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by Wiraj Silva
The proposed Colombo International Financial Center (CIFC) will bring in foreign exchange worth nearly five percent of Sri Lanka’s GDP (Gross domestic product) within five years of operations whilst within a decade this share is to reach at least 12% of GDP.
Earlier addressing the Parliament, Finance Minister Ravi Karunanayake said that given the potential for the country to become a financial hub, the government has already initiated the necessary ground work to establish the Colombo International Financial Center (CIFC)
“.. this House will be presented with the legislation necessary to establish the CIFC very soon. In addition, we are focused on strengthening the regulatory mechanism to ensure growth and stability of the sector.”
“At present, the country does not have a dedicated authority to protect the interest of the financial customers, promote fairness and transparency for consumer financial products and services.
As such, it is proposed to establish a Consumer Financial Protection Authority (CFPA). The CFPA will have the capacity to protect the consumers, by improving the financial consumer rights, promote financial literacy, ensure competitiveness in the financial markets and firms thereby enhance integrity of the financial system of the country as a whole.”
http://www.thesundayleader.lk/2016/12/0 ... 12-of-gdp/
The proposed Colombo International Financial Center (CIFC) will bring in foreign exchange worth nearly five percent of Sri Lanka’s GDP (Gross domestic product) within five years of operations whilst within a decade this share is to reach at least 12% of GDP.
Earlier addressing the Parliament, Finance Minister Ravi Karunanayake said that given the potential for the country to become a financial hub, the government has already initiated the necessary ground work to establish the Colombo International Financial Center (CIFC)
“.. this House will be presented with the legislation necessary to establish the CIFC very soon. In addition, we are focused on strengthening the regulatory mechanism to ensure growth and stability of the sector.”
“At present, the country does not have a dedicated authority to protect the interest of the financial customers, promote fairness and transparency for consumer financial products and services.
As such, it is proposed to establish a Consumer Financial Protection Authority (CFPA). The CFPA will have the capacity to protect the consumers, by improving the financial consumer rights, promote financial literacy, ensure competitiveness in the financial markets and firms thereby enhance integrity of the financial system of the country as a whole.”
http://www.thesundayleader.lk/2016/12/0 ... 12-of-gdp/
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