The Hon. Anura Kumara Dissanayake - President, Minister of Defence, Minister of Finance, Planning and Economic Development and Minister of Digital Economy

¶ 01 (a)

¶ 02 (i) Yes. The institutional existence of the Central Bank of Sri Lanka as a body corporate has been recognized under the Central Bank of Sri Lanka Act, No. 16 of 2023, which came into effect on 15.09.2023 by repealing the Monetary Law Act (MLA) No. 58 of 1949.

¶ 03 (ii) The rights and obligations/liabilities assigned to the Monetary Board under the MLA or any other law prior to 15.09.2023 are accepted by the Central Bank, subject to the provisions of Sections 133 and 134 of the Central Bank of Sri Lanka Act, No. 16 of 2023 and such other provisions thereof, which specifically provide for certain specific powers, duties and functions of the Central Bank.

¶ 04 (iii) As explained above, actions, regulations or decisions taken or issued by the Monetary Board under the repealed MLA are deemed to have been taken or issued by the Central Bank, subject to the provisions of Sections 133 and 134 of the Central Bank of Sri Lanka Act, No. 16 of 2023 and such other provisions thereof, which specifically provide for certain specific powers, duties and functions of the Central Bank.

¶ 05 (b)

¶ 06 (i) The decisions and institutional policies made by the then Monetary Board regarding the protection of the rights of pensioners who retired before 15.09.2023 are continued, subject to the provisions of Sections 133 and 134 of the Central Bank of Sri Lanka Act, No. 16 of 2023 and such other provisions thereof, which specifically provide for certain specific powers, duties and functions of the Central Bank.

¶ 07 Currently, there are two categories of pension Rules issued by the Central Bank under the repealed MLA and continuing as Rules issued by the Central Bank under the Central Bank of Sri Lanka Act, No. 16 of 2023. Under these Rules, in addition to the basic pension of the concerned pensioners, there is an in-built automatic adjustment linked to inflation to their pension, which is delivered through a monthly variable Cost of Living Allowance (COLA), and this component is the same as what is paid to existing employees of the Central Bank.

¶ 08 In addition, all pensioners of the Central Bank are entitled to the medical benefits offered by the Central Bank.

¶ 09 (ii) Does not arise as explained above.

¶ 10 (c) Does not arise.