Central Bank outlines agenda for economic growth

The Central Bank outlined an eight-point agenda at a media briefing last week to align the country's banking sector with the government's 20-20 Vision.

Central Bank Governor Ajith Nivard Cabraal outlining the program said that the objective of the agenda is to achieve a US$ 150 billion economy and a Gross Domestic Product (GDP) Per Capita Income of US$ 7,000 by 20-20.

“The banking sector represents around 60 percent of the financial system in the country. Aligning banks with the 20-20 Vision will help achieve development targets. Financial inclusion is a key factor that the banking sector should focus on and create access to funding for all businesses,” Cabraal said. The Bank Directors’ Symposium was held on the theme 'Vision 20-20: Aligning the Banking Sector to the Real Economy'.

With the aim of achieving a US $ 150 billion economy and GDP per capita of over US $ 7,000, the Central Bank considers it important to discuss the role of the banking sector in aligning to the needs and the changes envisaged in the real economy.

Thus, this year's Symposium is expected to pave the way to strengthen the banks’ strategic leadership, in particular, leading the transformation to ensure that the banking sector is a true catalyst in Sri

Lanka achieving the Vision 20-20. Deliberations focused on, inter-alia, emerging trends in the global environment with special emphasis on strategic leadership of bank Directors, importance of credit ratings of banks, strategic planning for

transformation and empowerment with special focus on banking in the digital era and the importance of moving away from silo-based risk management.