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Draft Central Bank Act could be revised to provide for its independence and accountability – CBSL Governor Dr. Nandalal Weerasinghe

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By Hiran H. Senewiratne

The draft Central Bank Act could be revised to strengthen its provisions taking into account the independence of the entity, price stability, monetary policy and governance structure of the Central Bank, before the Act is passed in parliament, Central Bank Governor Dr. Nandalal Weerasinghe said.

“Some critics have pointed out the possibility of the proposed Central Bank Act deepening policy confusion involved in money and exchange policy conflicts, giving wide discretion to the Bank to trigger forex shortages, as has happened in the past and as many Third World central banks have done, the Governor said at a public forum at the Centre for Banking Studies, Rajagiriya, last Thursday.

Dr Weerasinghe added, among other things: ‘The Central Bank of Sri Lanka, from its inception more than 72 years ago, has failed to control inflation. This was mainly because the CBSL was wrongly influenced by successive governments to suppress the US dollar rate while not allowing market forces to determine the parity rate of the rupee against the dollar and even interest rates.

‘The proposed Act will promote accountability and the independence of the CBSL, which would enable it to take proper and right decisions for the betterment of the economy, subject to a framework.

‘Besides, bank interest rates were set by governments at their whims and fancies, which was detrimental to the entire economy.

‘The New Act will provide for two boards, namely, the Governing Board and Monetary Policy Board. This new Act will also take steps to control inflation and provide for the adoption of an international standard framework, called the Flexible Inflation Targeting Framework.

“When it comes to accountability, the Central Bank will be accountable to parliament through a sub- committee. That subcommittee will report to parliament. Further, the Central Bank Governor and other top officials will be appointed for a fixed term, which would create consistency in decision-making.

‘The new Act also will also enable the setting-up of a Macro-prudential Authority to regulate the banking system, set up a proper governance system and create proper coordination between the government and the Central Bank.

‘Besides, the Central Bank law should not be drawn-up by the central bank itself.

‘It has to be done in some independent way. This has been done by consulting the Attorney General, legal draftsman and experts. That is how it has been done.

‘When the Act is drafted and it comes to parliament, some shortcomings may be seen in it. We also see some small parts that should be changed.’



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Dr Asanka Senanayake named most popular dentist at BWIO Awards

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Founder of Shine Dental Care Dr. Asanka Senanayake receiving the award

Dr. Asanka Senanayake, founder of Shine Dental Care centres—which provide dental services across multiple locations—was recently honoured as the Most Popular Dental Doctor of the Year at the Business World International Awards 2025.

The awards, organised by the US-based Business World International Organisation (BWIO), recognised outstanding business ventures and professionals across various industries. The ceremony was held recently at the Mount Lavinia Hotel in Colombo.

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Another 43 Ceylinco Life sales officers graduate with diplomas in Financial Sales Management

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Ceylinco Life’s latest batch of graduates in Financial Sales Management with Directors of the company and representatives of SLIM.

A group of 43 sales officers of Ceylinco Life recently graduated with diplomas in Financial Sales Management, under a programme tailor-made for the life insurance market leader by the Sri Lanka Institute of Marketing (SLIM).

Covering subjects such as Financial Planning, Communication, Analytical Skills Development, Time Management, Financial Markets, and Taxation among others, the bespoke diploma programme was introduced by Ceylinco Life to enhance the skills, knowledge, and competencies of its sales personnel, and to nurture a highly proficient sales force capable of tapping into premier markets and delivering exceptional services to customers.

The nine-month course programme includes contemporary coursework, examinations and assignments to ensure a well-rounded education for the candidates.

Speaking at the graduation ceremony, Ceylinco Life Executive Director/Chief Operating Officer Samitha Hemachandra said the company had from its inception, placed special emphasis on developing and rewarding professionalism among the members of its sales force. “We led the way in equipping our sales professionals with digital tools, pushed them to obtain professional qualifications from leading international bodies relating to life insurance, to qualify for Million Dollar Round Table membership, and to improve their knowledge in finance,” he said. “As a result, they have earned the respect of the community and their peers, and built stable and lucrative careers with Ceylinco Life.”

SLIM President Prof. Jayantha N. Dewasiri said: “Promoting professional competence as a contributor to the economic growth of our country is one of the objectives of SLIM. In furtherance of this, we provide professional education to thousands of Sri Lankans every year, and are happy to support Ceylinco Life’s efforts to advance the careers of its sales officers though professional development. This is an example to other corporate entities.”

Ceylinco Life’s senior directors Messrs. Devaan Cooray and Palitha Jayawardena, Director/Deputy CEO Ranga Abeynayake, SLIM Vice President – Education & Research Dr Dilhan Sampath Jayatilleke, CEO Chamil Wickremasinghe other distinguished guests attended the graduation ceremony at the Ceylinco Life Auditorium.

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ComBank and Senok unveil special offers on construction machinery and equipment

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Commercial Bank Deputy General Manager – Personal Banking S. Ganeshan and the Deputy Managing Director of Senok Trade Combine Mr Ranjan Dahanayake exchange the MoU in the presence of representatives of the two companies.

Companies in the construction sector have been provided an opportunity to acquire new equipment through affordable leasing options created via a collaboration between the Commercial Bank of Ceylon and Senok Trade Combine (Pvt) Ltd., which represents global brands in construction machinery and equipment.

A memorandum of understanding signed by the two organisations provides for a series of special benefits to be provided to customers who purchase JCB and Kobelco branded construction equipment from Senok under a customised leasing package provided by Commercial Bank.

The benefits include special prices and lower interest rates, customised payment plans with attractive and affordable rentals, and the first three services at 50, 250 and 500 hours, free of charge.

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