Jan 05, Colombo: Sri Lanka's Central Bank is planning to issue new rules for financial transactions through mobile phones as mobile telephone companies have joined banks to offer new payment methods.

Central Bank Governor Ajith Nivard Cabraal announcing the decision said the move was part of an overall effort to improve the confidence in electronic payments, which would also cover payment cards.

At the beginning of the New Year the Central Bank announced that it will regulate, supervise, and monitor commercial banks and specialized banks, finance companies, specialized leasing companies and primary dealers in government securities according to internationally accepted standards and norms.

A statement issued by the Bank said it “has been monitoring closely the recent events taken place in the financial system and it has already taken appropriate measures to ensure the stability in the system.”

The names of the licensed financial institutions will periodically be published by the Central Bank.

The statement further said the Central Bank will take appropriate legal actions to stop any unhealthy developments in the country’s financial system.