Public Finance Committee Recommends to the Central Bank to Formulate a New Strategic Plan

local Srilanka

The Committee on Public Finance informed the Central Bank officials that the Central Bank of Sri Lanka should come up with an innovative strategic plan for the betterment of the general public and the country.

The Committee also recommended to the Central Bank officials not to act like the state or commercial banks which are pursuing the profit and
ratings.

Chairman of the Committee on Public Finance Anura Pradharshana Yapa stated that the Monetary Board should fulfill its responsibilities properly and that maintaining financial discipline is a fundamental factor for any country.

Accordingly, the Chairman of the committee directed the officials of the Central Bank of Sri Lanka to submit new development strategies to the Committee on Public Finance, especially in order to uplift the local entrepreneurs, when the Committee on Public Finance met in Parliament recently.

These instructions were given when the bank officials said at the meeting that the Central Bank of Sri Lanka has recently managed to maintain a large savings balance of USD 323 million by 19 th February 2021 under a scheme to open a special deposit account in order to protect local cash reserves in the face of COVID -19 pandemic situation.

The Committee pointed out that such good deposit schemes introduced by the Central Bank of Sri Lanka should be publicized as this savings special deposit account earns an interest of 2% per annum on deposits which is beneficial to the country as well as Sri Lankans abroad.