Sri Lanka’s Central Bank Governor explains debt restructuring process
Nandalal Weerasinghe – Governor of the Central Bank of Sri Lanka (REUTERS / Dinuka Liyanawatte)
Sri Lanka’s banking system would not be burdened any further as it already contributes to the Treasury and economy through taxes of over 50%, the Central Bank Governor Dr. Nandalal Weerasinghe said.
A special media briefing was held at the President’s media center today (June 29) to explain the debt restructuring process.
The media briefing was attended by the Governor of the Central Bank Dr. Nandalal Weerasinghe and the Secretary to the ministry of Finance Mahinda Siriwardena.
The Governor assured that the 57 million depositors would be protected.
The Governor went on to note that bonds issued by the Central Bank and bonds purchased by the EPF and ETF will be restructured under the program.
He added that all of these bonds will be reissued under new interest rates.
Accordingly, the newly issued bonds will be at an interest rate of 12% until the year 2025 after which it will carry an interest rate of 9%.
The Central Bank Governor gave further assurances that beneficiaries of the EPF and ETF schemes will not face any issues in withdrawing funds due to the restructuring process.
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