The meeting was held under the chairmanship of Hon. Member of Parliament (Dr.) Harsha de Silva, where the Committee reviewed and approved Gazette Notification No. 2479/54 dated 12 March 2026 and Gazette Notification No. 2492/10 dated 09 June 2026.
The first set of Rules relate to the Central Bank of Sri Lanka’s authority to collect statistics and information from external parties in the discharge of its monetary policy and regulatory functions. Under the framework, the Rules specify the categories of data to be reported, the persons subject to reporting obligations, and administrative measures applicable in cases of non-compliance.
The regulations further limit the authority to issue data requests to designated officers of the Central Bank of Sri Lanka (CBSL), including Deputy Governors and heads of key departments. The Rules also include safeguards ensuring that all collected information is used strictly for the intended regulatory and policy purposes.
During the meeting, the Committee also highlighted concerns regarding the non-publication of certain government debt statistics by the CBSL. Members observed that such data is currently maintained by the Public Debt Management Office and noted difficulties in reproducing previously published formats. The Committee stressed the importance of ensuring continued public access to government debt information through CBSL publications, while also pointing out delays in reporting on the secondary market for government securities.
In addition, COPF members raised concerns over challenges in accurately estimating tourism earnings due to multiple payment methods used by visitors. The Committee emphasized the need to strengthen data collection methods and survey systems to improve the accuracy of national economic statistics.
The Committee also approved the Rules published under Gazette Notification No. 2492/10, titled *Repatriation of Export Proceeds into Sri Lanka Rules, No. 2 of 2026*. These Rules introduce amendments to the existing foreign exchange regulatory framework, requiring exporters to use repatriated proceeds only for permitted payments and convert any remaining foreign currency balances into Sri Lankan Rupees on or before the 10th day of the following month.
This represents a reduction from the previous three-month conversion period introduced in 2024. The Central Bank of Sri Lanka stated that the revision is intended to address exchange rate volatility and foreign exchange liquidity shortages, and emphasized that the measure is temporary and will be relaxed once market conditions stabilize.
However, Committee members noted that the revised requirement could potentially affect market confidence and contribute to foreign exchange volatility. In response, CBSL officials reiterated that the measure is a short-term policy intervention aimed at stabilizing the currency market.
The Committee also discussed issues related to an alleged financial fraud involving NDB Bank. Members held an extensive technical discussion on the role of the Central Bank in the matter and agreed to revisit the issue after the completion of the ongoing forensic audit.
The meeting was attended by several Members of Parliament, including Deputy Ministers and Committee members, along with Central Bank Governor Dr. Nandalal Weerasinghe and senior officials of the Central Bank of Sri Lanka. A delegation from the House Democracy Partnership (HDP) and the Congressional Budget Office (CBO) of the United States Congress also observed the proceedings as part of a technical assistance mission on strengthening budgetary and economic analysis in Parliament.
