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Friday, 03 March 2017 - 12:09
Controversial gazette notification on the Bond issue is in line with Registered Stock and Securities Ordinance- Central Bank
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Central Bank, in a press release, stated that the controversial gazette notification on the Bond issue is in line with Registered Stock and Securities Ordinance.

It stated that the RSSO was enacted for the purpose of issuing registered stocks, Government promissory notes, Bearer bonds and Treasury bonds and the auction based issuance of Treasury bonds on behalf of the Government of Sri Lanka commenced in 1997.

“With the commencement of the public auction through the primary dealers in Treasury bonds, the price and volume of Treasury bonds were determined through market forces. Therefore the related Gazette notifications were issued after the Treasury bond issuances, but on dates and Gazette numbers which were pre-reserved,” it stated.

The CB added that the issuance of new series of Treasury bonds, the Central Bank of Sri Lanka also reopens the existing series of Treasury bonds already issued in the past and issues them on the basis of remaining maturity in line with best international debt management practices.

“Therefore, the gazette notification in any given year includes references to T-bonds which are newly issued as well as re-opened during the financial year concerned.

“Accordingly, the Central Bank of Sri Lanka reiterates the view that it has been in compliance with the intent of the said provisions of RSSO. The Central Bank of Sri Lanka assures the general public that the Treasury bonds issued on behalf of the Government of Sri Lanka have full legal authority and effect. In addition the Central Bank of Sri Lanka will be making recommendations to the Government on suitable amendments to the RSSO.”

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