Sri Lanka’s Commercial Bank, Hatton National Bank and Sampath Bank were licensed to operate in the Colombo Port City Special Economic Zone, its regulatory commission said.
“This significant development marks a major milestone in the development of the Colombo Port City SEZ as a premier international business and services hub in South Asia—a world-class project that is transforming Sri Lanka’s economic landscape,” the Colombo Port City Commission said in a statement.
The Commission said it was “collaborating with the Central Bank of Sri Lanka, the Securities and Exchange Commission, and the Insurance Regulatory Commission of Sri Lanka to ensure robust and streamlined guidelines are in place.”
The Colombo Port City is a dollarized area where currency competition is allowed.
Source: Economynext
