Central Bank of Sri Lanka : initiates action on Consolidation of the Financial Sector Budget proposal

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Press Release

Central Bank of Sri Lanka initiates action on

Consolidation of the Financial Sector Budget proposal

As stated by His Excellency the President in his Budget Speech on 21 November 2013, and as set out in the Road Map of the Central Bank of Sri Lanka on 2 January 2014, in order to steer Sri Lanka towards the economic goals set for 2016 and beyond, a stable financial sector with strong and dynamic financial institutions has to be created. Accordingly, a Master Plan on the Consolidation of the Financial Sector to achieve such an outcome will be articulated by the Governor to the relevant stakeholders on Friday 17 January 2014 at the Central Bank. Thereafter, one-to-one discussions will be held with all banks and non-bank financial institutions so as to guide these institutions in accordance with the newly announced Plan. The Central Bank will also closely monitor and support the consolidation process in order to ensure that it will be smooth and constructive.

In the meantime, the Central Bank requests all institutions involved in the process to ensure that there will not be any retrenchment of staff in banks and non-bank financial institutions as a result of this consolidation process, and to align their immediate future business plans, recruitment and capital expenditure, to be in line with the new developments that are to take place over the next few months.