CB adheres to wage recommendations by independent committee, CoPF
The Central Bank (CB) is adhering to salary revisions as directed by an independent committee and the Committee on Public Finance (CoPF), according to Governor Nandalal Weerasinghe, a development that was earlier reported in The Sunday Times Business.
He made this comment during the monetary policy review media briefing in Colombo this week. These revisions, part of a triennial collective agreement covering 2024-2026, sparked controversy due to concerns about the CB’s autonomy and the implications of recent legislative changes.
In February, the CB Governing Board was requested by the Finance Minister to brief Parliament on the rationale and process behind these salary hikes. CB officials were summoned on March 6 to Parliament to justify the significant salary increases, which have been criticised as illegal since they were implemented without prior Parliamentary approval.
The hikes result in an additional monthly expenditure of Rs. 232 million. On 1 April, the President appointed an Independent Remuneration Committee, chaired by Dinesh Weerakkody, to review the salary increases.
Meanwhile guideline interest rates were reduced this week under a CB policy decision with Dr. Weerasinghe expressing confidence that lowering interest rates would expedite economic revival.
Despite concerns about the availability of Treasury Bills for monetary policy operations, the CB assured that sufficient instruments are available to manage potential liquidity issues.
He highlighted the flexibility of the CB to maintain interest rates through secondary market operations and open market tools.
Assistant Governor
Dr. C. Amarasekara reiterated this confidence, noting that the CB is prepared to address any liquidity issues using various tools,
including the Statutory Reserve Ratio (SSR).
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