The highest risks were identified among informal money remitters, real estate agents, banks and finance companies.
September 22, 2023Every legal professional is required to appoint a Compliance Officer to ensure compliance, and submit STRs to the FIU.
September 2, 2023Aggressive sales practices, abusive debt recovery practices, and excessive fees and interest charges are prohibited.
August 25, 2023The CBSL cut the SRR from four percent to two percent to free up liquidity and support an expansion of credit flows to the economy.
August 11, 2023A separate governing board will be formed in addition to the monetary policy board to improve bank oversight and reduce conflicts of interest.
July 25, 2023The government expects the country's domestic debt restructuring process gets to conclude during the five-day market closure period.
June 29, 2023The CBSL has lowered interest rates by 2.5 percent in a bid to restart credit flows and boost growth in the real economy.
June 3, 2023The IMF estimates the banking sector recapitalisation needs around 6 percent of 2022 GDP. Local banks so far have opposed a domestic debt restructuring.
April 5, 2023The IMF's Kristalina Georgieva has welcomed "decisive policy actions" by Sri Lankan authorities and the financial assurances obtained from major creditors.
March 16, 2023The CBSL is working to address a local currency liquidity deficit in the banking system. Banks can continue to hold 90% NSFR until year-end.
November 29, 2022