The Sri Lankan government used its recent budget to chop the rate of stamp duty charged to transfers of assets into securitization SPVs or trusts from 2% to 0.5%, in what market pros in Colombo hope will be the first step in developing the local securitization market

It may be a small step, but it is a demonstration that Sri Lanka's politicians and officials are being convinced of the merits of ABS, said Ravi Abeysuriya, chief executive of Duff & Phelps Credit Rating Lanka, a rating agency owned by DCR in Chicago, the International Finance Corp. (IFC), the Central Bank of Sri Lanka and several local financial institutions.

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