Cabinet Co-Spokesman and Minister Bandula Gunawardena 

The Cabinet of Ministers on Monday approved the new draft bill for the preparation of the new Central Bank Act. 

“The Central Bank of Sri Lanka draft Bill has been published in the Government Gazette on 1 November 2019, and although it was also tabled in the Parliament for approval, it has not been included in the order book,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.

Therefore, he said the original draft bill has been developed by incorporating new amendments to make it possible to perform the activities of the CBSL more efficiently and effectively to suit the current requirements.

The proposal to this effect tabled by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policy Minister was approved by the Cabinet of Ministers.

The International Monetary Fund (IMF) in its Staff Level Agreement on $ 2.9 billion Extended Fund Facility arrangement for Sri Lanka said restoring price stability through data-driven monetary policy action, fiscal consolidation, phasing out monetary financing, and stronger central bank autonomy that allow pursuing a flexible inflation targeting regime. A new Central Bank Act is a cornerstone of this strategy, the IMF added.

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