CBSL should be allowed to function independently, new governor says
April 8, 2022 07:37 pm
One of the ways to overcome the current crisis situation is to allow the Central Bank to function independently, the newly-appointed governor Dr. Nandalal Weerasinghe says.
The CBSL Governor stated this addressing the media for the first time this evening after assuming duties in his new position.
He also pledged to work with transparency and truthfulness.
Speaking further, Dr. Weerasinghe said the Monetary Board of the Central Bank has decided to increase the policy interest rates by 700 basis points in order to offset the imbalance in the country’s financial system. He added that this is the highest ever increase in the policy interest rates and the tightest monetary policy action by the Central Bank so far.
The CBSL Governor assured to use his experience including exposure to multilateral partners such as the International Monetary Fund to serve the people, noting that he is not serving any politician.
