‘CBSL should be made an independent body’

2020-11-21 at 13:29

Parliamentarian Wijeyadasa Rajapakshe says the Central Bank of Sri Lanka should be made an independent body to strengthen the financial system of the country.

Speaking during the debate on the second reading of the 2021 Budget in Parliament, MP Rajapakshe said due to political appointments, the country’s financial management has collapsed.

He said the Central Bank has several experienced and efficient officials adding however that they have been side-lined by multiple administrations.

MP Rajapakshe therefore noted the importance of having an independent Central Bank to streamline the country’s finances.

On a separate note, MP Wijeyadasa Rajapakshe said due to the lack of a broad domestic payment platform, funds are continuing to leave the country.

He said during each credit card transaction, domestic users pay between 3 and 3.5% to overseas companies.

MP Rajapakshe noted through credit card transactions in 2015 alone, nearly Rs.4,120 million has been paid to overseas companies as commission adding the amount increased subsequently.

He said although the Central Bank in 2018 introduced a domestic QR system to facilitate local financial transactions, the application is not prevalent amongst local users.

MP Rajapakshe said despite the introduction of the local system, major companies have not shown willingness to use it.

He therefore noted that the public and local companies must use the locally built QR system and prevent Sri Lanka’s funds from leaving overseas.