COPF Tells CBSL To Hold Salary Increases

COLOMBO (News 1st); The Committee On Public Finance has presented its report on the Central Bank Of Sri Lanka Salary Revision to the Parliament.

Chairman of the Committee On Public Finance, Dr. Harsha De Silva, posted on X, that the COPF recognizes Central Bank independence in monetary policy under the new Act.

He noted that CBSL also has autonomy over its budget & staff salaries, but the Committee On Public Finance had raised concerns about accountability & reasonableness in the current economic situation.

He added that while the Central Bank of Sri Lanka has administrative and financial autonomy, Clauses 5 and 80 of the CBSL Act, and the Supreme Court determination hold the Central Bank of Sri Lanka accountable to parliament.

The MP said that, therefore, the Committee On Public Finance has found that the across-the-board salary increase for CBSL staff was unreasonable.

He said that the Committee On Public Finance has proposed for an independent committee to be appointed by the Finance Minister to review the salary increase in four weeks.

He said that the Central Bank is to defer the salary raise until a fair solution is found.