Cabinet directs Legal Draftsman to amend Bank of Ceylon Ordinance

The Cabinet of Ministers on Monday directed the Legal Draftsman to prepare a draft Bill based on the fundamental principles aimed at amending the Bank of Ceylon Ordinance No. 53 of 1938, in recognition of the need to address constraints and challenges in the rapidly changing finance market. 

The move is expected to enhance the bank’s operational framework, ensuring it remains competitive and continues to play a pivotal role in the country’s economic growth. 

Given the competitive environment and evolving financial landscape, it has become necessary to update the existing ordinance. The proposed amendments will address modern financial challenges and align the ordinance with contemporary market practices.

The proposal presented by President Ranil Wickremesinghe, who also serves as the Finance, Economic Stabilisation and National Policies Minister, was approved by the Cabinet of Ministers.

Established under the 1938 Ordinance, the Bank of Ceylon is a pioneer in the Sri Lankan financial market and significantly contributes to the national economy as a State-owned commercial bank.