CB dismisses statistic manipulation charges

22 January 2014 04:02 am Views - 8489

The Central Bank yesterday dismissed recent allegations of manipulating economic statistics by the Department of Census and Statistics (DCS), saying that such allegations are “unfounded and baseless.”

The bank noted that they, along with DCS have been submitting data and information to the International Monetary Fund (IMF) as per requirements under Article IV to the IMF.

“The IMF has been consistently using these data for their publications and reports,

Economic Research Department thereby indicating their confidence and reliance on the data compilation and the submitted information,” the Central Bank said in a statement.

It further said the IMF recommendations to further improve the data compilation methods do not suggest that the current methodology is flawed.

“It is noted that some articles have quoted the IMF staff report published in April 2013, upon completion of the Article IV Consultation Mission. As is well known, Article IV consultation missions, in general, discuss matters relating to data in member countries, and almost always, propose recommendations for further improvements in every country.

 Therefore, the recommendations proposed for Sri Lanka, are progressive measures which would assist the country to further improve its compilation of national account statistics, and are not in any way a suggestion that the current methodology cannot be relied upon.

The public is therefore advised to be mindful of the factual position, and the priority placed by the Central Bank and the DCS on the complex function of data compilation and presentation in order to ensure its integrity,” the statement said.

The Central Bank also assured all stakeholders that all necessary efforts are being taken to ensure high quality data dissemination, and accordingly advises the public not to be misled by such reports and claims that seem to be made to achieve politically motivated agendas.