VIDEO: Economic growth depicted by CB a ‘fairy tale’ - Tissa

VIDEO: Economic growth depicted by CB a ‘fairy tale’ - Tissa

July 10, 2012   03:38 pm

The United National Party (UNP) today accused the Central Bank of investing the people’s money in countries with collapsing economies, while advising the public to avoid investing in unstable financial establishments.

UNP General Secretary Tissa Attanayake referred to a revelation made by the COPE report, that the country had lost Rs. 34,000 Lakhs, which had been invested in bonds in Greece by the Central Bank of Sri Lanka.
He stated that investing this money “is a simple thing” for the Central Bank as it is the money of the innocent masses of the country.

The Auditor General of Sri Lanka had clearly advised against this investment as it was ‘risky,’ Attanayake claimed adding that, however not heeding that advise, the Governor and advisors of the Central Bank had invested Rs. 34,000 Lakhs in Greek bonds.

When this was uncovered the Central Bank conceded that the investment was lost and that the money had been invested with the intention of gaining higher benefits, the Kandy District MP said speaking to media. “This is similar to investing in the Sakvithi scam.”

He charged that the Central Bank, which advises the public to refrain from investing in unregistered and unstable financial institution, is investing in bonds of an unstable Greece for ‘higher benefits.’

The Central Bank also claims that the loss from this will not be an issue as it will be covered from profits gained through other investments, he said.

The entire story depicted by the Central Bank regarding the country’s economic growth is nothing but a “fairy tale,” accused Tissa Attanayake adding that the country’s economy is heading towards its downfall as the debt ratio is increasing and also that government is misusing the people’s money like its personal money.

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