FINANCIAL CHRONICLE — The Cabinet of Sri Lanka has sanctioned a proposal to present new legislation to Parliament aimed at formalizing the Central Bank of Sri Lanka’s (CBSL) data acquisition from external sources, along with associated penalties for non-compliance, according to an official cabinet announcement.
The proposed regulations, titled “Collection of Statistics and Information by the Central Bank of Sri Lanka No. 01 of 2026,” were officially published in an Extraordinary gazette on March 12.
In accordance with the Central Bank of Sri Lanka Act No. 16 of 2023, the banking authority is vested with the legal authority to solicit information from both individuals and organizations to fulfill its responsibilities concerning economic stability and price control.
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The forthcoming regulations will detail the specific types of information that must be collected, the required formats for data submission, the individuals and organizations obligated to provide reports to the Central Bank, confidentiality measures to safeguard sensitive data from both the public and private sectors, as well as the administrative actions and penalties that will be implemented in case of non-compliance with reporting mandates.
According to officials, an efficient data collection process is crucial for the Central Bank to effectively monitor inflation rates, credit expansion, and the overall stability of the financial system.
Once the proposed rules are presented and approved by Parliament, they will establish a comprehensive legal framework empowering the CBSL to impose penalties on entities that fail to submit accurate or timely information. (Colombo/Apr29/2026)
