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

Leading News from Sri Lanka::

* Sri Lanka Central Bank takes many steps to strengthen transparency and accountability of operations
Mon, Jan 14, 2019, 09:13 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 14, Colombo: Sri Lanka's Central Bank today said it has initiated many measures to strengthen transparency and accountability in many areas of its operations in line with the recommendations of the Presidential Commission of Inquiry (COI).

Issuing an update on the progress of implementation of the recommendations of the Presidential Commission of Inquiry to Investigate, Inquire and Report on the Issuance of Treasury Bonds during the period from 1 February 2015 to 31 March 2016, the Central Bank informed that many measures have already been implemented.

The Bank said that In relation to the legal framework within which the Central Bank operates, measures are under way to strengthen several laws applicable to the Central Bank.

Currently, amendments are being formulated with respect to the Monetary Law Act and the Registered Stocks and Securities Ordinance. Operations relating to issuance of Government securities were strengthened by introducing a new auction system for Treasury bonds.

A similar system is being formulated for Treasury bills as well. Pre-bid meetings are held regularly, the auction calendar is announced in advance and a policy of accepting no more than the total offered amount has been adopted. Internal controls in relation to the issuance process have been strengthened and the operational manual has been updated.

The fund management functions of the Employees' Provident Fund were strengthened by introducing a new robust Investment Policy Statement and an Investment Guideline. An updated operational manual is now in place with enhanced internal controls to mitigate risks and improve transparency and accountability.

The legal function was strengthened with increased resources and the internal audit function has widened its coverage and depth in terms of related risk exposures. A Whistleblowing Policy for employees and Codes of Conduct for all employees and Monetary Board Members have been introduced.

In addition to the above, several internal disciplinary proceedings are underway and civil recovery action has been filed to recover unlawful gains made by a Primary Dealer at the expense of the Central Bank and the Employees' Provident Fund.

On a complaint made by the Central Bank in November 2016 to the Inspector General of Police, criminal action has been initiated by the law enforcement authorities. Six Forensic Audits are nearing completion now.

In the future with respect to the Procurement process for forensic audits, as per the Government Procurement Guidelines, financial bids will be opened upon giving notice of 10 days to bidders who have scored above the minimum technical score.

The Full report is available at the Central Bank website.


ColomboPage - Recent 10 Stories ::
Proposal to include the Theravada Tripitaka into the Memory of the World Register of UNESCO presented
-- [6 hours ago]
Sri Lankan government to ensure every citizen has own plot of land
-- [6 hours ago]
Oman's Oil and Gas Minister arrives in Sri Lanka for ground breaking ceremony of Oil refinery in Hambantota
-- [8 hours ago]
Australian ships arrive in Sri Lanka for Indo-Pacific Endeavour 2019
-- [9 hours ago]
Pakistan's 79th National Day celebrated in Sri Lanka
Engineering Nexus' fourth meetup: Open Source and Beyond Building Smarter QE Platforms
Sri Lanka's sovereignty and independence protected in Geneva - PM
Navy arrests three persons with over 1500 kg of illegal Beedi leaves
SriLankan Airlines scores the second hat-trick at Golden City Gates Awards 2019
Human Rights Commission thanks Finance Minister for allocation of funds to make state buildings accessible to disabled

Copyright © 2000, 2016 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.