CBSL denies involvement in falsifying GDP data

COLOMBO (News 1st) - The Central Bank of Sri Lanka says allegations that the Central Bank is involved in manipulating GDP estimates are totally unfounded. Issuing a media release today, the CBSL stated that since 2007 the sole responsibility of compiling the GDP estimates is vested with the Department of Census and Statistics. The Central Bank says media statements by interested parties, claiming the involvement of the CBSL in manipulating GDP estimates, have misled the general public. The Central Bank says considering the importance of entrusting the role of data compilation with an independent authority, CBSL discontinued the compilation of GDP estimates in 2007 allowing the responsibility of compiling GDP estimates to be vested solely with the Department of Census and Statistics. It adds that the Central Bank remains a key user of such estimates for economic analysis and monetary policy formulation purposes. Considering the Central Bank's statement, a reasonable doubt arises concerning the data published Department of Census and Statistics. Now that the Central Bank has confirmed the compilation of the GDP data is the sole purview of the Department of Census and Statistics, it is our understanding that the department will be making a statement in this connection. Reports indicate that the Department of Census and Statistics will likely blame world practice for the methodology used to publish the data.