CB Governor admits challenges, assures no retrenchment
Sri Lanka’s Central Bank Governor urged top banking and non-banking sector officials to “put their thinking caps on” in order to ensure that financial sector consolidation can be a seamless transition into something new, exciting and sustainable.
The Governor admitted that there would be many challenges in the consolidation process.
The Central Bank has enunciated two underlying principles in this process. The first is there must be tax incentives.
As the second principle, Cabraal pointed out that as a result of the consolidation, there won’t be a single institution that will be made weaker but will be made stronger.