July 08, 2009

Sri Lanka's finance industry has shown steady growth. It grew by 3.8 percent in the first quarter of 2009, with an economic growth rate of 1.5 percent.The lending credit growth slowed down in the first quarter and there is an increase in the non-performing loans.At present all registered financial institutions are in a stable position to cope with a substantial capital, an official of the CBSL told Daily News Business.

"Due to the global economic downturn, there is an economic slowdown in the country, but as Sri Lanka has a growing economy we will recover soon. With the ushering of peace there is an expansion in all sectors of the economy. As a result, the Central Bank of Sri Lanka (CBSL), expects an economic growth of 4.5 percent in 2009."All development projects that are under construction in the Northern and Eastern provinces will add more importance to the country's economic growth.