Cabinet clears rules expanding CBSL data powers, sanctions for non-compliance

Thursday, 30 April 2026 00:02 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers has approved new rules strengthening the Central Bank of Sri Lanka’s (CBSL) powers to collect data required for monetary policy formulation, including provisions to impose administrative sanctions on entities that fail to comply, alongside approving the tabling of its 2025 financial and operational report in Parliament.

Under the provisions of the Central Bank of Sri Lanka Act No. 16 of 2023, the CBSL is empowered to collect statistics and information from external parties to carry out its core functions. In line with this, the “Rules on Collection of Statistics and Information by the Central Bank of Sri Lanka, No. 01 of 2026” were issued and published in an Extraordinary Gazette dated 12 March 2026.

These rules set out the scope of information to be collected, reporting formats, and entities subject to reporting requirements, confidentiality provisions, and administrative actions in cases of non-compliance. It was approved to submit these rules to Parliament for its approval.

In a related decision, Cabinet also approved the submission of the Central Bank’s Financial Statements and Operational Report for 2025 to Parliament. In accordance with the Act, the report, approved by the Governing Board and audited by the Auditor General was submitted by the CBSL Governor to the Finance Minister within the stipulated timeframe.

The 2025 report provides a comprehensive account of the Central Bank’s financial position and institutional performance during the year, offering insights into its policy actions, operational outcomes, and overall contribution to economic stability.

Together, the two decisions reinforce accountability mechanisms and enhance the flow of reliable data to policymakers, while ensuring Parliamentary oversight of the Central Bank’s operations and performance.

The proposals to these effect submitted by President Anura Kumara Dissanayake, in his capacity as Finance, Planning and Economic Development Minister was approved by the Cabinet of Ministers.