Central Bank Governor Ajith Nivard Cabraal today called on Sri Lankan banks and financial institutions to refrain from auctioning land to banks and seizing vehicles owned by financial institutions in arrears.
In his presentation of Sri Lanka’s economic road map for next 06 months the Governor of the Central Bank called on these institutions to focus on providing interest relief in the face of this crisis. The Central Bank hopes to provide guidance and advice to banks and financial institutions in the near future and to provide interest relief worth Rs. 15 billion to borrowers affected by the epidemic. He further said that the Covid crisis had made it difficult for many sectors to run their businesses and that as a country we would once again be able to overcome the economic challenges through the lenient measures taken by the government towards them and the consistent policies.
Governor Cabraal further stated that a special desk should be set up in each and every bank and financial institution for individuals, including entrepreneurs who have taken loans and thise who suffered from the pandemic.
The Governor of the Central Bank further stated that the decision taken by the Central Bank to impose a 100 percent cash margin for opening letters of credit for the importation of electronics, underwear and other items will be revoked from today.