Mar 12, 2019

Central Bank does not need any politics - Ravi

Ravi Karunanayake, Minister of Power and Energy and Business Development, states that Central Bank is in the process of engagement with politics and, with such interventions, it has hindered development activities of the country.

Sri Lanka has also been issuing bonds under a high interest rate when regional countries were issuing bonds at minimum interest rates, the minister said.

Speaking in Parliament,

The Central Bank has recently issued a 10-year maturing sovereign bond at a high interest rate. It has curtailed country’s onward march. US $ 1.4 billion, at an interest rate of 7.85% has been borrowed by the Central Bank recently while Malaysia (3.87%), Thailand (2.51%), Vietnam (7.48%), Greece (3.84%), and Botswana (5.27%), have issued at lower interest rates” he said