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
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