News
Ravi demands full disclosure on Lanka’s usable reserves, flags forex leakages
Opposition MP Ravi Karunanayake on Wednesday called for an urgent government statement to Parliament on the integrity and usability of Sri Lanka’s Gross Official Reserves (GOR), raising concerns over foreign exchange leakages and regulatory consistency under the Foreign Exchange Act No. 12 of 2017.
Raising the issue under Standing Order 27 (i), Karunanayake urged the Government to provide a comprehensive disclosure on the composition, encumbrances and deployability of the country’s reserves, as well as on the Central Bank’s oversight of foreign currency transactions.
“Reserve credibility depends not merely on headline numbers, but on transparency, enforceability and consistency in regulation,” the MP told the House.
He sought clarification on the latest reported GOR figure and the net usable reserves after excluding encumbered assets, swaps and pledged balances. He also requested details of annual revenue earned on reserves from 2023 to 2025.
Following are the questions raised by MP Karunanayake:
1. What is the latest reported GOR figure, and what is the net usable reserve after excluding encumbered assets, swaps, and pledged balances? What is the revenue earned on are GOR 23-25 per year?
2. Provide a separate and detailed breakdown of GOR, including: (a) Monetary gold (quantity and valuation basis) is it real gold or gold paper? (b) Foreign currency assets by major currency and instrument; (c) SDR holdings; (d) IMF reserve position; (e) Foreign currency swaps, specifying counterparty type, principal amount, tenure, maturity profile, and all-in cost; (f) Domestic swaps, specifying amount, tenure, rollover terms, collateralisation, and effective cost.
3. Of the total reserves reported, how much is encumbered, swap-backed, or otherwise not immediately deployable for debt servicing or currency stabilisation?
4. What SLR spread, fee, or margin does the Central bank apply when buying or selling USD to the Government for reserve accumulation and external debt servicing and what total profit or gain has the C.bank realised from such transactions during the past three financial years? Advice per year.
5. Is the Central Bank subject to continuous and statutory audit by the Auditor General? If so, will the Government table the most recent audit report, specifying audit scope, sample size, reserve confirmations, swap verification and gold custody validation?
6. What triggered the recent circular warning domestic institutions on foreign currency transactions?
7. Has the C.bank quantified foreign exchange and tax revenue losses resulting from Sri Lanka-based businesses routing credit card and commercial payments through overseas payment gateways?
8. If domestic entities are regulated strictly, why has a binding circular not been issued against noncompliant business entities using foreign payment gateway arrangements that divert foreign exchange outside Sri Lanka’s regulated banking system?
The government asked for two weeks’ time to respond to the queries.
by Saman Indrajith
News
NCC joins war heroes’ tribute at Battaramulla ceremony
The 17th National War Heroes’ Commemoration Ceremony was held with solemn dignity at the War Heroes Monument in Battaramulla on Thursday, under the patronage of President Anura Kumara Dissanayake.
The ceremony drew tri-forces commanders, senior military officials and families of fallen servicemen, as the nation paused to honour those who laid down their lives in defence of Sri Lanka’s sovereignty.
The National Cadet Corps (NCC) joined the national tribute, marking the contribution of cadets who perished during the three-decade-long conflict. The event served as a sombre reminder of the human cost of war, with organisers highlighting the youthful courage and sacrifice of unnamed cadets whose service remains embedded in the country’s post-war memory.
Director of the NCC Major General APCR Premathilake laid a floral wreath at the monument in honour of the fallen heroes.
Adding a symbolic dimension to the ceremony, Corps Regimental Sergeant Major (Boys Cadet) E. Edwin Anorishan of Jaffna Hindu College and Corps Regimental Sergeant Major (Girls Cadet) HMJCS Herath of Bandarawela Central College also placed floral tributes.
News
Missing lightning conductor at Nuwara Eliya Post Office sparks probe row
A controversy has erupted over the disappearance of an ancient lightning conductor from the historic Nuwara Eliya Post Office, with activists alleging political interference and a delayed police investigation into what they describe as a major heritage theft.
The Nuwara Eliya Protection Organization has accused police of failing to act swiftly after the disappearance of the copper-linked lightning conductor at the iconic colonial-era building, which is also a protected archaeological site. Speaking at a press briefing held last Wednesday, representatives Gayan Chaturanga Wijayabandara and Nalaka Dinesh Ratnayake said the Postmistress of Nuwara Eliya had lodged a complaint with police on April 10, 2026, after discovering that the copper strip connected to the lightning conductor had been severed and the device was missing. The Department of Archaeology had issued an official directive to police on April 29, calling for a full investigation into the incident.
Despite these developments, the group alleged that no meaningful progress had been made in court or through investigative channels. The site had been gazetted as a protected archaeological monument on February 23, 2007, and warned that any unauthorised removal of artefacts was a serious offence under the Antiquities Ordinance.
Activists also raised concerns over the timing of alleged development activities at the site, contrasting it with earlier attempts to prevent commercial interventions, which they said had faced public resistance.
They claimed the missing artefact could have a black-market value of between Rs. 5 billion and Rs. 10 billion, and questioned how such a theft could occur without prompt arrests.
However, Nuwara Eliya Police Crimes Division OIC Inspector Indunil Premalal rejected claims of inaction, saying the investigation was proceeding in a systematic and transparent manner.
By SK Samaranayake
News
PMI to host National Project Management Summit, Awards 2026
The Project Management Institute Colombo Sri Lanka Chapter on Thursday announced the launch of the 9th National Project Management Conference 2026 and the National Project Management Excellence Awards 2026, aimed at strengthening the project management profession and promoting global best practices across Sri Lanka.
Addressing a press conference at Waters Edge on Thursday, PMI Colombo Sri Lanka Chapter President Thavendran Vijayakumar said the two flagship national events would be held under the theme ‘Delivering Value in a Cost-Conscious World: Optimize Resources, Enhance Impact, Sustain Growth.’
He said the theme reflected the growing need for organisations to deliver greater value while managing limited resources, controlling costs and ensuring sustainable long-term results.
Vice President – Finance Geeshan Wickramasinghe said the National Project Management Conference 2026 scheduled to be held on August 18 at Waters Edge would provide a platform for knowledge sharing, professional learning and cross-industry collaboration, bringing together project managers, business leaders, senior executives, consultants, academics and industry professionals.
Executive Vice President Pasan Manukith said that the conference would feature keynote speeches, presentations, panel discussions and case studies conducted by local and international experts. More than 400 professionals, including senior representatives of leading organisations, are expected to participate. Attendees would also be eligible to earn Professional Development Units (PDUs).
He further said the National Project Management Excellence Awards 2026 would recognise outstanding achievements by Sri Lankan project managers, project teams and organisations that had delivered exceptional value to the country, communities and industries.
The awards would evaluate excellence in leadership and planning, teamwork and collaboration, innovation and risk management, stakeholder engagement, and professional discipline and governance, Vice President – Outreach Dhammika Jayasundara said.
He noted that eligibility for the awards had been opened to legally registered organisations across multiple sectors, including construction, infrastructure, information technology, banking, finance, telecommunications, manufacturing, agriculture, healthcare, tourism, education, sustainability, digital transformation, artificial intelligence and corporate social responsibility initiatives.
Vice President Marketing and Communications Chandima Wijesuriya said projects submitted for evaluation should have been completed within the specified period, demonstrate tangible benefits to Sri Lanka and be managed by a Sri Lankan citizen.
A panel comprising industry experts and academics would evaluate submissions, while nearly 100 awards across 41 categories are expected to be presented at the awards ceremony scheduled to be held at Waters Edge, Colombo. Applications should be forwarded to npme@pmicolombo.org
By Chaminda Silva
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