CB warns of catastrophic consequences if banking sector collapses

29 Jun, 2023

The Central Bank warned that a collapse of the country?s banking sector would have catastrophic consequences.

Central Bank?Governor Nandalal Weerasinghe said that it was vital to protect the banking sector.

“The CB Governor said it was vital to protect the banking sector as a collapse of the country?s banking sector would have catastrophic consequences,” the President’s Media Unit said.

The Governor had said this while addressing the media on the Domestic Debt Optimization (DDO).

He said that Friday (30) was declared a bank holiday to prevent any speculation, until Parliament approval for domestic debt restructuring is obtained.

The Central Bank Governor assured that the EPF funds already accumulated would not be touched and also guaranteed a minimum 9% interest for EPF. (Colombo Gazette)

Recommended For You

New Foreign Secretary Jayanath Colombage?assumes duties

Admiral Prof. Jayanath Colombage (PhD) assumed duties as the Secretary to the Foreign Ministry today (14 August) following the appointment to the position by President Gotabaya Rajapaksa. The new Foreign Secretary Admiral Colombage was warmly received by the senior officials of the Foreign Ministry this morning, upon arrival at the Ministry. Admiral Colombage was previously Additional Secretary to H.E the President for Foreign Relations since December 2019. In addition, he is presently serving

14 Aug, 2020

President seeking more than two terms not ruled out

By Indika Sri Aravinda The possibility of the President seeking more than two terms in office through a new Constitution has not been ruled out. Water Supply and Drainage Minister Vasudeva Nanayakkara said that with the majority the new Government has received in Parliament a new Constitution will be drafted. “Some limitations on the President’s powers introduced through the 19th Amendment to the Constitution will be removed,” he said. He said that the contents of the new Constitution has no

14 Aug, 2020

Passengers on suspended SriLankan Airlines flight were Chinese

Passengers on a SriLankan Airlines flight which has been suspended by China after some on board were found to have had the coronavirus, are Chinese nationals. SriLankan Airlines today confirmed the temporary suspension of its Colombo-Shanghai operation by the Civil Aviation Administration of China (CAAC) for a period of four weeks. The airline said it operated a charter flight with 223 Chinese national onboard from Dubai to Shanghai via Colombo on the 7th?of August 2020.?Prior to this flight S

14 Aug, 2020

Colombo Gazette is a leading news and entertainment website, covering stories related to Sri Lanka. The content consists of text based news, photos and videos and is linked to social media websites including Facebook, Twitter and Instagram, to provide a wider coverage for its stories.