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Analysts say if there are state payments arrears to private suppliers, who in turn owe money to banks, bank rates can take longer to follow suit.
The 3-month yield fell 12 basis points to 7.
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42 percent and the 6-month yield fell 32 basis points to 7.53 percent.
Sri Lanka Treasuries yield have fallen steeply over the past quarter.
Since October 17, the 3 month yield has fallen 114 basis points, the 12-month yield 207 basis points and the 12-month yield 254 basis points.
The Treasuries yield falls when government borrowings are low.
State energy enterprises have also been repaying loans to state banks.
However bank lending rates have been stickier.