Sunil Handunnetti 

• NPP Executive Council member Sunil Handunnetti slams recent CBSL salary hikes 
• Claims salary increase is a reward for manipulating economic data to align it with President Wickremesinghe’s preferences
• Accuses CBSL of operating as though it belongs to a different country and that its calculations do not reflect ground realities 
• Says NPP will transform CBSL to prioritise serving citizens of Sri Lanka instead of its leaders

Former MP and National People’s Party (NPP) Executive Council member Sunil Handunnetti assured over the weekend that a prospective NPP administration would strive to transform the Central Bank of Sri Lanka (CBSL) into a central bank that truly serves the people, rather than one influenced by political leaders.

Handunnetti heavily criticised the recent decision made by current Central Bank of Sri Lanka (CBSL) officials to grant themselves and bank employees substantial salary hikes while addressing queries from the media at the Janatha Vimukthi Peramuna (JVP) headquarters.

“It appears that the CBSL is operating as though it belongs to a different country altogether, not as the Central Bank of Sri Lanka. It’s almost as if it were established in some other country under the new Central Bank Act,” Handunnetti remarked. 

According to the NPP politician, the recent CBSL salary increase is merely a reward facilitated by the President’s Chief of Staff, Sagala Ratnayaka, for manipulating economic data in favour of the Government and aligning it with the President’s preferences.

“They manipulate inflation calculations to ensure the President can present figures favourably in Parliament. These figures don’t reflect the true state of inflation experienced on the ground. The calculations are tailored to the President’s preferences,” he alleged. 

“The people’s cost of living, economic crisis, and the lack of medicines are deemed irrelevant. Retirees, Government employees, and senior citizens are facing reduced bank interest rates and are struggling to make ends meet. In such dire circumstances, the CBSL is increasing their salaries under the pretext of managing the economy well. But where is this so-called management reflected? It hasn’t translated to the ground level. Citizens have had to drastically cut back on their lives and expenses, and yet the Central Bank of Sri Lanka is increasing salaries from their hardship,” Handunetti said. 

Responding to the State Minister of Finance’s recent remarks about allowing the salary increase to prevent officials from leaving Sri Lanka, the MP retorted, “Let them go. Where is the patriotism of such officials who would consider leaving the country in such a critical state? This indicates that the State Minister has no control over the Central Bank of Sri Lanka.”

The NPP politician asserted that under an NPP Government, the Central Bank of Sri Lanka (CBSL) would undergo a transformation to prioritise serving the people and ensuring financial stability by providing accurate data and facts. “This is not the current reality,” he emphasised. “The President is now presenting false data provided by the CBSL in parliament. Allowing a Central Bank to mislead an economy in this manner is detrimental. This has been observed during the tenures of Ajith Nivaard Cabraal, Arjuna Mahendran, and even now under Nandalal Weerasinghe.” he said.

CBSL says ready to justify pay hike in Parliament