Written by Staff Writer
11 Oct, 2019 | 10:53 pm
Colombo (News 1st): The Central Bank convened a media brefing today (October 11), to announce the 6th monetary policy review for 2019. During the event, Governor of the Central Bank Dr Indrajit Coomaraswamy said, inflation in the short term is expected to increase due to the increase in food inflation.
The governor also hinted at the possibility of the government issuing a 10-year Samurai bond, equivalent to US$ 500 million or 60 billion yen, in November. Responding to questions regarding the central bank’s proposal to introduce new regulations to restrict cross-holdings among banks, the governor expressed the following views.
Governor of Central Bank Indrajit Coomaraswamy noted that his understanding is these are all being reviewed, as part of the new banking act. He added that he does not think they have come to a final conclusion as yet, but it is being reviewed.
“The 10 per cent ceiling rate, I think we may have to continue for some time, otherwise the capital structure will be affected,” said Deputy Governor of the CBSL H.A. Karunaratne.
Journalists also raised questions regarding the forensic audits that are currently underway.
Indrajit Coomaraswamy: The time line for their completion is between this month and the middle of November. Sometime around the third or fourth week of November they should all be completed. Not all of them, one of them that came out from a court proceeding, that one we have done the procurement as yet. But the other five will be complete.
Journalist: What steps will be taken after these reports are completed? Will they be revealed to the public?
Indrajit Coomaraswamy: Once they are done the monetary board will consider it, and seek the advice of the attorney general, whether they are published or not will be based on the advice of the attorney general.
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