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SL's Central Bank to hike refinance facility

Says it will be responsible for only Rs 6 lakhs of deposits made in financial institutions

👤 Srimathi Sridharan6 Jun 2020 3:40 AM GMT
SLs Central Bank to hike refinance facility
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Sri Lanka: President Gotabaya Rajapaksa's proposal to increase Central Bank's (CB) refinancing facility as part of assisting the economic recovery of the small and medium scale businesses has received the approval of the cabinet of Ministers.

According to his proposal, the refinance facility of the CB will be hiked from Rs 50 billion to Rs.150 billion in order to deal with the financial restructuring requirement of the entrepreneurs (small and medium scale).

Furthermore, people are depositing money in various financial institutions operating in Sri Lanka.

Minister and cabinet spokesperson said the Central Bank of Sri Lanka will be responsible for only six lakhs of rupees made in deposits in financial institutions.