Press briefing of Cabinet Decision taken on 2017-02-07

Amendments to the People’s Bank Act, No. 29 of 1961

- The proposal made by Hon. Kabir Hashim, the Minister of Public Enterprise Development, to instruct the Legal Draftsman, to amend Section 12, 20, 21 and 43 of the People’s Bank Act, No. 29 of 1961, for the inclusion of provision to further strengthen the financial ability and the effectiveness of the operations of the People's Bank, to enable it to increase its authorized share capital and issue debentures without a Government guarantee, was approved by the Cabinet.