Aravinda bats for further reduction in lending rates

“The interest rates need to come down further. Just because the interest rates have been at an all-time low, doesn’t mean that we have to remain at that,” Aravinda argued during his remarks at an investor forum organised by Almas Securities.

- By NISTHAR CASSIM

• Charges banking sector making enormous profits but really not helping economy to grow

• Insists growth will only come if you create new businesses and new opportunities

• Says key reforms such as labour, energy and Customs must be expedited

• Unless expedited along with other initiatives, SL will lose opportunity to grow quickly

• Identifies logistics, mineral, digitisation and sports as high growth potential sectors with investments; calls for liberalisation of trade

• Says Sri Lanka has potential to grow by 7 or 8%

• Expresses strong belief in Sri Lanka especially to grow within South Asia and globally

“If you look at the last 15 years, everyone is happy putting their money into the bank stock and sitting back, and the banks are happy to put their money into Government securities and sit and wait collecting their revenue. The banking sector has been making enormous profits but really not helping the economy to grow. End of the day, what matters is people need to have excess funds to spend/invest and if the money is not spent, the economy will not grow. Growth will only come if you create new businesses and new opportunities,” he pointed out.