CBSL Governor says SL needs to attract more outside savings

CBSL Governor says SL needs to attract more outside savings

Written by Staff Writer

12 Dec, 2013 | 7:17 am

Governor of the Central Bank, Ajith Nivard Cabral says that Sri Lanka needs to attract more outside savings in order to meet economic growth targets.

Speaking at a conference in Colombo  on Wednesday, the CBSL Governor noted that there needs to be consolidation in the finance sector to achieve this.

The 2013 Bank Directors Symposium was held in Colombo on Wednesday under the auspices of the Governor of Central bank of Sri Lanka, Ajith Nivard Cabral.

Ajith Nivard further stated

I believe we must now move towards the consolidation of the entire sector, reduction of the number of finance companies, a few mergers and consolidation of banks and finance companies, which will ensure that we have bigger and better balance sheets, to support a 100 billion dollar economy.

We have to be able to attract outside savings. As you know if we are to move at 8 percent growth, our current level of savings in our country is not sufficient. We have to supplement that level of savings with outside savings.”

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