Cabinet approval has been granted to provide relief facilities to those who pawned gold jewellery in banks, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana said.
He was speaking at the weekly Cabinet media briefing held yesterday at the Government Information Department.
The immense economic crisis experienced within the country during the past affected every sector in the economy negatively both directly and indirectly and as a result of the crisis, pawning gold jewellery accelerated.
The arrears of pawn advances of Rs.210 billion in 2019 increased up to Rs.571 billion by the March 2024 making it a growth of 172 percent. Considering the said circumstances, licensed banks have recognised the necessity of granting relief to low income generating community who obtained pawn advances from them.
Accordingly, the Cabinet of Ministers granted approval to the resolution by President Ranil Wickremesinghe as the Finance, Economic Rehabilitation and National Policies Minister to implement an appropriate programme to grant an interest relief by the General Treasury subject to a maximum of an annual 10 percent for pawn advance that do not exceed Rs.100,000 that has been obtained from the licensed banks on or before June 30, 2024 on an individual basis.
