issuance process of government securities. several improvements, including an enhanced market based acceptance arrangement as a prerequisite for the activation of phase iii are to be introduced to the treasury bond issuance system, by the end of the first quarter of 2019. further, the auction calendar for treasury bonds and treasury bills was published by the central bank on a rolling basis with the view of improving transparency and predictability of the primary auction process and the government securities market in general. we are contemplating taking several measures to develop market and debt management practices in 2019. with the passage of the active liability management act ( alma ), in march 2018, we have laid the groundwork for liability management exercises in the domestic and foreign market. in consultation with the ministry of finance, we have already earmarked actions to implement liability management techniques on future debt obligations and the proceeds mobilised would be maintained in a ring - fenced arrangement to meet future debt liabilities. with the view of enhancing the transparency and tradability in the secondary market, measures are being taken to introduce a new primary issuance system for treasury bills. a distinct electronic trading platform, with a central counter party ( ccp ) arrangement for government securities, along with required legal reforms to deepen and broaden the secondary market for treasury bills and treasury bonds, as well as a mechanism to disseminate secondary market information on debt instruments through the proposed e - trading platform and a clearing house are to be established. in addition, the medium term debt strategy ( mtds ) is to be further streamlined with the assistance of multilateral agencies. further, we will introduce amendments to the local treasury bills ordinance ( ltbo ) and registered stock and securities ordinance ( rsso ) to ensure smooth and efficient functioning of the debt management system. in view of the increased volatility in global financial markets, we also intend to reduce the threshold for foreign investment in rupee denominated government securities from 10 per cent of the outstanding government securities stock at present to 5 per cent. management of the employees ’ provident fund in discharging powers and duties vested with the monetary board in relation to the largest superannuation fund in sri lanka, employees ’ provident fund ( epf ), the central bank has strived to improve the services provided to its stakeholders, while ensuring the enhancement of the return to members and the safety of the fund. during 2018, the epf continued its fund management activities to enhance returns by aligning the investment strategy with market

countries. issues relating to remittance transfers despite the promotional activities, institutional arrangements, favourable legal and regulatory framework, improved payment infrastructure, there still remains several un - resolved issues relating to remittance transfers. the lack of awareness of facilities available through formal channels is a prime factor. the absence of, or ineffective links between banks / financial institutions and migrant workers prior to their departure is another factor, which persuade migrant workers to use informal channels. the lack of transparency of full knowledge of the pricing at the point of sale or at the time of delivery of remittances is another important factor that needs to be addressed early by the formal channels. high charges and commissions and the use of cheque float by banks, despite the introduction of the cheque imaging system, which aimed at preventing paper cheques from being transported to different destinations, are clear deterrents in disbursing funds at the recipient ’ s level. similarly, the delays and paperwork involved transactions through the formal sector has been a deterrent. the distant work sites in some of the middle eastern countries with no access to banking facilities has been reported as another factor which provides opportunity for informal channels to capture remittances. on the recipient's sides too, the unnecessary expenditure incurred on their savings through purchases of non - priority consumer items has been cited as an imprudent way of spending valuable foreign currency. in addition, migrant workers are faced with numerous social issues due to family breakaways and health hazards through consumption of liquor and drugs etc. by remitter's family members. this is not the forum to discuss these issues, although they are also important factors affecting the remittance industry. part iii - possible solutions macro level in discussing possible solutions to improve remittance flows across countries, it is important to refer to the general principles for international remittance services prepared by the wb and the bis. these guidelines are prepared at a global level and require both host / home country support to implement the recommendations underlying these principles. in summary, at macro level, the principles are as follows : principle i : the market for remittances should be transparent and have adequate consumer production this requires transparency by individual remitting countries about their services as far as possible. the global price including fees at both ends, the exchange rate and other transfer fees should be made known to the remitter. equally, the time it takes for transfers and accessing locations should be reduced. the receiver should be encouraged to