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Tuesday, 04 December 2012 - 20:15
Sri Lanka not to issue new finance company licenses in next the 2 years
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Central Bank Governor Nivard Cabraal said Sri Lanka will not issue new finance company licenses in the next two years but is urging weaker lenders to consolidate with larger stronger ones.

Sri Lanka's finance companies ran into difficulties in 2009 after a prolonged period of loose fiscal and monetary policy which began late 2004, where state spending and credit rose but interest rates were held down, eventually ending in a balance of payment crisis.

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