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Sri Lanka to develop as financial hub

Sri Lanka looked to learn from the experiences of countries such as Luxembourg, as it seeks to find its own niche and develop as a financial hub in the South Asian region Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal said.

Governor at the round table discussion with Luxembourg Chamber of Commerce members

He said Sri Lanka’s hospitable climate for expatriates, liberal policies on repatriation of funds and recent restructuring of the tax base, would serve as attractions in this endeavour.

Governor Cabraal made these observations when he participated in a round table discussion titled Investment and financial market prospects in Sri Lanka, held at the Chamber of Commerce of Luxembourg recently. During his visit to Luxembourg, the Governor met Luxemburg Central Bank Governor Yves Mersch and participated in bilateral discussions with senior officials of the Luxembourg Foreign Ministry.

The Governor who detailed the measures that had been adopted by Sri Lanka to minimize the impact of the recent financial crisis, said Sri Lanka could take much pride in that it had not permitted the collapse of any banking institutions and had maintained a growth rate of 3.5 percent in 2009 during the height of the crisis. None who had invested in Sri Lanka’s market were prevented from repatriating their money, which ensured that once stability was reached these funds returned to the island manifold.

He said the continued recovery in the financial sector has supported effective financial intermediation, ensuring improved performances of financial institutions leading to improved asset quality, higher profitability and higher capitalization levels.

In 2010 the Colombo Stock Exchange had also recorded the highest growth in the world while doubling market capitalization. As a result, the external outlook had improved substantially, with the country graduating to ‘Middle-Income Emerging Market Country” status as classified by the IMF and with its sovereign ratings upgraded by all rating agencies over the past year.

 

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