Former Deputy Leader of the United National Party, MP Ravi Karunanayake, has criticized the Central Bank, alleging that it has become an irresponsible institution by aligning too closely with International Monetary Fund (IMF) proposals.
According to Karunanayake, these actions have effectively turned the Central Bank into a “hostage” of the IMF.
He further noted that the Central Bank Act of 2024, under Section 5(2), mandates the institution to be independent and accountable. However, he pointed out that while the Central Bank has the opportunity to act independently, the law does not clearly specify whether it is accountable to the President, Parliament, or the people, nor does it outline the form of accountability.
Karunanayake highlighted that the Central Bank submits multiple reports to parliamentary committees but then maintains a policy of silence.
“Although the Central Bank claims its independence, there is no accountability,” he said, emphasizing the need for greater transparency in the institution’s operations.
