CB rejects reports of travel fund abuse

Thursday, 9 June 2016 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank has rejected allegations the Governor or other officials misused public money for personal expenses during their travels, insisting the institution has managed to reduce costs from Rs. 133.8 million in 2014 to Rs. 96.6 million last year.

The statement went onto say travel expenses for the Central Bank reduced to Rs. 96.6 million in 2015 compared with Rs. 133.8 million in 2014 when former Central Bank Governor Ajith Nivard Cabraal was at its helm. “This brought about a saving of Rs. 37.2 million.”

“The CBSL wishes to state that neither the Governor nor any officer of the CBSL has used public money for personal expenses, or misused public funds in any manner whatsoever. The expenses relating to all official duties and events attended by the Governor and CBSL officials both locally and internationally are borne by the Central Bank of Sri Lanka, similar to the general practice of any other Ministry or Department,” the Central Bank said in a statement.

It also recalled that in the recent past, the Governor and staff participated in numerous annual and bilateral meetings organised by the World Bank, the International Monetary Fund (IMF), the South Asian Association for Regional Cooperation (SAARC), the South East Asian Central Banks (SEACEN) and the Asian Clearing Union (ACU).

In addition, the Governor accompanied the Prime Minister and the Minister of Finance on a number of official visits abroad. Further, entertainment expenses were incurred on several occasions when representatives of a number of international financial organisations visited Sri Lanka, it added.

“All these expenses were incurred in accordance with the laws and regulations approved by the Parliament of Sri Lanka and that of the CBSL and abiding by principles and procedures of government financial regulations. The accounts of these expenses are audited by the Internal Audit Department of the CBSL and the Auditor General of the country. No audit report has been received which mentions instances that the expenses for official visits of the Governor and CBSL staff were in contravention of the stipulated rules or regulations, or that such expenses were misused.”