Bill presented to make Central Bank independent

The Central Bank of Sri Lanka Bill was presented to the Parliament, on Tuesday (07), by the Leader of the House Susil Premajayantha.

According to the new Bill, the autonomy of the Central Bank shall be respected at all times and no person or entity shall cause any influence on the Governor of the Central Bank or other members of the Governing Board, and Monetary Policy Board, or employees of the Central Bank in the exercise, performance and discharge of their powers, duties and functions, under this Act, or interfere with the activities of the Central Bank.

Thee Bill entails that the primary object of the Central Bank shall be to achieve and maintain domestic price stability.

In addition, a ‘Board of Governors’ will be established to supervise the administration and management of the affairs of the Central Bank and to decide the general policies of the Central Bank. other than monetary policy.

Its chairman shall be the Governor of the Central Bank, and six members, with expertise, will be appointed to it.(SI)