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Financing and leasing sector: No changes to laws regulating sector

30 May 2021

  • Continuous review ongoing: Cabraal 

  • New circular issued for banking sector

By Yoshitha Perera    The Government is yet to proceed with amending the laws that regulate the financing and leasing sector, as the Central Bank of Sri Lanka (CBSL) is yet to decide on such, The Sunday Morning learnt.  Responding to The Sunday Morning’s query, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said that the banking and financing regulations are being continuously reviewed, and that whenever changes are needed, the Government and the CBSL will implement such changes.  However, protests continue in several districts, especially in the Northern and Eastern Provinces, demanding relief from the microfinance debt trap. It was also reported that three women had died by suicide within the first three months of the year due to being mired in financial debt traps.  Meanwhile, an official attached to the CBSL informed The Sunday Morning that at the moment, there are no moves afoot to amend the laws regulating the financing and leasing sector. The official said: “There was a circular issued recently including certain amended laws in the banking sector, but no measures have been taken so far to amend the laws concerning the financing and leasing sector.”   Earlier, State Minister of Samurdhi, Household Economy, Microfinance, Self-Employment, and Business Development Shehan Semasinghe claimed that the Government has taken necessary measures to amend the laws relating to the leasing and finance sector.


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