Sri Lanka’s finance minister Ravi Karunanayake announced that a newly proclaimed ‘Colombo International Financial Centre’ will be governed by British law.
Speaking at a Business forum in Colombo, Mr Karunayaka said,
“We want to position Sri Lanka as a mini-financial centre. This why we want to have a Colombo international Finance Centre, showcasing the Hong Kong model with a British legal system. In the next couple of months you will see the exchange controls being completely opened up not to the extent of the capital markets being opened up – because you need a certain safety when we integrate ourselves.
Analysts have pointed out that Sri Lanka’s central bank will have to be reformed to prevent currency collapses and high inflation, reports economynext.com
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