Disappearing Act

Dilshan Wirasekara, Chief Executive Officer of First Capital Treasuries PLC

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