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Country’s leasing industry:

LASL optimistic

With the economic stability of the country, the Leasing Association of Sri Lanka (LASL) is optimistic about the future of the Sri Lankan leasing industry. With the opening of the Northern and the Eastern provinces there will be more economic activities in the country with the positive economic environment, the Leasing Association of Sri Lanka (LASL) Chairman, Sanjeewa Bandaranayake told the Daily News Business.

The majority of the leasing companies have reduced their interest rates drastically with the positive economic atmosphere in the country and this year the LASL will concentrate more in formulating a vision for the industry, which will be in line with the Government’s policies of assisting the SME sector in the country.

It is important for the leasing industry to expand their services in rural areas to commence their operations targeting the rural community and to provide more facilities to the SME sector, he said.

“At present, Leasing and Finance sectors enjoy the benefits of a highly effective dialogue with the Central Bank through the regular fortnightly meetings with the Governor and the key officials. With a view of facilitating the long term development, growth and sustainability of the two sectors operating more or less in the same market space, it is timely and opportune to look at the possibility of aligning our vision at a macro level with that of the policymakers in the Government to achieve the mutually desired goal of greater economic development,” he said.

“We believe that the promulgation of a common vision encapsulating the aspirations of all of the stakeholders in the Leasing and Finance sectors will facilitate the development of strategies, policies, fiscal incentives and regulations, which would provide the required conditions that would ensure the long-term stability of the leasing and finance industry whilst meeting the pressing macroeconomic and development needs and objectives of the country.

The performance of the leasing industry during last year was slightly down, but this year the LASL expects a higher growth in the industry and to contribute to the country’s economy in a larger manner,” Bandaranayake said.

He said that with the Central Bank’s firm observation the finance sector was not affected by the global economic downturn or from the credit fraud companies in the country. Due to the unregistered financial companies in the country, the customers lost their faith in the finance companies, especially in the private companies and that affected the business terrifically.

But at present with the economic stability and the Government promising the customers have gained confidence. The volumes are increasing, which shows the positive trend of the customers, he said.

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