2026-06-17
News Categories : Committee News
The Committee on Public Finance (COPF) granted approval for the Rules published in Extra Ordinary Gazette Notifications No. 2479/54 dated 12 March 2026 and No. 2492/10 dated 09 June 2026, made under the Central Bank of Sri Lanka Act, No. 16 of 2023 following its consideration.
The said approval was granted when the COPF met in Parliament on 09 June 2026 under the Chairmanship of Hon. Member of Parliament (Dr.) Harsha de Silva.
In the discharge of its functions, including the formulation of monetary policies under the Central Bank of Sri Lanka Act, No. 16 of 2023, the Central Bank of Sri Lanka is required to collect statistics and information from external parties. Accordingly, the Rules published in Extraordinary Gazette Notification No. 2479/54 dated 12 March 2025 under the said Act have been made to prescribe the statistics and information to be reported, the persons subject to such reporting requirements, and the administrative measures that may be taken in the occasion of a violation of the relevant requirements.
The Rules further restrict the authority to issue notices requiring the submission of statistics and information to authorized officers of the Central Bank of Sri Lanka (CBSL), namely the Deputy Governors, the Head of the Economic Research Department, and the Head of the Department of Census and Statistics.
In addition, the Rules provide for safeguards, including ensuring that the information equipped is used solely for the purpose for which it is collected.
The Committee also drew attention to the non-publication of certain government debt data by the CBSL. It was observed that such information is currently maintained by the Public Debt Management Office and that there are limitations in reproducing debt statistics in the format previously published by the CBSL. The Committee emphasized the importance of maintaining public access to government debt information through the publications of the CBSL and also noted the delay in the publication of reports relating to the secondary market for government securities.
Further, the COPF pointed out that accurately calculating tourism earnings has become a challenge due to the various payment methods used by tourists, and emphasized the need to improve data collection surveys to enhance the accuracy of such estimates.
The Committee also granted approval, following due consideration, for the Rules published in Extraordinary Gazette Notification No. 2492/10 dated 09 June 2026 under the Central Bank of Sri Lanka Act. These Rules, titled the "Repatriation of Export Proceeds into Sri Lanka Rules, No. 2 of 2026," further amend the existing regulatory framework governing the repatriation of export proceeds into Sri Lanka.
Accordingly, every exporter of goods who repatriates export proceeds into Sri Lanka during any given month is required to utilize such proceeds only for permitted payments, and to mandatorily convert the remaining balance into Sri Lankan Rupees on or before the 10th day of the following month. This amendment reduces the three-month period previously allowed under the regulations introduced in 2024 to a deadline of the 10th day of the following month.
The CBSL pointed out that, in view of the volatility in the exchange rate and the foreign exchange market, as well as the shortage of foreign exchange liquidity, it had become necessary to reduce the period granted to exporters for converting export proceeds into Sri Lankan Rupees.
The Committee pointed out that this measure could potentially affect market confidence and contribute to volatility in the foreign exchange market. In response, CBSL officials stated that the measure had been introduced as a short-term policy tool to address exchange rate volatility and the current shortage of foreign exchange supply, and that it would be relaxed once market conditions stabilize.
The Committee also discussed the alleged financial fraud involving NDB Bank. An extensive discussion was held on the relevant technical matters, including the role and responsibilities of the CBSL in relation to the incident. It was decided that the matter would be taken up again following the completion of the ongoing forensic audit.
Hon. Deputy Minister (Dr.) (Ms.) Kaushalya Ariyaratne, Hon. Deputy Minister Nishantha Jayaweera, and Hon. Members of Parliament Rauff Hakeem, Attorney-at-Law, Ravi Karunanayake, M.K.M. Aslam, Nimal Palihena, Wijesiri Basnayake, Sunil Rajapaksha, Thilina Samarakoon, Champika Hettiarachchi, and Lakmali Hemachandra, Attorney-at-Law, together with Central Bank Governor Dr. Nandalal Weerasinghe and other officials, were present at the meeting. A delegation from the House Democracy Partnership (HDP) and the Congressional Budget Office (CBO) of the United States Congress, who were in Sri Lanka on a technical assistance mission on “Strengthening Budgetary and Economic Analysis in Parliament,” also attended the committee meeting as observers.
2026-07-16
The Ministerial Consultative Committee on Education, Higher Education and Vocational Education recently discussed and approved the final report of the Committee appointed to make recommendations for the establishment of an Education Council in Sri Lanka which had been endorsed by the Sub-Committee on the Establishment of an Education Council.The approval was granted at the meeting of the Ministerial Consultative Committee on Education, Higher Education and Vocational Education held in Parliament under the chairmanship of Hon. Prime Minister Dr. Harini Amarasuriya.During the meeting, the Chair of the Sub-Committee, Hon. Deputy Minister Mahinda Jayasinghe, presented the report to the Committee. The report incorporates the observations and recommendations made following a comprehensive study conducted by the panel of experts appointed by the Ministry to formulate recommendations for the establishment of an Education Council in Sri Lanka.Thereafter, the Committee sought the views and proposals of its members on the contents of the report. Following an extensive discussion, the Ministerial Consultative Committee approved the report.The meeting was attended by Ministers, Deputy Ministers, Members of Parliament, and officials of the Ministry of Education, Higher Education and Vocational Education.
2026-07-16
The Committee on Public Accounts (COPA) extensively reviewed the Auditor General's Reports relating to the Department of Examinations of Sri Lanka for the years 2021 to 2024, as well as its current performance.The discussion took place when the Committee met in Parliament under the chairmanship of its Chair, Hon. Member of Parliament Kabir Hashim.During the meeting, the Committee focused on a number of matters, including the conduct of examinations and the process of releasing examination results, the use of information technology systems, human resource management, procurement procedures, the submission of annual reports to Parliament, and the implementation of the recommendations of the Auditor General.Officials also briefed the Committee on the measures taken to further enhance the Department's current performance and service efficiency, as well as the programmes scheduled to be implemented in the future.The Committee also discussed the action taken in response to the observations of the Auditor General and instructed the officials to take the necessary steps to expedite the implementation of the remaining recommendations.The meeting was attended by Committee Members Hon. Deputy Ministers Nalin Hewage and Sugath Thilakarathna, and Hon. Members of Parliament Chanaka Madugoda, Dr. M. L. A. M. Hizbullah, Hector Appuhamy, T. K. Jayasundara, Chandana Sooriyarachchi, Lal Premanath, Ruwanthilaka Jayakody, Dr. Janaka Senarathna and Sunil Rathnasiri.
2026-07-16
Parliamentary Caucus for Youth focused on the importance of obtaining the views and proposals of young people on the Draft National Youth Policy.The matter was discussed at the sixth meeting of the Parliamentary Forum for Youth, held recently in Parliament under the chairmanship of Hon. Deputy Minister Eranga Gunasekara.During the meeting, an extensive discussion was held on the Draft National Youth Policy. Attention was also drawn to obtaining the views and proposals of the Members of the Caucus with a view to incorporating the needs and aspirations of young people into the policy in a more effective manner.It was further emphasised that the Parliamentary Caucus for Youth will continue to facilitate the meaningful inclusion of the voices of young people in the policy formulation process.The meeting was attended by Hon. Members of Parliament and officials.
2026-07-10
The Committee on High Posts, which met in Parliament recently (Jul. 08), has granted its approval for the appointment of Mr. D.P. Wickramasingha as the Secretary to the Ministry of Agriculture, Livestock, Land and Irrigation.The meeting was chaired by the Hon. Prime Minister Dr. Harini Amarasuriya and was attended by Hon. Ministers Bimal Rathnayake and Dr. Upali Pannilage, as well as Hon. Members of Parliament Dr. Nihal Abeysinghe, Rishad Bathiudeen, K. Kader Mastan, Kumara Jayakody, Kathiravelu Shanmugam Kugathasan, and Attorney-at-Law Chamindrani Kiriella.
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