2022-11-17
The Governor of the Central Bank of Sri Lanka Dr. P. Nandalal Weerasinghe stated in Parliament that customers who have been inconvenienced due to the increase in the interest rates charged for the loans obtained under variable interest rates in the past is able to get relief by negotiating with the bank.
The Governor stated this when Parliamentarians inquired regarding the aforesaid at the Ministerial Consultative Committee on Finance, Economic Stabilization and National Policies held yesterday (Nov. 16) in Parliament chaired by the State Ministers of Finance Hon. Ranjith Siyambalapitiya and Hon. Shehan Semasinghe.
The Members of Parliament pointed out that due to the increase in interest rates, the entire income of some creditors has to be paid for loan installments. The CBSL Governor said that customers can pay only the relevant interest for a grace period in consultation with the bank. He further added that instructions have been given to the banks in this regard.
Also, the CBSL Governor said that the average inflation which was at a value of 70% two months ago has now decreased to 66% and the food inflation which was at 95% has decreased to 85%. He further stated that with the existing fiscal policies, this figure is expected to reach 4-5% by the end of next year. Furthermore, according to the conditions of the International Monetary Fund, a new act has been drafted to make the Central Bank an independent institution and the necessary work is being done, the CBSL Governor added.
Furthermore, the committee drew attention to the difficulty in exchanging dollars to rupees by banks. State Ministers of Finance Hon. Ranjith Siyambalapitiya asked the CBSL Governor regarding the stated issue to which the Governor responded saying that the Central Bank has not given any advice that would cause such delays.
State Minister Hon. Shehan Semasinghe also said that according to a report of the Department of Public Enterprises, 22 out of 126 institutions have not submitted their annual reports for more than 5 years and some institutions have delayed the submission of annual reports for about 7 years. Accordingly, the State Minister said that since he will be working with the International Monetary Fund in the future, he instructed the heads of the institutions to submit the annual reports within the stipulated time.
Hon. Sajith Premadasa, Leader of the Opposition, Members of the Committee Hon. Jagath Kumara Sumithraarachchi, Hon. Sahan Pradeep Withana and Parliamentarians Secretary to the Treasury/Ministry of Finance, Economic Stabilization and National Policies. Mr. K M Mahinda Siriwardana, officials representing the Ministry and institutions affiliated to it were present at the Committee meeting held.
2026-11-11
The role of the Central Bank of Sri Lanka, inflation targeting, private sector credit growth, economic growth potential and financial system stability were discussed extensively at a recent meeting of the Committee on Public Finance (COPF), held in Parliament recently under the chairmanship of Dr. Harsha de Silva, Member of Parliament.The meeting was attended by Hon. Deputy Minister Chathuranga Abeysinghe and Hon. Members of Parliament Ravi Karunanayake, Harshana Rajakaruna, Ajith Agalakada, Nimal Palihena, Wijesiri Basnayake, Sunil Rajapaksa and Thilina Samarakoon. A group of Central Bank officials, including the Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe, also participated in the meeting.In accordance with the provisions of Section 80(2)(a) of the Central Bank of Sri Lanka Act, the Governor of the Central Bank, members of the Governing Board and the Monetary Policy Board, as well as Deputy Governors, are required to appear before Parliament or one of its committees once every four months to brief them on the functions of the Central Bank. Furthermore, under Section 26(5), if the Central Bank fails to achieve its prescribed inflation targets for two consecutive quarters, it is required to submit a report to Parliament explaining the situation.During the meeting, Central Bank officials explained the decision to maintain the headline inflation target, based on the Colombo Consumer Price Index (CCPI), at 5%, and to continue maintaining this target over the next three years. It was also revealed that seven special reports had been submitted to Parliament on occasions when inflation remained below the lower limit of the target range of 3%.It was stated that the volume of credit extended to the private sector during the first nine months of 2026 amounted to Rs. 2.1 trillion, compared to Rs. 1.9 trillion during the corresponding period in 2025. Approximately 74% of this credit was provided by licensed commercial banks.However, the Committee drew attention to the increase in the share of short-term loans from 42% to 47%, while the share of long-term loans had declined from 35% to 29%. Discussions also focused on whether bank lending was being adequately channeled towards capital formation, new investments and expanding production capacity. In addition, the Committee sought clarification on the growth of different categories of loans, including mortgage loans and vehicle loans.The country's long-term economic growth potential was also discussed. The importance of implementing reforms in the trade, labour and land sectors, alongside monetary policy, was emphasized as essential for achieving sustainable economic growth. The development of human capital, improvements in productivity and attracting foreign direct investment were also highlighted as key priorities.Providing an update on financial system stability, Central Bank officials explained that the banking sector's Stage 3 non-performing loan ratio had declined from 9.7% to 8.8%. They also noted that capital and liquidity levels within the banking system remained above the regulatory requirements.Regarding NDB Bank, Central Bank officials stated that the forensic audit conducted in relation to the bank, together with the report of the Sri Lanka Accounting and Auditing Standards Monitoring Board, had been referred to the Attorney General on October 15, 2026. They further stated that regulatory measures had been imposed on the bank, including restrictions on dividend distributions, branch expansion and directors' remuneration.The Committee also focused on institutions illegally accepting public deposits and financial scams involving the fraudulent use of artificial intelligence to create fake images and voices of the Central Bank Governor, the Prime Minister and Members of Parliament.Central Bank officials pointed out that measures were being taken in coordination with the Telecommunications Regulatory Commission, the Sri Lanka Computer Emergency Readiness Team (CERT), the Police and Meta to prevent such scams.In addition, the Committee discussed regulatory matters relating to virtual assets and cryptocurrencies, the supervision of banking activities within the Colombo Port City, and the proposed consolidation of state-owned banks.
2026-11-10
The Women Parliamentarians’ Caucus met recently (Nov. 06) at Parliament under the chairpersonship of Hon. Minister Saroja Savithri Paulraj. Discussions focused on promoting children’s rights, taking action against gender-based violence, and strengthening the technical and research capacities of women parliamentarians.Accordingly, during a discussion with representatives of the United Nations Children’s Fund (UNICEF) in Sri Lanka, attention was drawn to the “Special Children’s Parliamentary Participation Programme”, scheduled to be held at Parliament on 20th November to mark World Children’s Day. It was noted that a Children’s Statement, prepared based on the views and opinions of more than 1,200 children from across the country, is to be presented to Members of Parliament with the participation of 50 children. The need to re-establish a Children’s Caucus within Parliament to promote children’s rights and welfare was also discussed.Furthermore, attention was drawn to expediting cases relating to child abuse, removing existing legal barriers to this process, and strengthening coordination among the relevant institutions.Subsequently, during a discussion with representatives of the United Nations Population Fund (UNFPA) in Sri Lanka, matters relating to the global 16 Days of Activism against Gender-Based Violence campaign were discussed. The discussion focused on plans to organize an awareness march under the theme “This is my right” and conduct public awareness programmes on preventing violence against women as part of the campaign, which is scheduled to run from November 25 to December 10.The visiting representatives stated that, in addition to women parliamentarians, Members of Parliament, Ministers, officials of government institutions, representatives of civil society organizations and university students are expected to participate in the march. Discussions were also held on introducing a digital directory of services, featuring a QR code, containing information on institutions and services available to women experiencing violence, as well as organizing a dialogue with the participation of relevant stakeholders.Meanwhile, during a follow-up discussion on technical cooperation with representatives of the Max Planck Foundation, attention was focused on parliamentary research support and knowledge sharing. The possibility of providing technical and research assistance to Members of Parliament in areas such as legislative drafting, comparative legal studies, and assessing the impact of proposed legislation on gender equality and human rights was also discussed.The importance of pursuing further initiatives in collaboration with international organizations to strengthen child protection, women's rights and gender-responsive policy measures was also emphasized during the discussions.The Hon.Deputy Chairperson of Committees of Parliament, Hemali Weerasekara; the Hon. Deputy Co-Chairpersons of the Women Parliamentarians’ Caucus, Attorney-at-Law Chamindrani Kiriella and Samanmali Gunasinghe; along with several women Members of Parliament serving on the Caucus, also participated in these discussions.
2026-11-10
The Chairman of the Committee on Public Enterprises (COPE), Hon. Member of Parliament Dr Nishantha Samaraweera, has emphasized the importance of developing appropriate corporate and operational plans for State-Owned Enterprises (SOEs), identifying measurable Key Performance Indicators (KPIs) to assess their progress, and ensuring their effective implementation to enhance institutional performance.He made these remarks at a progress review workshop on the Key Performance Indicators outlined in the corporate and operational plans of 41 institutions, which had initially presented their corporate plans before the Third Sub-Committee of the Committee on Public Enterprises. The workshop was held recently at the Parliament.The Chairman also pointed out the need for public institutions to identify and act in accordance with their statutory powers and responsibilities to ensure the proper discharge of their functions, financial discipline and operational efficiency.He further stressed that, rather than focusing solely on past audit issues, it was important to assess the progress made in implementing corporate plans and evaluate whether the intended outcomes had been achieved through their implementation.The workshop was attended by Members of Parliament serving on the Committee on Public Enterprises; Auditor General Ms Samudika Jayaratne and audit officers of the National Audit Office; P. Ranasinghe and C. S. Mayadunne, Advisers to the Committee on Public Enterprises and the Committee on Public Accounts, respectively; officials from the Department of Management Audit, the Department of Public Enterprises and the Department of National Budget; as well as chief executive officers and chief financial officers of State-Owned Enterprises and other officials.
2026-11-10
The Select Committee of Parliament to look into and report to Parliament on the matter of selecting the Electoral System under which the Provincial Council Elections should be held and submit its proposals and recommendations in that regard, sought the views and proposals of various political parties on the matter.This took place when the Select Committee met recently at Parliament under the chairmanship of, Hon. Minister Vijitha Herath.At the meeting, K. Premachandran, representing the Eelam People's Revolutionary Liberation Front (EPRLF); Ramasamy Rajendran, representing the Eros Democratic Front; and Shanmuganathan Sanjeevan, representing the Eelam People's Democratic Party (EPDP), presented the views and proposals of their respective political parties.The objective of the discussion was to obtain the views of political parties on matters including the electoral system that should be adopted for conducting Provincial Council elections, as well as the representation of women and youth.The meeting was also attended by Hon. Deputy Ministers Munir Mulaffer, Attorney-at-Law Sunil Watagala and Arun Hemachandra, together with members of the Select Committee, Hon. Members of Parliament Dharmapriya Wijesinghe, Samanmali Gunasinghe and Lakshman Nipuna Arachchi.
Handbook of Parliament
The System of Elections in Sri Lanka
How Parliament Works
Business of Parliament
Copyright © The Parliament of Sri Lanka.
All Rights Reserved.
Design & Developed by TekGeeks
