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Government and Central Bank of Sri Lanka to assist financial firms.

Global Banking News-4 February 2009-Government and Central Bank of Sri Lanka to assist financial firms(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 04 February 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

The Sri Lankan government and central bank is developing a Joint Treasury and central bank policy package to ease liquidity problems in registered finance and leasing companies, according to Central Bank Governor Nivard Cabraal.

Cabraal said, 'We are working on it and it will be announced in a matter of days.'

Since the failure of two unregistered finance firms, higher levels of withdrawals have been made from the country's registered finance companies. Depositors have reported finance companies asking for more time to repay money, declining to pay back deposits until maturity and, in some cases, offering land as a cash alternative.

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Publication:Global Banking News (GBN)
Date:Feb 4, 2009
Words:162
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