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The financial market watchdog, The Central Bank of Sri Lanka had said that the pawning activities of banks of Sri Lanka had improved by 28% within the first three quarters of the year 2010.
Meanwhile it is said that a sovereign (8 gram in weight) of Gold price has shot up to over Rs.42,000 in Sri Lankan jewellery market amidst the recent price hike in Gold prices globally.
However, Central Bank of Sri Lanka said that the share of pawning in total loans of the banking industry had appreciated from 8.1% as at end 2009 to 9.3% as at September 2010. It also highlighted that the distribution of credit growth up to September 2010 saw credit via pawning facilities contributing 14% to the total amount of credit distributed.
While Central Bank’s reduction of high rates of interest charged for pawning loans has been identified as contributing factor for the growth, many commercial and savings bank in the country has now started various financing products through pawning as the Gold prices in the world market has been gradually increasing with the recent clashes of the Western and Gulf economies .
- Asian Tribune -
Meanwhile it is said that a sovereign (8 gram in weight) of Gold price has shot up to over Rs.42,000 in Sri Lankan jewellery market amidst the recent price hike in Gold prices globally.
However, Central Bank of Sri Lanka said that the share of pawning in total loans of the banking industry had appreciated from 8.1% as at end 2009 to 9.3% as at September 2010. It also highlighted that the distribution of credit growth up to September 2010 saw credit via pawning facilities contributing 14% to the total amount of credit distributed.
While Central Bank’s reduction of high rates of interest charged for pawning loans has been identified as contributing factor for the growth, many commercial and savings bank in the country has now started various financing products through pawning as the Gold prices in the world market has been gradually increasing with the recent clashes of the Western and Gulf economies .
- Asian Tribune -
