COPF approves CBSL data collection, export proceeds rules

• Raises concerns over debt disclosure

The Committee on Public Finance (COPF) has approved two sets of rules issued under the Central Bank of Sri Lanka Act, while raising concerns over gaps in public debt data publication, delays in government securities market reporting and the accuracy of tourism earnings estimates.

The approvals were granted at a meeting chaired by COPF Chairman and Member of Parliament Dr. Harsha de Silva on 9 June, with Central Bank Governor Dr. Nandalal Weerasinghe and other officials in attendance, according to a statement issued by the Parliament Secretariat.

COPF approved rules published in Extraordinary Gazette Notification No. 2479/54 dated 12 March 2026, which prescribe the statistics and information that the Central Bank of Sri Lanka (CBSL) may require from external parties in carrying out its functions, including monetary policy formulation.

The rules specify the categories of information to be reported, the persons subject to reporting obligations and administrative measures applicable in cases of non-compliance. They also limit the authority to issue information requests to designated CBSL officials, namely Deputy Governors, the Head of the Economic Research Department and the Head of the Department of Census and Statistics. The framework further includes safeguards requiring information collected to be used only for the purposes for which it was obtained.

During deliberations, the Committee drew attention to the non-publication of certain Government debt statistics previously released by the CBSL (See: https://www.ft.lk/front-page/Debt-data-gaps-emerge-after-PDMO-transition/44-793327).

It was noted that the relevant data are now maintained by the Public Debt Management Office (PDMO) and that challenges exist in reproducing debt statistics in the format historically published by the Central Bank. COPF stressed the importance of preserving public access to government debt information through CBSL publications and also highlighted delays in the release of reports relating to the secondary market for Government securities.

The Committee also underscored concerns regarding the accuracy of tourism earnings estimates (See: https://www.ft.lk/front-page/CoPF-probes-tourism-data-gaps-informal-forex-flows-and-illegal-foreign-payment-gateways/44-793324)

The committee noted that the growing use of multiple payment channels by visitors has complicated data collection. Members called for improvements to survey methodologies and data collection processes to enhance the reliability of tourism earnings estimates.

COPF also approved the “Repatriation of Export Proceeds into Sri Lanka Rules No. 2 of 2026”, published under Extraordinary Gazette Notification No. 2492/10 dated 9 June 2026.

The amended rules require exporters who repatriate export proceeds into Sri Lanka during a given month to utilise such funds only for permitted payments and convert any remaining balances into rupees on or before the 10th day of the following month. The measure effectively shortens the previous three-month conversion period provided under regulations introduced in 2024.

According to the Parliament Secretariat, CBSL informed the Committee that the change was necessitated by exchange rate volatility and shortages of foreign exchange liquidity in the domestic market.

COPF, however, cautioned that the measure could affect market confidence and contribute to volatility in the foreign exchange market. In response, CBSL officials stated that the requirement was intended as a temporary measure to address current market conditions and would be relaxed once stability returned to the foreign exchange market.

The Committee also discussed the alleged financial fraud involving NDB Bank and reviewed technical matters relating to the incident, including the role and responsibilities of the CBSL. COPF decided to revisit the matter after the completion of the ongoing forensic audit.

The meeting was attended by Deputy Ministers Dr. Kaushalya Ariyaratne and Nishantha Jayaweera, Members of Parliament Rauff Hakeem, Ravi Karunanayake, M.K.M. Aslam, Nimal Palihena, Wijesiri Basnayake, Sunil Rajapaksha, Thilina Samarakoon, Champika Hettiarachchi and Lakmali Hemachandra, as well as a delegation from the House Democracy Partnership and the Congressional Budget Office of the United States Congress, which attended as observers.