Sunday, June 16, 2024

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No Bank should be allowed to crash

Former Prime Minister Ranil Wickremesinghe who has become the sole voice
in Parliament for belling the cat said in parliament today that a local bank is
about to collapse.

He said the collapse of the bank would cause huge losses to its depositors as well as government parties and to look into the possibility of such an opportunity to recover. He also said that with the collapse of the country’s economy in this crisis, the collapse of the banking system could cause great damage.

The former PM said that no bank should be allowed to collapse.The real problem for banks is that they are starved of forex flows and the Forex inflows projected looks bleak he noted. CBSL forex reserves are down to $50 Million USD.

The Former Prime Minister told LNW that the Finance Minister must appoint a high powered expert committee who have the capability and experience to provide guidance to immediately to overlook the stability of the Banks and finance companies.

The huge increase in interest rates has also caused a shock to the economy. Especially after the floating of the currency. This should have happened gradually, he noted.

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