Senior CB, Lankan banks officials meet Chinese counterparts

Saturday, 14 September 2013 04:39 - - {{hitsCtrl.values.hits}}

A delegation of senior bankers headed by Central Bank Governor Ajith Nivard Cabraal held one-to-one high-level discussions with representatives of the People’s Bank of China, the Industrial and Commercial Bank of China, the China Development Bank and several foreign banks operating in the People’s Republic of China during the period 11 to 13 September 2013. The discussions mainly focused on strengthening the business relationships between banks in the two countries and enhancing the exposure of large Chinese banks, to investments and trade related activities in Sri Lanka.

In the background of growing volumes of investment and trade related financial flows between China and Sri Lanka in the recent past, and in the context of the impending China-Sri Lanka Free Trade Agreement, the Central Bank of Sri Lanka considers that the interaction between the domestic banking industry with their counterparts in China would lead to further financing of infrastructure projects, increased trading activities between the two countries and a higher level of tourism related activities. The other members of the Sri Lankan delegation were Central Bank Deputy Governor Ananda Silva, Superintendent of Public Debt N.W.G.R.D. Nanayakkara, Hatton National Bank PLC Chairperson Dr. Ranee Jayamaha, HDFC Bank Chairperson Siromi N. Wickramasinghe, State Mortgage and Investment Bank Chairman Jagath Wellawatta, Bank of Ceylon General Manager D.M. Gunasekara, People’s Bank General Manager/CEO N.

Vasantha Kumar, Commercial Bank PLC Managing Director/CEO Ravindra Dias and Sampath Bank PLC Managing Director Aravinda Perera. In order to facilitate growing economic activities between the two countries, in June 2011, the Central Bank approved the Chinese renminbi as a designated currency permitted for international transactions and accordingly, banks in Sri Lanka are now authorised to undertake transactions in renminbi.