Sri Lanka’s Cabinet has approved a proposal to submit new rules to parliament that will formalise the Central Bank of Sri Lanka’s data collection powers and provide statutory penalties for entities that fail to report accurately or on time, EconomyNext reported on Wednesday citing a Cabinet statement.

The rules — titled “Collection of Statistics and Information by the Central Bank of Sri Lanka No. 01 of 2026” — were published in an extraordinary gazette on March 12, 2026, and now go to parliament for the next stage of the legislative process. Once tabled and passed, they will provide a clear legal framework for the CBSL to enforce reporting obligations.

Under the Central Bank of Sri Lanka Act No. 16 of 2023, the regulator already has statutory power to request information from individuals and institutions to support its economic and price stability mandate. The new rules give that power operational form by specifying:

Officials cited by EconomyNext say streamlined data collection is essential for the bank to monitor inflation, credit growth, and overall financial system stability accurately. The penalty framework is intended to close gaps that previously made enforcement difficult when entities delayed or refused to file the required statistical returns.

The 2023 CBSL Act has already underpinned a mandatory bank consolidation framework and tightened CBSL’s monetary policy operating model. The data collection rules complete the suite of subordinate legislation needed to give the Act practical force, alongside the supervisory rules already in place for licensed banks and finance companies.

Cabinet approval allows the rules to move to parliament; once enacted, they are expected to take immediate effect.

Sources