Banking Move

July 01, 2010 (LBO) – Sri Lanka’s central bank is to open an office in northern Jaffna where it could help with loans and be a catalyst for the economic revival of the region after a war, a statement said. It will be the banking regulator’s fourth provincial office complementing others in the southern, north-central and central provinces.

One of the primary functions of the POs is to implement the development oriented loan schemes introduced by the Central Bank in the respective provinces,’ the statement said.

In the recent past, the bank has implemented a number of credit schemes with refinance facilities through lending institutions to facilitate the flow of development credit.

The refinance loan schemes focus mainly on agriculture and livestock development, small and medium scale enterprises, self employment generation and poverty alleviation.

The provincial offices also have limited central banking functions and conduct public awareness programmes on banking and finance.

The bank said it considers that there are ample opportunities in the Northern Province for development of agriculture, livestock and fisheries industry and most of its development credit sche