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President warns Bankers he will remove those who do not follow government guidelines and “fall in line”

ECONOMYNEXT – President Gotabaya Rajapaksa is saying that the government is facing criticism that the banking system has not passed down the relief measures that have been granted to the public and businesses adequately.

Addressing a meeting leading exporters in his office yesterday June 11, the President said that there is criticism of the “contribution of the public and private banking sector for the economic revival of the country.”

He went on to say that “it can be clearly seen that the relief measures granted by the government for the benefit of the public as well as for business enterprises were not passed down adequately to the society. It is a matter that should be promptly addressed.”

The President warned that officials of the Central Bank or the State Banks do not take steps to implement the guidelines formulated by the government, he will not hesitate to remove them from their positions and continue to “work with individuals who are ready to fall in line.”

He told the exporters the government is ready to give its fullest support to them to realize its full potential by identifying and rectifying prevailing grievances and obstacles faced by the sector.

The challenge before the exporters is to show results by expanding the export sector which is at present limited to a range of few items to greater heights aiming the international market, President said.

The President pointed out that the country has very few export businesses which surpass 1 billion US dollars in foreign exchange income. Opportunities are available to expand this, he added.

He pointed out that more can be earned by adding value to agro products such as cinnamon, cloves and nutmeg.

He opined that the emerging large market in the Asian region should be explored. (Colombo, June 12 2020)

Reported by Arjuna Ranawana

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