Cabraal says onus on all to boost foreign reserves, economy; not just CBSL

By Sandesh Jayasinghe

Central Bank Governor Nivard Cabraal on Tuesday declared that the onus to boost foreign reserves and the economy lies with all and not solely on the Central Bank.

He made this remark during his address as the Chief Guest at the ceremonial launch of the Real Time Gross Settlement System (RTGS) status of National Savings Bank (NSB).

“For Sri Lanka to overcome the foreign exchange challenge, all relevant economic parties have to take responsibility,” Cabraal said.

He emphasised that the country had to ensure “exporters, importers, those who borrow money, those who payback their loans, those who remit monies are all active in a way that would support the country’s efforts to find stability.”

He maintained that the ‘main trust and function of the Central Bank is to ensure stability’, which is considered its primary function, but also noted that without growth, the country cannot prosper and move forward. 

The RGTS status granted by the CBSL will enable NSB customers and its internal operations to transfer funds seamlessly and with the security and the supervision of CBSL.

Governor Cabraal noted that a specialised bank cannot gain the RTGS status without due process and commended the NSB for the achievement.