MPs express displeasure over Central Bank salary increase

Members of Parliament today expressed displeasure over a decision by the Central Bank officials to increase their salaries, but officials defended the move.

Central Bank officials, including Governor Dr. Nandalal Weerasinghe explained to the Party Leaders at a meeting in parliament about the increase of salaries.

MPs said that the Central Bank had no right to increase their salaries when the country was going through an economic crisis.

However, CB officials defended the move saying it was based on Collective Agreement.

But it was revealed that the Collective Agreement had not been approved by the Labour Ministry.  

It was revealed at the meeting that the additional salary increase would cost Rs 232 million montly.

Party Leaders pointed out that though the Central Bank was made independent they had no right to increase their salaries independently.

The Governor pointed under clause, 5,8, 28 there were provisions to use Central Bank funds for administration, management and operations.

However, MPs pointed out that Parliamentary approval is needed for a salary increase, though they can determine the increase.

They said that the Central Bank Fund is made of public funds   and therefor the Parliament was responsible for approving use of the funds.