Supreme Court to deliver verdict on Central Bank (Amendment) Bill

Supreme Court to deliver verdict on Central Bank (Amendment) Bill

March 24, 2023   09:50 pm

The Supreme Court is due to deliver the verdict on the petitions filed against the Central Bank (Amendment) Bill confidentially to the Speaker of the Parliament.

The second hearing of the Bill took place today (24 March), before a three-judge bench of the Supreme Court, during which the presentation of the petitioner’s arguments concluded.

Presenting his argument in court, Additional Solicitor General Viraj Dayaratne highlighted that through the Bill in question, the Central Bank of Sri Lanka (CBSL) will be allowed to implement its monetary policy more independently, improving its accountability and also permitting the CBSL Governor to act on his own accord, without being influenced by any external parties.

The petitioners countered, however, that the Central Bank (Amendment) Bill would allow for the Central Bank to deviate from the powers of the Executive, thereby posing an issue.

The Additional Solicitor General argued, however, that this was not the case, and even under the proposed Bill, the CBSL will still be answerable to the Parliament.

Following the conclusion of the hearing, the court ordered both parties to file their written submissions, if any, by Monday (27 March).

CBSL Governor Dr. Nandalal Weerasinghe was also present at today’s hearings, for which the court expressed its gratitude.

A total of seven petitions have been filed against the Central Bank (Amendment) Bill, by a group of persons including Udaya Gammanpila, Athuraliye Rathana Thero and Lt Col (Retd.) Anil Amarasekera.

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