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Compensation Payments to the Depositors of The Standard Credit and Finance Ltd. under Sri Lanka Deposit Insurance and Liquidity Support Scheme

The license issued to The Standard Credit and Finance Ltd.(TSCFL) to carry on finance business has been cancelled with effect from 25.07.2018 in terms of the provisions of the Finance Business Act No. 42 of 2011.

The Central Bank of Sri Lanka has taken steps to pay compensation under the Sri Lanka Deposit Insurance and Liquidity Support Scheme to the depositors of The Standard Credit and Finance Ltd. Compensation payments will be made in line with the provisions of Sri Lanka Deposit Insurance Regulations. Instructions on the application criteria will be notified through the print and social media.

The depositors of the Standard Credit and Finance Ltd. are hereby informed to submit duly completed claim forms along with the required documentation to the Resolution and Enforcement Department of the Central Bank of Sri Lanka once the notification is issued in the press and social media in due course.

54th SEACEN Governors’ Conference / High-Level Seminar and the 38th Meeting of the SEACEN Board of Governors

The Central Bank of Sri Lanka hosted the 54th SEACEN Governors’ Conference / High-Level Seminar and the 38th Meeting of the SEACEN Board of Governors in Colombo from 29 November to 02 December 2018. These events were attended by Governors and delegates of SEACEN member Central Banks and Monetary Authorities. The Deputy Managing Director of the International Monetary Fund (IMF), Mr. Mitsuhiro Furusawa, attended the Conference as the Keynote Speaker.

The SEACEN Centre plays a leading role in promoting greater understanding in financial, monetary and banking matters in the Asia-Pacific region. Established in 1982, The SEACEN Centre serves central banks and monetary authorities in Asia-Pacific through learning programmes, research work, and networking.

CBSL Disputes the Rating Agencies’ Latest Rating Decisions

The Central Bank of Sri Lanka (CBSL) is of the view that the decisions by Fitch Ratings on 3 December 2018 and Standard and Poor’s (S&P Global Ratings) on 4 December 2018 to downgrade Sri Lanka's Long-Term Rating from ‘B+’ (Stable) to ‘B’ (Stable) are based on uncorroborated facts on the country’s macroeconomic fundamentals.

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