New ‘Banking Act’ to regulate Port City: CBSL

The Central Bank has initiated the drafting of a new Banking Act and expects to complete its enactment in 2021, CBSL Governor W. D. Lakshman  said today (6).

“The new banking act will contain provisions to extend regulations for banks, which are to be established in the Colombo international financial Centre in Colombo Port City,” Lakshman said at delivering the Central Bank Roadmap for 2020.

The Colombo Port City (CPC) will attract foreign banks to set up their operations in Sri Lanka, and is exprected to double the  banking sector’s asset base to Rs.30 trillion by 2025.

The Colombo International Financial Centre (CIFC) is expected to be launched in 2023.