SJB points out danger to Central Bank independence if President appoints six-member governing council

The SJB yesterday pointed out in Parliament that the independence of the Central Bank would be in jeopardy if the provisions of the proposed Central Bank Act 2023 were implemented to appoint a six-member governing council selected by the Executive.

Chief Opposition Whip and Kandy District SJB MP Lakshman Kiriella said: “The purpose of this bill as per the government is to ensure the independence of the Central Bank. How can the independence of the Central Bank be guaranteed when the Executive makes all the appointments to its governing council.

“Instead, we propose that three of the six members of the governing council be appointed by the Constitutional Council.”