Sri Lanka to set up export-import bank: CB Governor

Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank is setting up an export-import bank to fast-track Sri Lanka’s international trade, governor Nivard Cabraal said. The proposed ˜ex-im bank’ will have an initial capital of 200 million rupees and may be financed by both government and commercial sources.

“It will provide financial assistance to exporters and importers, and promote the country’s international trade in goods, services and investment,” Cabraal told a news conference to roll out the country’s fiscal policy roadmap for 2010.

“It will play an important role in integrating the Sri Lankan economy with the global economy by promoting, financing and facilitating international trade and investment.”

The export-import bank is among several initiatives considered for 2010 to strengthen institutional and market infrastructure and remove impediments to growth.

Monetary Board approval has already been obtained to set up the bank, with the Central Bank currently seeking legal opinion, K D Ranasinghe, .Director , Economic Research Department of the Central Bank, said.