a vast disparity in charging for electricity.