Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka Central Bank to carry out forensic audits into the Treasury bond issues during 2008 - 2014
Thu, Jan 11, 2018, 08:58 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 11, Colombo: Sri Lanka's Central Bank said today that it will initiate measures to carry out forensic audits in relation to the issuance of Treasury bonds during the 2008 to 2014 and the Treasury bond auctions held in March 2016.

Issuing a statement, the Monetary Board of the Central Bank said on 10, January 2018 the Secretary to the President, handed over a copy of the report of the Commission of Inquiry to Investigate, Inquire and Report on the Issuance of Treasury Bonds (COI) during the period from 1st February 2015 to 31st March 2016 to Governor, Central Bank of Sri Lanka entrusting the task of considering giving effect to the recommendations contained in the Report.

The Central Bank said it has already implemented some of the recommendations in the report, while measures have already been initiated to implement most of the other recommendations. The Monetary Board has consulted the Attorney General, as appropriate, in the actions it has taken.

The Monetary Board says it considers it appropriate to keep the public informed of the status of actions and initiatives that have or are being taken on the recommendations made in the Report and to generally improve transparency in the management of public debt and the Employees Provident Fund. It added that the report is continuing to be studied and the Monetary Board will initiate further actions, as appropriate.

Measures have been taken to increase the efficiency and enhancing the transparency of debt management operations and a new Auction System for Primary Issuances of Government Securities and improve secondary market for Sri Lanka Development Bonds (SLDBs) have already been introduced.

Measures have also been taken to strengthen the internal controls and transparency of public debt operations and secondary market transactions in government securities and to improve Transparency and Governance of the Investment Decision Making Process as well as the internal control framework of the EPF as well as to enhance the credibility of the Investment Decision Making Process of EPF.

The Central Bank has also taken measures to strengthen the Internal Control Framework while regulatory actions have been taken on Perpetual Treasuries Limited and Pan Asia Banking Corporation PLC.

The statement said subsequent to the internal examinations and investigations conducted by the Central Bank and based on the findings of such examinations and investigations, disciplinary actions have been taken with respect to few members of staff in conformity with the Classification, Control and Appeal Rules of the Manual of the Central Bank of Sri Lanka. Four officers are currently under interdiction.

The Central Bank has already drafted Codes of Conduct for members of the Monetary Board and the staff in general, and with specific codes of conduct for staff in the Employees Provident Fund (EPF) and the Public Debt Department (PDD). These will be given effect to, once approved by the Monetary Board.

The Monetary Board will assess the Internal Audit Function of the Central Bank with a view to further expanding its scope and strengthening its processes in order to enhance its effectiveness in providing independent assurance to the Monetary Board, the statement added.

The full statement issued by the Central Bank can be accessed here

 

ColomboPage - Recent 10 Stories ::
Former police OIC, DIG arrested over Lasantha Wickrematunge's killing further remanded
-- [7 hours ago]
Police fire tear gas and water cannons to disperse SAITM protesters
-- [7 hours ago]
Sri Lanka captain Chandimal suspended for one Test after being found guilty of changing the condition of the ball
-- [8 hours ago]
Sri Lanka to exempt VAT from private medical services from 1st July
-- [8 hours ago]
IRRI to provide technical assistance to Sri Lanka to restore self-sufficiency in rice
-- [9 hours ago]
MP Buddhika Pathirana sworn in as Deputy Minister of Industries and Commerce
Colombo Stock Exchange decides to delist Kalpitiya Beach Resort
Construction of first of four multi-purpose fishery harbors to begin soon
Indian seafood producer willing to invest $ 5 million in Sri Lanka's aquaculture sector
Oman Post suspends sending mail to Sri Lanka

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.