The Central Bank has been a carnival of politicized action with the monetary board playing musical chairs.
Committee on Public Enterprises (COPE) inquiry revealed that while governer Cabral has been playing a lead role in politicizing the institution and Prof WD luxman has also played the same tune.
The COPE heard that monetary board members Dr Dushni Weerakoon and Nihal Fonseka both resigned well before the six-year term and according to Dr Harsha De Silva they were pushed out.
Tin hen came in Sanjeeva Jayawardena PC Dr Ranee Jayamaha and Samantha Kumarasinghe.
As Dr Ranee Jayamaha explained wrong decisions were upheld as those who were politically motivated had the upper hand.
Prof. W. D luxman, Treasury Secretary Atigala and Samantha Kumarasinha held on to the theory that the Rupee should not be floated and no need to go to the IMF.
With the Rupee drowning it’s high time that Prof Luxman and his team need to be called to explain their actions and the political motivations that were behind these actions.
Notably, monetary board member and businessman Samantha Kumarsinha said in a media interview that governments trying to satisfy the World Bank and IMF are not helping the local economy and further said that when interest rates rise, the demand for money will not fall.
All these statements reveal the thinking patterns that dominated the decision-making at the Central Bank.
The COPE has recommended a Parliamentary Select Committee (PSC) be appointed to look into the economic crisis and find out those who were involved in creating the crisis.