Taking steps to strengthen transparency and accountability - CBSL

Colombo (News1st) - The Central Bank (CBSL) announced on Monday (Oct 15th) that several measures have been initiated and some have already been implemented, to strengthen transparency and accountability in several areas of operations of the Central Bank in line with the recommendations of the Commission of Inquiry. It states amendments are being formulated with respect to the Monetary Law Act and the Registered Stocks and Securities Ordinance. The CBSL goes on to state operations relating to the issuance of Government securities were strengthened by introducing a new auction system for Treasury bonds. The fund management function of the Employees’ Provident Fund was strengthened by a new robust Investment Policy Statement, an Investment and Trading Guideline, and an updated operational manual, which are now in place with enhanced internal controls to mitigate risks and improve transparency and accountability.