Former United National Party Deputy Leader and Parliamentarian Ravi Karunanayake says the Central Bank of Sri Lanka cannot avoid responsibility for financial crises despite enjoying independent powers and privileges.
Speaking in an interview with CeylonWire, Karunanayake argued that instead of blaming various parties for unregulated financial transactions and the outflow of funds from the country, the Central Bank should explain why it has failed to introduce effective regulatory measures.
He said the Central Bank was granted institutional independence on the basis that it would oversee and regulate the country’s financial sector, adding that such authority also carries responsibility and accountability.
Karunanayake further claimed that the Central Bank should accept responsibility rather than shifting blame to others.
“They point fingers at everyone, but there are four fingers pointing back at them,” he said, adding that his focus remains on strengthening the economy, as sustainable economic growth would ultimately benefit all Sri Lankans.
