Update Central Bank Financial System
Posted on April 14th, 2019

Nawagamu Deshabandu

Recently media reported that the government was considering to lower interest rates for business persons borrowing money from the banks. During this elections year, many politicians are talking about negatives of their political adversaries. But only few are brave enough to put forward a carefully written policies and plans to improve our economy.

What is needed is not only lowering interests for borrowing but also facilities for selling products on line for all Sri Lankans who intend to do business online.  Many Sri Lankans have talents and abilities to make all kind products, but they are very unfortunate in not being able to accept on line payments mainly due to our decades old financial mechanisms and procedures in the Central Bank. Because of this, very popular companies such as PayPal and Payoneer among others which facilitate International financial transactions cannot allow any Sri Lankan citizen transfer money person to person.

Besides this Individual entrepreneurs cannot afford to accept credit cards due to high cost charged by Sri Lankan banks when setting up an account which can accept credit card payments.

Our economy can be improved through tourism. Individual entrepreneurs offering services, such as small scale apartment or villa holders are unable to accept credit cards.

Many politicians and presidential hopefuls talk about big things such as making Colombo a Financial hub in the South East Asia, but it seems like no one has any solid plan to upgrade Central Bank financial mechanisms so that it will suit the standard international mechanism and procedures. Besides, the central bank has been inundated or implicit with corrupt deals, for example, bond scams and bankrupted financial deals such as ETI.

It is very essential that we have a strong financial mechanism to lift the economic and personal lives of all Sri Lankans through international business activities. Our politicians at present or in the past have failed to understand this. It can create many job opportunities for many people.  But, however many of our politicians have improved their skills on cheating and fooling us with mega talks and stealing money for themselves by under hand black money deals. We are a country that goes back!

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