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CBSL calls for legal reforms to strengthen credit recovery laws

February 19, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) advocates for legal reforms to enhance Sri Lanka’s Parate execution law and other credit recovery laws, aiming to expedite credit recovery cycles in line with global standards.

CB Governor Dr. Nandalal Weerasinghe emphasised the need for strengthening these laws to support the Micro, Small and Medium Enterprise (MSME) sector, ensuring smoother access to credit and facilitating business continuity.

Speaking at a webinar organised by Daily FT, ACCA, and other associations, Weerasinghe underscored the importance of a 3-6 month credit recovery period for economic efficiency and SME support, distinguishing between SMEs and willful defaulters.

Despite SME pressures, the Central Bank maintains its stance against amending banks’ Parate execution rights, he added.

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