Former United National Party Deputy Leader and Parliamentarian Ravi Karunanayake has questioned the Central Bank’s role in promoting economic growth, arguing that the public has yet to experience relief from the rising cost of living despite claims that inflation has been brought under control.
Speaking at a media briefing, Karunanayake said sustained economic growth requires a strong and well-functioning financial system that supports national development.
He questioned whether responsibility for creating economic growth rests with the Government or the Central Bank, noting that the Central Bank, as an independent institution, is entrusted with overseeing the country’s financial sector.
Karunanayake said if economic growth is the responsibility of the Government, it should clearly explain its strategy and expected outcomes. If the Central Bank also has a role in driving growth, he argued that it should be transparent about the policies and factors influencing the country’s economic performance.
He further claimed that although the Central Bank has stated its primary objectives are to maintain price stability and ensure a sound financial system, the public continues to face a rising cost of living. Karunanayake questioned how sustainable economic growth can be achieved if these concerns remain unresolved.
