Mixing fun with financial planning

Saturday, 2 October 2010 00:52 -     - {{hitsCtrl.values.hits}}

By Deepal V. Perera

Mixing business with pleasure, over 100 key decision makers of the Central Bank are planning the financial future of the country at a Kandalama Hotel retreat.

Sources remarked that this is an annual event at the Central Bank, where senior officers including the Governor meet face-to-face to discuss projections for the future.

The sources also said that the meeting gave all officers an opportunity to express their ideas and views, including the chance to express their criticism of the plans. The three-day session is expected to end by Sunday evening.

The Central Bank is riding high on the triumph of the US$ 1 billion 10-year Eurobond and has made more provisions for overtures to spur economic growth by relaxing exchange rate controls, reducing general provision requirement on loans and launching a deposit insurance scheme.

The mandatory deposit insurance scheme under the provisions of the Monetary Law Act came into effect from yesterday. Accordingly, a new fund – the Sri Lanka Deposit Insurance Scheme (SLDIS) – will come into operation with an initial capital of Rs. 1.1 billion provided by the Central Bank.