Overhaul of key financial legislations

The Central Bank is seeking consultancy expertise to help overhaul key financial legislations early next year.
The US$ 30 mn World Bank grant project will cover the Monetary Law the Banking Act, Exchange Control Act and Finance Companies Act.rn

rnOfficials say Institution specific legislation governing the NDB and DFCC will also come under review. They point out that the two state banks will also fall under the spotlight as the Bank of Ceylon and Peoples Bank Acts are reviewed.rn

rnThe suggestions by the chosen consultants are expected to set the framework for developing the financial sector including money and capital markets.(LBR)