Hon. Wijesiri Basnayake

Hon. Wijesiri Basnayake spoke in support of a new regulation under Section 22 of the Foreign Exchange Act, No. 12 of 2017, which eases restrictions on foreign currency transactions as the Sri Lankan economy stabilises. The regulation raises the capital transaction limit for Business Foreign Currency Accounts from USD 200,000 to USD 500,000, increases the Personal Foreign Currency Account limit from USD 20,000 to USD 25,000, and partially restores suspended facilities including Outward Investment Accounts and resident individual capital transactions. The speaker cited improving economic indicators under the current NPP Government—including GDP growth of approximately 5% across quarters of 2025, reduced interest rates, and contained inflation—as justification for relaxing the earlier restrictions. He also referenced the Government's fiscal management, including the allocation of Rs. 500 billion for cyclone "Dicha" relief without additional borrowing, and dismissed Opposition criticism of the economic programme.

## Summary Hon. Wijesiri Basnayake spoke in support of the Microfinance and Credit Regulatory Authority Bill, defending it against Opposition criticisms which he characterised as misleading, including claims that the Bill was motivated by an ADB loan condition, that it would fail to regulate financial institutions, or that it would extend to informal community groups. He cited the Committee on Public Finance Chairman Hon. Dr. Harsha de Silva's endorsement of the Bill as evidence of its soundness. Basnayake argued that regulation is necessary to address documented abuses in the microfinance sector, specifically citing interest rates as high as 800–900 percent per annum and unethical debt recovery practices including sexual harassment of women borrowers. He called on Opposition members to engage substantively with the Bill's 89-page, 14-part text rather than what he described as politically motivated scaremongering.