Finance companies will not be issued new licences

Nipuna PATHIRANA

Sri Lanka will not be issuing new licences to finance companies in the near future, unless ab solutely necessary.

Governor, Central Bank Ajith Nivard Cabraal, addressing the Directors' symposium for non banking financial institutions with the Chief Executive Officers of all registered finance companies and specialized leasing companies organized by the Central Bank of Sri Lanka said that it was being done in the best interests of the depostiors.

“The Central Bank is encouraging weaker finance companies to merge and consolidate with stronger ones. We do not need any weak companies to remain as weak companies any more,” the Governor said.

The Governor said that Sri Lanka's economy had shown resilience in the face of global and domestic challenges. “Sri Lanka is known to be the fastest developing country in Asia, due to many development projects that are being initiated throughout the country.

The country's infrastructure is in place with Aviation, Tourism and many other sectors having a massive upturn. The Banking sector too had been improving well with the ‘doing business’ also improving,” the Governor further added.