No reference to Perpetual Treasuries at special Central Bank meeting

News

Contrary to expectations, no immediate action was taken on the contents of a leaked report of an internal probe by Central Bank (CB) on controversial bond trader Perpetual Treasuries Ltd (PTL) at the Monetary Board (MB)’s special meeting on Friday.
Instead the MB said in a statement to the media that it had “instructed expeditious completion of the ongoing process of preparation of the relevant On-Site Examination Reports. This would enable the Monetary Board to make an early determination on the future course of action.”
There was no reference in the statement at all about the specific comments in the CB internal probe on PTL which has shocked the market and the political world.
The MB said it “considered an interim report on the operations of primary dealers, including their financial performance during the year ended 31st March, 2016 as well as the five month period ended 31st August 2016. It noted with concern the sharp disparity in the performance of primary dealers, as well as certain issues related to the pattern of trading activities.”
Political sources said the CB appeared to be soft-peddling the issue, similar to the government’s attempts so far in the PTL issue and its links to the former CB Governor Arjuna Mahendran - ENDS -

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