Ravi K calls for Sri Lankan approach to stabilise rupee, interest rates

Friday, 17 February 2017 00:00 - - {{hitsCtrl.values.hits}}

Says success story of fiscal policy not reflected in monetary areas
Admits CB Governor and him speaking the same language now
Claims past regime responsible for tarnishing Central Bank’s respect but situation is now improving

By Charumini de Silva

Finance Minister Ravi Karunanayake yesterday called for a more Sri Lankan, professional and human approach to stabilise rupee and interest rates.

Noting that inflation tendencies and management had been good, he said from an interest perspective and rupee stabilisation process, it certainly requires a more professional, human and Sri Lankan approach.

He asserted that the success story of fiscal policy was not reflected in the monetary area and monetary policy was not a thing which could be judged through domestic affairs alone.

“I think the Governor has realised the political sensitivity and we basically are talking the same language now. You will see a tremendous change that will take place. I think they have realised where the rectifications are required,” he quipped.However, he said there is no marriage of convenience that is going on but acknowledged that they were looking at a harmonious relationship between the Central Bank and Finance Ministry.

He alleged that the respect that was there for the Central Bank eroded during the past regime’s period in power and as a result they are still finding their actual way about, but insisted that the situation was getting better.

“The Central Bank plays a pivotal role in the areas they should play, but after Nivard Cabraal’s advent it was politicised. They (Central Bank) were a mouthpiece of the Government,” Karunanayake claimed.

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