Lankapage Logo CP 22 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Central Bank Governor says banks instructed to provide relief to those affected by the increase in interest rates
Fri, Nov 18, 2022, 10:02 am SL Time, ColomboPage News Desk, Sri Lanka.

Nov 18, Colombo: The Governor of the Central Bank of Sri Lanka (CBSL) Dr. P. Nandalal Weerasinghe has stated in Parliament that customers who have been inconvenienced due to the increase in the interest rates charged for the loans obtained under variable interest rates in the past is able to get relief by negotiating with the bank.

The Governor stated this when Parliamentarians inquired regarding the aforesaid at the Ministerial Consultative Committee on Finance, Economic Stabilization and National Policies held Wednesday (16) in Parliament chaired by the State Ministers of Finance Ranjith Siyambalapitiya and Shehan Semasinghe.

The Members of Parliament pointed out that due to the increase in interest rates, the entire income of some creditors has to be paid for loan installments.

The CBSL Governor said that customers can pay only the relevant interest for a grace period in consultation with the bank. He further added that instructions have been given to the banks in this regard.

Also, the CBSL Governor said that the average inflation which was at a value of 70% two months ago has now decreased to 66% and the food inflation which was at 95% has decreased to 85%. He further stated that with the existing fiscal policies, this figure is expected to reach 4-5% by the end of next year.

Furthermore, according to the conditions of the International Monetary Fund, a new act has been drafted to make the Central Bank an independent institution and the necessary work is being done, the CBSL Governor added.

The committee drew attention to the difficulty in exchanging dollars to rupees by banks.

State Ministers of Finance Ranjith Siyambalapitiya asked the CBSL Governor regarding the stated issue to which the Governor responded saying that the Central Bank has not given any advice that would cause such delays.

State Minister Shehan Semasinghe also said that according to a report of the Department of Public Enterprises, 22 out of 126 institutions have not submitted their annual reports for more than 5 years and some institutions have delayed the submission of annual reports for about 7 years.

Accordingly, the State Minister said that since he will be working with the International Monetary Fund in the future, he instructed the heads of the institutions to submit the annual reports within the stipulated time.

Leader of the Opposition Sajith Premadasa, Members of the Committee Jagath Kumara Sumithraarachchi, Sahan Pradeep Withana and Parliamentarians Secretary to the Treasury/Ministry of Finance, Economic Stabilization and National Policies. K M Mahinda Siriwardana, officials representing the Ministry and institutions affiliated to it were present at the Committee meeting held.


ColomboPage - Recent 10 Stories ::
SLC to take legal action against three individuals making false and malicious statement
-- [5 hours ago]
Supreme Court issues notices to five people including former President Mahinda Rajapaksa
-- [6 hours ago]
FAO and UNODC enhance access to skill development in correctional facilities in Sri Lanka
-- [6 hours ago]
SJB leaders issued notice to appear in Court in January
-- [7 hours ago]
Sathosa reduces prices of three essential items
-- [7 hours ago]
COPE exposes many administrative concerns pertaining to the Sri Lanka Foreign Employment Bureau
-- [8 hours ago]
TISL Launches “Integrity Icon Sri Lanka 2022/23” to name and fame honest public officials
-- [8 hours ago]
Parliamentary Caucus for Children to intervene to bring new legislation to protect children’s rights
-- [9 hours ago]
President’s Climate Prosperity Plan identifies climate issues that would affect the country
-- [9 hours ago]
Sri Lanka President says today’s warfare not between armies, but economic & technological
-- [9 hours ago]

Copyright © 2000, 2020 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.