Finance Ministry refutes reports of People's Bank being privatized

News

Finance Minister Mangala Samaraweera today (Jun 26) refuted news reports claiming that the People's Bank is to be privatised.

Issuing a special statement, the Finance Minister emphasised that there is "no truth to such allegations" which have been made to mislead the people.

Mr. Samaraweera noted that political parties and their trade unions had alleged that the People's Bank is to be privatised "citing financial difficulties to infuse capital".

He explained that these allegations had been made following the proposal made by the Finance Ministry to amend the People’s Bank Act No 29 of 1961. This would enable the Bank to increase its capital and debentures to strengthen its financial stability, he said.

Finance Minister Samaraweera added that there is no intention to issue equity securities to outsiders once the amendment to this Act is passed in parliament.

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