Govt. with people’s mandate should have the right to intervene in CBSL affairs: AKD

20 July 2023 03:16 pm Views - {{hitsCtrl.values.hits}} 6 Bookmark

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A government with a people's mandate should have the right to intervene in the affairs of the Central Bank as it is directly connected to the financial and economic policies of the country, NPP MP Anura Kumara Dissanayake said.

He told Parliament that the new Central Bank Bill proposed that the Central Bank should be an independent body without coming under the purview of the Executive and the Legislature.

Speaking during the debate on the Central Bank Bill, he said, according to the new Bill, the Central Bank was authorized to reach agreements with international organizations, if it needs any theoretical advice.

“This international organization is none other than the International Monetary Fund (IMF). Hereafter, it is not the government elected with the people's mandate that will decide on the economic and financial policies of the country. The Central Bank is the heart of the economy, which decides interest rate, exchange rate and printing of money,” he said.

The MP said the Central Bank and the Treasury must make a collaborative effort to rescue the country from the economic crisis. (Ajith Siriwardana and Yohan Perera)

Comments - 6

Sokrates Thursday, 20 July 2023 03:53 PM

We have seen since independence what happens when the central bank is influenced by politicians. All major central banks such as the European Central Bank and the US Federal Reserve are independent. Many countries whose central banks were not independent (Eastern Bloc) went bankrupt. The communist-leaning NPP doesn't seem to remember that.

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BuffaloaCitizen Thursday, 20 July 2023 03:56 PM

In any other country those Ministers elected by the People are honest, trustworthy ethical and perform their duties in that manner. In Sri Lanka, most important we have 69% absolute harak citizens who voted last time for politicians with a history of corruption, criminality and incompetence. The result was the total bankruptcy of the nation. We cannot afford another repetition of this, that is why we need a Central Bank that will listen to any International body that will practice regulatory methods rather than local crooked Politicians hench-aiya ideas and those equally ignorant population who vote them to power.

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Libtard Thursday, 20 July 2023 04:11 PM

Another way of saying that an elected government should be able to print money as it wishes.

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Mahila Thursday, 20 July 2023 05:27 PM

“Government --- people's mandate should have the right to intervene in---------- Central Bank--------------------------financial and economic policies” Opening Main highway for disaster - reinventing road - political and non-economist intervention in Central Banking, Macro-Economic Policies!!!??? When will these political half-educated ever learn the lesson??? It doesn’t seem so?? These comedians pegged the USD at an unreasonable LOW for long period perceivably to maintain consumer prices LOW, of imported items (short-sighted policy, boomeranged)!!!??? This made USD inflow – dry-up and scarce!! Crashed economy and Bankrupted Country failed resulting loans non-repayment!!??? Want to interfere in CBSL to totally destroy this Country and “erase it from the face of the earth”!!!??? You can never trust these guys, which is their signature quality, and still seems unchanged despite assurances to the contrary thet THEY HAVE CHANGED THE SPOTS!!?? Day Dreaming!?

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Mahila Thursday, 20 July 2023 05:39 PM

SL Parliament is 75% Uneducated or half-educated Nitwits, from professions unable to even do minimal "economist thinking" to finally decide on the Central banking Function and setting Macro-Economic Policy!!!??? Wonderful thinking and Good Luck, you all will end up with Persons of the calibre of Dr Luxman or Cabral and relive the resultant 'CURSE' and endure it!!!??? Don't imagine any economist and central banking professional would cooperate to serve in that atmosphere!!!??? Result wouldn’t be any better or different from March 2022!!?? Good luck and best of health and happy landing!??????

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Isuru Udana Friday, 21 July 2023 06:46 AM

This shows again that AKD is just another bankrupt politician who cannot think beyond political slogans.

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