Finance companies play vital role

In country’s economy:

Charumini DE SILVA

The Central Bank is optimistic that all registered finance companies will soon get listed in the Colombo Stock Exchange (CSE) before the dead line.

The Central Bank has given two years for all registered finance companies to get listed in the CSE to have a better transparency in their transactions. There is another one and half years for the deadline and the Central Bank hopes that they will respond soon as it is a part of their regulation, Central Bank Governor, Ajith Nivard Cabraal, said.

He was speaking at the opening of the Commercial Credit Limited (CCL) Colombo city office in, Kollupitiya yesterday.

Finance companies play a vital role in the country’s economy by providing access to credit for public to continue in economic activities.

The country’s finance companies are stable and as the regulator we are quite confident that the momentum will sustain in the future. Although we had difficulties during the global economic downturn we managed it well, better than the strong western economies.

We are optimistic about the opportunities that the country has gained with the establishment of peace, he said. Cabraal said, performance of finance companies under management agents are outstanding now as their activities are well monitored.

The Central Bank is in the process of offering them an assessment for their progress.

The Governor said our ambition is to double the country’s per capita income and to deliver prosperity to each section of our society. Finance companies are a channel in conveying prosperity to a country.

The industry contributes immensely to stabilize the country’s economy. Financial sector of a country should remain stronger, project stability and act in a responsible manner.

“Having a close relationship with the customers and making easy access to credit is one of the important things for development. As the Central Bank we hope that CCL will cater to every section in the nation and bring prosperity,” Cabraal said.