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+ Exchange Rates The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of November 13, 1998 were as follows:
Buying Selling 100 US Dollars Rs. 6625.28 Rs. 6759.12 The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on November 13, 1998 were as follows:
Saudi Arabia Riyal Rs. 17.84 Bahrain Dinar Rs. 177.52 Kuwait Dinar Rs. 220.08 Qatar Riyal Rs. 18.39 UAE Dirham Rs. 18.22 Oman Riyal Rs. 173.83 Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on November 13, 1998 were as follows:
Buying Selling 100 US Dollars Rs. 6722.00 Rs. 6769.00 100 Sterling Pounds Rs. 11148.83 Rs. 11282.40 100 Deutsche Marks Rs. 3965.24 Rs. 4033.92 100 French Francs Rs. 1179.42 Rs. 1203.32 100 Japanese Yen Rs. 54.51 Rs. 55.53 Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended November 6th 1998 was 14.4 per cent for all banks. The Lowest Prime Rate among banks during this week was 13.3 per cent.Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended October 31, 1998 was 9.2 percent.
Union Bank recives ISO 9002 certification
by Danielle Boekel
Union Bank of Colombo Ltd. has become the first bank in Asia to receive the ISO 9002 certification for their successful achievement and adherence to international quality standards.The quality management system practised at Union Bank which covers everything from corporate and personal banking to credit and international operations was found to be in conformity with the standards prescribed by the International Organisation for Standardization, a Bank spokesman said. The certificate of approval was granted last month by Bureau Veritas Quality International, an internationally reputed certification body based in Paris.
Shan Shanmuganathan, Managing Director of Union Bank said that this is the first time a bank in Asia has obtained ISO 9002 certification for the total range of commercial services provided by a bank. He said that some banks get awarded only for certain divisions but Union Bank had surpassed them all by being awarded the total ISO quality certification. He added that this was a major
achievement for a bank that is only three and a half years old and also served as encouragement for their staff of 160 to continue improving.
'Obtaining the certification included a lot of work where the participation of the staff was necessary to understand quality in banking' the bank's Head of Operations Kumar Wickramarachchi said. All of the bank's staff undergo training in quality and efficiency. ' The certification also brings about self discipline among the staff because they have to conform to certain quality standards' Mr. Wickramarachchi said.
All aspects of the bank's progress is to be reviewed every six months. This is especially significant since one of the elements in the ISO certification is continuous improvement.
Mr. Shamnuganathan said that several improvements in technology, marketing and services would be introduced to Union Bank. The bank will soon add InterNet banking to their existing services which include 'phone banking and drive up ATMs.
Hemas Consumer Division celebrated the 'National Quality Week' this year from 12 - 18 October, for the third time on a grand style. The main function was held on the 14th of October at the Airport Garden Hotel, Katunayake.
There were over 225 participants including all employees of the division, invitees from other subsidiary companies in the group and main material suppliers, who are considered as the immediate external customers in their business.
On this occasion, the Managing Director Mr. Husein Esufally addressing the gathering said that it is necessary to concern on the quality of individuals, as well, through which the product quality will be improved. Also, he mentioned about the proud history of 50 years of Hemas and the commitment of all employees through the years leading upto the status obtaining of the prestigious ISO 9001 certification this year.
The Chief Guest, CEO Dankotuwa Porcelain Mr. Kingsley Bernard in his speech emphasised the importance of maintaining the quality of products and creating a Quality Culture within the Organisation.
Hemas Group as a whole, is very much proud in celebrating its Golden Jubilee this year. Consumer Division Commenced operations in 1962 with the introduction of the personal care side of their business.
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