CBSL clears off-shore banking regulations for Port City

In a significant development the Central Bank has cleared the Colombo Port City Banking and Financial Services Regulations that will be applicable to Colombo Port City. 

Sources said the Central Bank, has granted approval for Colombo Port City (off-shore banking) Regulations for banks operating in the Colombo Port City. 

Financial analysts told the Daily FT that this development would go a long way to get the Port City to get operational and for banks to operate in Colombo Port City. Several banks have already got their Authorised Person registration.

The new regulations now await gazetting by the Ministry of Investment Promotion.