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2025-06-09

News Categories : Committee News 

New laws are being introduced to regulate the cooperative sector, including cooperative banks - Minister Wasantha Samarasinghe states at the Ministerial Consultative Committee

  • If the price of salt is increased arbitrarily, a maximum retail price will be set - Minister

 

Hon. Minister of Trade, Commerce, Food Security and Cooperative Development, Wasantha Samarasinghe stated that steps have already been taken to promptly introduce new laws to regulate the cooperative sector including the cooperative banking system.

The Minister made this statement at the Ministerial Consultative Committee on Trade, Commerce, Food Security and Cooperative Development held in Parliament on 2025.06.04.

The Minister emphasized the need to introduce new laws to properly regulate and formulate a systematic mechanism due to continuous complaints received regarding financial irregularities and unregulated activities occurring in a number of cooperative banks. He pointed out that as a result of this situation, the cooperative banking system which was established for the convenience of the public is gradually distancing itself from the people, and only a limited group is benefitting from it.

Moreover, though salt can be obtained by the public without any shortage at present, the Minister stated that complaints are being received regarding the increase in salt prices in the market, and thus, if prices are being unfairly raised with the expectation of excessive profits, steps will be taken in the future to impose a maximum retail price.

Various issues related to the Ministry of Trade, Commerce, Food Security and Cooperative Development were raised by Members of Parliament at this meeting, and the Minister provided the necessary instructions to officials to intervene promptly with regard to these matters.

Officials briefed the Members of Parliament regarding the duties of the institutions under the Ministry of Trade, Commerce, Food Security and Cooperative Development.

Hon. Deputy Minister of Trade, Commerce and Food Security R.M. Jayawardena and of Hon. Members of Parliament, along with the Secretary to the Ministry of Trade, Commerce, Food Security and Cooperative Development and a group of officials, were present in this Committee meeting held.



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