Sri Lanka, March 5 -- Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando told Parliament yesterday that an independent body, the Microfinance and Credit Regulatory Authority, will be established to license and supervise the previously under-regulated microfinance and moneylending sector, aiming to protect borrowers from exploitation and ensure financial stability.

The new Authority will enforce, monitor, and regulate these entities.

We brought Microfinance and Credit Regulatory Authority Bill with the objective of establishing the Sri Lanka Microfinance and Credit Regulatory Authority, repealing the Microfinance Act, No. 6 of 2016.Sri Lanka travel

The Authority has specifically designed to control high-...