- Created on Friday, 13 September 2013 14:06
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A delegation of senior bankers headed by Ajith Nivard Cabraal, the Governor of the Central Bank of Sri Lanka, held one-to-one high-level discussions with the representatives of the People’s Bank of China, the Industrial and Commercial Bank of China, the China Development Bank and several foreign banks operating in the People’s Republic of China during the period 11th to 13th September 2013. The discussions mainly focused on strengthening the business relationships between banks in the two countries and enhancing the exposure of large Chinese banks, to investments and trade related activities in Sri Lanka.
In the background of growing volumes of investment and trade related financial flows between China and Sri Lanka in the recent past, and in the context of impending China/Sri Lanka Free Trade Agreement, the Central Bank of Sri Lanka considers the interaction between the domestic banking industry with their counterparts in China would lead to further financing of infrastructureprojects, increased trading activities between the two countries and a higher level of tourism related activities.
The other members of the Sri Lankan delegation were B D W A Silva, Deputy Governor, N W G R D Nanayakkara, Superintendent of Public Debt, Dr (Mrs) Ranee Jayamaha, Chairperson of Hatton National Bank PLC, Mrs. Siromi N Wickramasinghe, Chairperson of HDFC Bank, Jagath Wellawatta, Chairman of State Mortgage and Investment Bank, D M Gunasekara, General Manager of Bank of Ceylon, N Vasantha Kumar, General Manager/CEO of People’s Bank, W M R S Dias, Managing Director/CEO of Commercial Bank of Ceylon PLC, and M Y Aravinda Perera, Managing Director of Sampath Bank PLC.
In order to facilitate growing economic activities between the two countries, in June 2011, the Central Bank approved the Chinese Renminbi as a designated currency permitted for international transactions and accordingly, banks in Sri Lanka are now authorized to undertake transactions in Renminbi.