News
Drastic drop in gold reserves: CB clarifies
The Central Bank said yesterday that it decides when to increase or reduce gold reserves depending on the country-specific circumstances and economic priorities. In 2008, the CBSL’s gold holdings was only USD 92 million (3.6 percent of gross official reserves of USD 2.6 billion), but was gradually increased by end 2014 to USD 893 million (10.9 percent of gross official reserves of USD 8.2 billion).
Issuing a press release, the CBSL said that the gold reserves have fallen to USD 175 million (5.6 per cent of gross official reserves of USD 3.1 billion) by the end of 2021, based on the need to enhance the liquidity of the reserve portfolio.
“The CBSL may, at a future date, consider increasing its gold holdings when the foreign reserve levels grow to values that may warrant a change in the composition of the reserve portfolio,” the press release said.
Given below are excerpts of the press release: “International reserve management of a central bank is a dynamic and technical process which is usually designed to ensure that a country’s foreign assets are readily available and controlled to achieve a defined range of objectives. Accordingly, the adoption of appropriate reserve management policies relating to the asset composition, currency mix, liquidity needs, tenor, profitability, safety, etc. of investment instruments could vary from country to country and would depend on the country-specific circumstances and economic priorities.
“In this background, the attention of the Central Bank of Sri Lanka (CBSL) has been drawn to several misleading and erroneous interpretations regarding the change in the composition of the CBSL’s international reserve position as at end December 2021. Accordingly, the CBSL wishes to clarify that the changes in the composition of official reserves is in accordance with the current reserve management needs and priorities, considering all aspects of the reserve management requirements, as set out above. In fact, the CBSL’s gold holdings by end 2008 was only USD 92 million (3.6 per cent of gross official reserves of USD 2.6 billion), but was gradually increased by end 2014 to USD 893 million (10.9 per cent of gross official reserves of USD 8.2 billion). Hence, it is evident that the share of gold holdings in the reserve may change from time to time, reflecting the needs of the CBSL to buy, hold or liquidate its gold holdings in accordance with the prevailing reserve management priorities.
“In that background, while the CBSL’s gold holdings by end 2021 may have decreased to USD 175 million (5.6 per cent of gross official reserves of USD 3.1 billion) based on the need to enhance the liquidity of the reserve portfolio, the CBSL may, at a future date, consider increasing its gold holdings when the foreign reserve levels grow to values that may warrant a change in the composition of the reserve portfolio.”
News
Buddhist hierarchy demands prison perks for monk convicts
MONETABRIEF– Sri Lanka’s two most senior Buddhist chapters, Malwatte and Asgiriya, demanded special concessions for monks serving prison sentences, following the disrobing of convicted monk Ven. Galagodaatte Gnanasara in line with established procedures.
The chief prelate of the Asgiriya chapter, Most Venerable Warakagoda Sri Gnanarathana, told Prisons Commissioner Senaka Palletenna that Ven. Gnanasara, who is serving a six-year sentence for contempt of court, must be released immediately.
Prison authorities have no power to release or pardon convicts, but Palletenna told the monk in Kandy on Friday that he would convey his request to the relevant government authorities.
“There is no point in talking about this and that… The entire country has been shaken (??????? ) . He must be released,” the Asgiriya chief prelate said.
The Malwatte chief prelate, Most Venerable Thibbatuwawe Sri Siddhartha Sumangala, appeared to accept the court verdict against Ven. Gnanasara, but asked the prisons chief whether a separate section could be established for convicted monks.
Palletenna noted that a special ward for the clergy already existed at Welikada Prison.
At least 63 convicted Buddhist monks are currently incarcerated within Sri Lanka’s criminal justice system.
Meanwhile, a group of 34 Buddhist monks named in a Colombo Fort Magistrate’s Court order to vacate the vicinity of the Presidential Secretariat ended their protest and dispersed after lunch on Friday.The monks are demanding an unconditional pardon for Ven. Gnanasara, who has previously been imprisoned, making him a reconvicted prisoner.
News
Debate on NCM against Speaker postponed indefinitely
The debate on the no-confidence motion against Speaker Dr. Jagath Wickramaratne, submitted by the Samagi Jana Balawegaya (SJB), has been postponed indefinitely pending the Attorney General’s opinion on certain technical issues in the motion.
Government representatives raised the matter at a meeting of the Committee on Parliamentary Business, pointing out that several provisions of the motion required clarification and that the Attorney General’s advice should be obtained.
As obtaining the opinion would take time, the debate could not be scheduled for the next parliamentary week, parliamentary sources said.
Chief Opposition Whip Gayantha Karunatilaka said a date for the debate would be decided after the Attorney General’s advice was received.
Meanwhile, Parliament is scheduled to meet from October 20 to 23, Secretary General of Parliament Kushani Rohanadeera announced.
The parliamentary business for the week was finalised at a meeting of the Committee on Parliamentary Business held on Friday (16) under the chairmanship of Deputy Speaker Dr. Rizvie Salih.
On each sitting day, the period from 9.30 a.m. to 10 a.m. will be allocated for parliamentary business under Items 1 to 6 of Standing Order 22. Questions for Oral Answers will be taken up from 10 a.m. to 11 a.m., followed by questions under Standing Order 27(2) from 11 a.m. to 11.30 a.m.
On Tuesday, October 20, an Opposition-sponsored Adjournment Motion will be debated from 11.30 a.m. to 5.30 p.m.
On Wednesday, October 21, a resolution under the Public Debt Management Act and a Supplementary Estimate will be taken up for debate and approval from 11.30 a.m. to 5 p.m. The annual reports of five statutory institutions will subsequently be presented for approval without debate, while questions at the Adjournment Time will be taken up from 5 p.m. to 5.30 p.m.
On Thursday, October 22, the Second Reading debates on two Bills to amend the Poisons, Opium and Dangerous Drugs Ordinance (Bills Nos. 79 and 80) will be held from 11.30 a.m. to 5 p.m.
The annual reports of five statutory institutions will then be taken up for approval without debate, followed by an Opposition-sponsored Adjournment Motion from 5 p.m. to 5.30 p.m.
On Friday, October 23, the Second Reading debate on the Elimination of Rabies and Registration of Dogs Bill will be held from 11.30 a.m. to 5 p.m. A Government-sponsored Adjournment Motion will be debated during the final half-hour of the sitting.
News
Karannagoda pushed for £24,536 for Yoshitha’s UK training, Court told
Former Navy Commander Admiral Wasantha Karannagoda had, by letter dated May 19, 2014, requested the Secretary to the Ministry of Defence to approve the funds required for former Navy Lieutenant Yoshitha Rajapaksa, son of former President Mahinda Rajapaksa, to attend the Royal Navy Young Officers Course at the Royal Navy Training College in the United Kingdom, the Colombo High Court was told on Thursday (15).
The court was informed that £24,536 in public funds had been spent on the training programme. The details emerged during testimony by a Navy representative appearing on behalf of former Navy Commander Admiral Travis Sinniah before Colombo High Court Judge Udesh Ranatunga, when the money laundering case against Rajapaksa was taken up for hearing.
Responding to questions during cross-examination, the witness explained that payments for Navy officers attending overseas training programmes were generally made in foreign currencies, including US dollars and British pounds.
Meanwhile, Navy Captain Nuwan Thushara Arangala, testifying for the prosecution, told court that Rajapaksa had received a total of Rs. 5,159,626.37 in salaries and allowances during his nine years of service in the Navy.
The court was informed that Rajapaksa had served as a Navy Lieutenant from December 14, 2006, to February 28, 2017, although his service had been suspended on February 28, 2016.
According to the testimony, his monthly gross salary was Rs. 16,390, in addition to allowances for food, uniforms, housing and special duties.
The witness clarified that these allowances did not include payments made for overseas training programmes or participation in sporting events while representing the Navy.
During the proceedings, the prosecution also submitted Rajapaksa’s annual declarations of assets and liabilities for the period from 2009 to 2015.
A National Savings Bank official also testified regarding savings accounts and fixed deposits maintained by Rajapaksa, stating that no withdrawals had been made from the accounts since they were opened.
Rajapaksa is facing charges under the Prevention of Money Laundering Act over his alleged failure to explain the source of nearly Rs. 735 million acquired between August 1, 2012, and August 29, 2013, in Rajagiriya and Bambalapitiya.
The prosecution alleges that funds suspected to have been derived from unlawful activities were deposited in bank accounts and fixed deposits.
The court also heard testimony concerning the appointment of a guardian for Daisy Forrest, the second defendant in the case, and matters relating to the clearance of an imported outside broadcasting (OB) truck associated with CSN television.
Further examination of witnesses was scheduled for October 30, with the court directing 11 prosecution witnesses to appear on that date.
-
Latest News5 days agoNissanka’s return headlines Sri Lanka’s Test squad against Pakistan
-
Latest News6 days agoFarhan and Sadaqat help Pakistan seal series in style
-
Features6 days agoIntake 16: 45 years of duty and honour
-
News6 days agoMalwathu Chapter issues statement on talks with President over Gnanasara Thera’s robes
-
News6 days agoCP alleges NPP has taken the blame for illegal US sanctions on Iranian vessels
-
News4 days agoSri Lanka, India caught in US-Iran ship crisis
-
Opinion6 days agoHow long can Sri Lanka remain silent on its demographic crisis?
-
Latest News4 days agoKusal Mendis’ unbeaten 87 hands Sri Lanka consolation win
