Press briefing of Cabinet Decision taken on 2023-06-26

Proposed Amendments to the Banking Act No. 30 of 1988

- It has been proposed to amend the Banking Act No. 30 of 1988 taking into consideration the importance of maintaining a dynamic and resilient banking sector that supports sustainable economic growth. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to instruct the Legal Draftsman to draft legislation to amend the Banking Act No. 30 of 1988 incorporating the identified amendments, was approved by the Cabinet.