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Finance,
Leasing firms welcome stimulus package
- Reduction
of liquidity rates a relief
-
Opening up of sources of bank funding vital
By
Nizla Naizer
The Registered Finance Companies (RFC) and
Specialised Leasing Companies (SLC) called the government’s
Rs. 4.25 billion stimulus package for the Finance Sector
a welcome proposal at a time where public faith in the
financial system needed a boost. However, the modalities
of implementation were still to be discussed and representatives
of the finance sector stated that a meeting with Central
Bank officials will be held this week to clarify the
modus operandi.
Funding sources released a relief - Finance Companies
Speaking to The Bottom Line, Finance House Association
President, Shirley Pereira said that after the Golden
Key Credit Card Company collapse, public confidence
in the system was waning, but this Stimulus Package
will renew their faith in the financial sector as the
government has identified the issue and has taken timely
steps to assist the sector.
“Not all of our 34 finance corporations are facing
liquidity issues, but the firms that do so will benefit
from the proposed Stimulus Package,” he said. “Currently
the liquidity constraints have stopped many finance
corporations from lending funds and stopping premature
withdrawals. The availability of liquidity will enable
them to lend again.”
Full
Story....
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