CBSL for balanced economic activities

Charumini DE SILVA

Sri Lanka has to go a long way with the new era. It is rarely that a growing market with so much potential is seen and we are glad that Sri Lanka is well poised. The banking and financial sector has seen a significant growth during the past couple of years. The Central Bank is keen on continuing to have balanced economic activities in all parts of the country, Central Bank Governor Ajith Nivard Cabraal said.

He was speaking at the opening of a Union Bank branch in Batticaloa recently.

"All these activities are indications to uplift the country's economy. The bank entering the capital market was timely. The response received from the public for the Initial Public Offering (IPO) shows the confidence gained by the bank," he said.

"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.

The industry contributes immensely to stabilize the country's economy. The 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 very important for development. As the Central Bank we hope that Union Bank will cater to every section in the nation and bring prosperity," Cabraal said.

He said the money attracted by the bank should be re-invested in the area itself. Lend to the people in the area and create more opportunities for investment, employment, and increase people's income.

Access to finance will alleviate poverty.The banking and financial institutes have to adopt dynamic products and services. An impact must be made as the country has many opportunities to offer to all the citizens, he said.

The accelerated development projects across the country enhancing the national road network, water supply and electricity will facilitate the community to continue their day-to-day economic activities in an easy manner. This will also provide the entrepreneurs and businessmen easy access to markets.

The Governor said, "The country's per capita income at present is over US $ 2,000 and we have an aim of achieving a per capita income of US $ 4,000 within the next few years. To accomplish the target; it is important that the corporate sector support the Government's development plan".