CBSL to improve growth and efficiency by harnessing technology
The Central Bank of Sri Lanka (CBSL) has expressed its intention to promote technological and innovative advancement in the economy whilst still maintaining regulatory control.
CB Governor Dr. Indrajit Coomaraswamy has emphasised the importance of embracing technology in today’s globalised market where technological innovations are transforming the economic landscape.
However, he also stressed the importance of ensuring that technological risks did not have negative impacts on the economy, adding that economic, financial and price stability had to be maintained by strengthening and adapting the regulatory framework.
In its regulatory capacity, the CBSL has the ability to lead and assist in technological advancements in the economy whilst also maintaining stability.
Dr. Coomaraswamy also added that governance standards, internal controls, risk management and compliance including AML/CFT needed to evolve in order to keep pace with rapid global change.
He reiterated the CB’s commitment to adopting digitalisation and new technology to enhance the economy, adding that the CBSL was in favour of promoting a cashless society through the use mobile payment apps, QR code payments, the internet etc. so long as they adhered with both the country’s and CB’s existing acts and regulations.
With the aim of minimising economic costs from clearing payment backlogs, the CB’s project with Lanka Clear established Sri Lanka’s payments and settlements infrastructure facilitating real-time 24×7 electronic fund transfer systems, efficient customs payment systems, mobile payment wallets etc. where its efficiency has even surpassed similar retail payment products in countries like Singapore.
OSL TAKE:
Maintaining the balance between regulation and innovation is the most effective way of steering the country towards adopting a cashless system and the Central Bank of Sri Lanka holds the arduous responsibility of ensuring currency stability and monetary management within the Sri Lankan economy.
With CBSL’s move towards adopting, instituting and innovating technological changes to the country’s economic landscape, technology innovators have the advantage of seeking many opportunities in Sri Lanka while the move would also give an impetus to other key sectors as well.
| Article Code : | VBS/AT/25082017/Z_1 |