Dealing with election manifestos, not the business of Central Bank: Governor

By Sanath Nanayakkare

It is the duty of the media to fully convey the policy objectives of the Central Bank to the masses and make them aware of the current status of the economy and the recovery and growth path it is going to take in 2024 and beyond, Central Bank Governor Dr. Nandalal Weerasinghe said yesterday.

He said so responding to a query from The Island whether he thought people would get more excited about the Central Bank’s Policy Statement 2024, or election manifestos which are to be presented by political parties gearing for two major elections this year.

“We don’t deal with election manifestoes at the Central Bank. We present our policy path and objectives to reinforce stability and drive economic growth in the country. It is up to the general public to form an opinion or reach a conclusion through reasoning and information. So it is up to the media to thoroughly convey that information to the people and help them understand the envisaged way forward. Political parties are representatives of different groups of the general public. If the general public as a whole has a real grasp of the economic situation of the country, they will tell their representatives,” This is what we want you to do.” But if you are trying to address a particular group of people, that won’t work. That’s why the media has to play its role in thoroughly taking the message of the Central Bank to all sections of the people,” he said.

The Governor made these comments at the forum where the Central Bank announced its Policy Statement for 2024 after the new Central Bank Act was passed in July last year.

The Policy Statement contained a number of important features including the following:

Policy measures to maintain the financial and operational resilience of the banking sector

Policies to strengthen the broader economy

Management of public debt through effective collaboration with the government

Foreign exchange management

Improved financial intelligence

Regional Development

Efficient management of the Employees’ Provident Fund