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srilawsby aturio
As enacted
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Part XIX · Repeals and Savings

129. Transitory credit to the Government

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Notwithstanding the prohibition in subsections (1) and (4) of section 86, any outstanding credit of the Central

Bank to the Government and any holding of securities purchased on the primary market as at the appointed date may be maintained.

(2)

The Central Bank shall, in consultation with the

Minister, convert any outstanding credit of the Central Bank to the Government and any outstanding securities purchased on the primary market as at the appointed date, over a period of one year immediately succeeding such date, into negotiable debt instruments with a specified maturity period on which the Central Bank shall, as much as possible, sell such debt instruments under its monetary policy.

Read on from s 130