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New law drafted at the behest of IMF to make Central Bank an independent body

Published

4 years ago

2022/11/21

By saman Indrajith

Governor of the Central Bank Dr. Nandalal Weerasinghe told MPs on Thursday that a new Bill had been drafted to make the Central Bank an independent institution in line with IMF conditions.The Governor said that banks had been instructed to provide relief to those affected by the increase in bank interest rates.

He also said that given the existing fiscal policies, it would be possible to maintain inflation below five percent by the end of next year and that there was no reason for any inconvenience to be caused when exchanging dollars through bank The Governor said this to the members of the Ministerial Consultative Committee on Finance, Economic Stabilization and National Policies. The meeting was chaired by the State Ministers of Finance Ranjith Siyambalapitiya and Shehan Semasinghe.

MPs said that due to the increase in interest rates, the entire income of some creditors was spent on loan installments. The CBSL Governor said that customers could pay only the interest for a grace period in consultation with the bank. Instructions had been given to the banks on this, he said.

The CBSL Governor said that inflation which was 70 percent two months ago had now decreased to 66% and the food inflation which was at 95% had decreased to 85%. He stated that with the existing fiscal policies, this figure was expected to be under five percent by the end of next year.

State Minister Semasinghe said that according to a report of the Department of Public Enterprises, 22 out of 126 institutions had not submitted their annual reports for more than five years and some institutions have delayed the submission of annual reports for about seven years. Accordingly, the State Minister said that since would have to work with the International Monetary Fund in the future, he had instructed the heads of the institutions to submit the annual reports within the stipulated time.

Leader of the Opposition Sajith Premadasa, Members of the Committee Jagath Kumara Sumithraarachchi, Sahan Pradeep Withana and Parliamentarians, Secretary to the Treasury/Ministry of Finance, Economic Stabilization and National Policies. K M Mahinda Siriwardana, officials representing the Ministry and institutions affiliated to it were present at the Committee meeting.

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Sun directly overhead Mannar, Periyamadu, Puliyankulam, Welioya and Pulmoddai about 12.11 noon today (30)

Published

6 hours ago

2026/08/30

Priyan

The sun is going to be directly over the latitudes of Sri Lanka from 28th of August to 07th of September due to its apparent southward relative motion.

The nearest places of Sri Lanka over which the sun is overhead today (30) are Mannar, Periyamadu, Puliyankulam, Welioya and
Pulmoddai about 12.11 noon.

News

Lanka tracks 11 US-sanctioned Iranian tankers off coast

Published

8 hours ago

2026/08/30

Thilina Walpola

(AFP) Sri Lanka’s maritime authorities were monitoring a fleet of 11 US-sanctioned Iranian oil tankers just off the island’s southern coast, the foreign minister said Wednesday.

The tankers were spotted close to the Galle harbour where an Iranian frigate, IRIS Dena, was sunk by a US submarine in March, killing 104 sailors. Sri Lanka’s navy rescued 32 Iranian sailors from that frigate.

Iranian vessels have been in limbo, unable to return to their home port because of a US blockade.

Sri Lanka’s Foreign minister Vijitha Herath said the tankers were in international waters where they had freedom of navigation.

“These ships are away from our territorial waters… we have no hold on them, nor have we facilitated them,” Herath told AFP.

The military deployed reconnaissance aircraft and patrol boats to monitor the vessels outside Sri Lanka’s 12-nautical-mile territorial waters, a military official told AFP on condition of anonymity.

“There is no indication of any ship-to-ship transfer of oil or illegal discharge of pollutants, so there is no basis for Sri Lankan authorities to take action against them,” the official said.

Many Iranian merchant vessels moved east towards the Strait of Malacca and Singapore due to US sanctions, while several remained near Sri Lankan waters, authorities said.

Sri Lankan officials said Washington had not formally notified Colombo about sanctioned Iranian-flagged vessels

News

House to debate abolition of Chief of Defence Staff post

Published

8 hours ago

2026/08/30

Thilina Walpola

Parliament is to debate next Wednesday the Government’s proposal to abolish the post of Chief of Defence Staff (CDS), with the Second Reading of the Chief of Defence Staff (Repeal) Bill scheduled for September 9.

The Bill seeks to repeal the Chief of Defence Staff Act No. 35 of 2009, which was introduced shortly after the end of the armed conflict.

According to Secretary General of Parliament Kushani Rohanadeera, Parliament will meet from September 8 to 11, with the business for the week approved by the Committee on Parliamentary Business chaired by Speaker Dr. Jagath Wickramaratne.

The debate on the Chief of Defence Staff (Repeal) Bill is scheduled to take place from 11.30 a.m. to 5 p.m. on Wednesday, following questions to the Prime Minister and other parliamentary business.

The CDS post was established under the 2009 Act as part of the country’s higher defence command structure.

On Tuesday, September 8, the House will consider two Orders published in Extraordinary Gazettes under the Motor Traffic Act from 11.30 a.m. to 5 p.m., followed by an Opposition motion at the adjournment.

On Thursday, September 10, Parliament will debate a Resolution under the Women’s Empowerment Act.

The final sitting day of the week, Friday, September 11, has been allocated from 11.30 a.m. to 5.30 p.m. for several Private Members’ Motions.

The motions will cover issues including regulation of the petroleum, fuel and water industries, measures to increase the birth rate, protection of the Diyagama Forest, pension deductions affecting Pirivena teachers, food-crop cultivation in mountainous areas, development of the Kithul industry and the establishment of a Faculty of Medicine at South Eastern University.

Questions at the adjournment will be taken up at the end of each sitting day.