COLOMBO (NewsRadio); Parliament is scheduled to debate the draft Central Bank of Sri Lanka Bill on the 11th of May.
The Central Bank of Sri Lanka Bill was presented to Parliament on the 7th of March for the first reading.
The Bill was presented for ancillary matters including to grant the CBSL financial and administrative independence, and the removal of the Monetary Law Act currently established by the Central Bank.
According to the new Bill, autonomy of the Central Bank will be respected at all times and no person or entity can cause any influence on the CBSL Governor or other members of the Governing Board and Monetary Policy Board or employees of the Central Bank in the exercise, performance and discharge of their powers, duties and functions under this Act or interfere with the activities of the Central Bank.
Moreover, the Bill entails that the primary object of the Central Bank is to achieve and maintain domestic price stability.
In addition, a ‘Board of Governors’ will be established to supervise the administration and management of the affairs of the Central Bank and to decide the general policies of the Central Bank other than monetary policy.
The Chairman will be the Governor of the Central Bank and six members with expertise will be appointed to it.
Accordingly, the second reading of the proposed Bill will take place on the 11th of May.
The decision in this regard was taken during the meeting of the Parliamentary Business Committee held today.