Disappearing Act

Ishara S. Kodikara | AFP | Getty Images Sri Lanka Prime Minister Ranil Wickremesinghe, center, speaks to supporters at the prime minister's official residence in Colombo on December 16, 2018, after he was reappointed as prime minister by Sri Lanka's president, the same man who fired him from the job nearly two months ago.

The Central Bank is planning to dematerialise all existing Government Bills and Bonds before a sophisticated system for trading them comes on line in September.
The new system will eliminate Bills and Bonds in physical form, instead lodging the security ownership in a computerized Central Depository.rn

rnMoves are already underway to dematerialize existing securities by passing amendments to the required laws.rn

rnldblquote The existing Treasury Bills Act and Securities Act do not allow us to dematerialize them without amendments to those Acts,
dblquote Dr. Ranee Jayamaha, Central Bank, told LBR.rn

rnldblquote So we have make amendments to these Acts. Amendments have been suggested; they are given to the ministry. We (Central Bank) are also preparing a Cabinet Paper. We are hopeful of getting the Amendments done to dematerialize them before September,
dblquote she said.(LBR)rn