Finance Committee: Monetary Board insulted Parliament; SBJ calls for action against ‘culprits’

By Shamindra Ferdinando

Amidst A deepening financial crisis that prompted President Gotabaya Rajapaksa to summon an All Party Conference (APC) on Wednesday (23) to discuss ways and means of addressing the issues at hand, the Monetary Board has skipped a meeting called by the Committee on Public Finance (CoPF) yesterday (24) to inquire into current developments.

The CoPF alleged that the meeting previously scheduled to be held last Monday (21) had been re-fixed for Thursday (24) on a request made by the Central Bank.

However, at the last moment, the Central Bank had informed the CoPF that the entire Monetary Board couldn’t attend the meeting as board member S. R. Attygalle, Secretary to the Ministry of Finance was to hold discussions with the World Bank.

The Monetary Board consists of Governor of the Central Bank Ajith Nivard Cabraal (ex-officio), Treasury Secretary S.R. Attygalle (ex-officio) , President’s Counsel Sanjeeva Jayawardena, Dr. Rani Jayamaha and Samantha Kumarasinghe.

CoPF Chairman Anura Priyadarshana Yapa , MP, has said that this should be brought to the notice of Speaker Mahinda Yapa Abeywardena. The Chairman has said so after several members of the watchdog committee alleged the Monetary Board insulted Parliament. The members present on the occasion included State Ministers, Indika Anuruddha and Kanchana Wijesekera and MPs, Vijitha Herath, Prof. Ranjith Bandara, Nalin Fernando, Dr. Harsha de Silva and Mujibur Rahuman.

The CoPF declared that the Monetary Board would be called again on April 01.

Recently, former Deputy Governor of the Central Bank Dr. W.A. Wijewardena in a brief interview with The Island asserted that the country wouldn’t have in the current predicament if the Central Bank floated the Rupee in April 2021 during the tenure of Prof W.D. Lakshman as the Governor of the Central Bank.

Dr. Harsha de Silva questioned the circumstances the Monetary Board skipped yesterday’s meet summoned by the CoPF. Lawmaker de Silva said that the Parliament was informed by fax at 10.45 am informing their inability to come. The former UNP State Minister said that as the financial crisis could only be dealt in Parliament there was no purpose in having conferences. The lawmaker was referring to the APC held at the Janadhipathi Mandiraya on Wednesday. Declaring that the President has no power to formulate law, MP de Silva said that the members of the Monetary Board disrespected Parliament. They do not have a right to do so. If they do not heed summons from Parliament what is the purpose in having a Parliament at all, the SJB MP said.

The SJB boycotted Wednesday’s APC chaired by President Rajapaksa. Declaring that the Parliament couldn’t allow this to happen, MP de Silva pointed out that Finance Minister Basil Rajapaksa, too, didn’t attend the Parliament. The FM missed parliament for three months, the MP said. A State Bank has defaulted today. The government should inquire into this. The MP lambasted that government policy that has endangered the entire banking system. The MP lambasted the Governor and top officials for the rapidly crisis. The former State Minister dismissed APC talks asserting that there was no purpose in the whole exercising.

The Monetary Board couldn’t be allowed to act contrary to the Constitution.