Oct 25, Colombo: Sri Lanka parliamentary Committee on Public Enterprises (COPE), which Thursday presented an interim report on investigations carried out on 31 state institutions to the parliament, has recommended further investigations on Central Bank's investment of country's reserve money in Greek bonds.
The Chairman of COPE, Senior Minister D.E.W. Gunasekera has presented the report covering the period between January and September this year to the parliament.
The Committee has recommended that the Central Banks investment in Greek bonds which has resulted in the loss of around US$ 15. 6 million to the country should be further investigated.
The COPE has scrutinized the Central Bank investment in Greek Government Bonds which had a face value of euro 30,000,000 for euro 22,163,500 (Rs 3,472,576,045) on April 5, 2011 without considering the unfavourable market conditions.
"The Auditor General had reported that this transaction had resulted in a loss of US$ 15.6 million approximately. The explanation offered by the Central Bank was that in the overall investment in the Euro-Zone, there was a profit on the investment. However, the fact remains that the investment on Greek Bonds resulted in a loss," the report has stated.
The Committee has noted that the element of high risk was quite apparent in the investment as Greece was in an economic crisis for a long time and therefore Central Banks' investment need to be further investigated.