Sri Lanka’s mid market shoots up over 3 percent

2 months ago Economy Next

ECONOMYNEXT – Sri Lanka’s banks may need more regulatory forbearance ex-Central Bank Governor Indrajit Coomaraswamy said as the country imposes stabilization measures after the worst currency crisis since independence. They have given some already.”Sri Lanka’s central bank has given some regulatory loosening in the mark to market losses and also in liquidity ratios. Sri Lanka’s banks are seeing higher levels of bad loans after the latest currency crisis as well as mark-to-market losses, and the impact of dollar sovereign bonds in default. Sri Lanka’s stage 3 loans were 7.9 percent of total advances (net 8.7) by the end of the second quarter of 2022. After Sri Lanka default in April and interest rates were normalized to stop the currency crisis, banks were now facing pressure.
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