What will happen if money printing is suspended?

Published

1 year ago

February 23, 2023

editor

The economic analysts are of the view that the interest rates will rise further if the Central Bank of Sri Lanka suspends money printing against the Treasury’s requests.

So far, the usual process was that the Central Bank printed and supplied the necessary amount of money according to the financial needs of the Treasury.

The analysts said that if this process is suspended, the Treasury will have to look for alternative sources of funds.

The Cabinet last week took a special decision regarding a new law that gives the Central Bank the power to print money to the extent that the country’s economy can withstand.

The relevant Cabinet paper was submitted by the President as the Finance Minister.

With this move, the Central Bank will have the sole authority to not print money no matter how many demands the government makes from the Finance Ministry.

The new regulation has been imposed based on the recommendations given by the International Monetary Fund (IMF) to streamline the economy of Sri Lanka.

Complaint filed alleging assets being misused for President’s political activities

Published

9 hours ago

April 26, 2024

editor

Today (26) the Socialist Youth Union (SYU) filed a complaint with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) calling for a probe into the alleged misuse of assets owned by the National Youth Services Council (NYSC) for the political activities of current President Ranil Wickremesinghe.
The SYU submitted a formal complaint to the CIABOC today (26) afternoon.

The complaint is filed against Minister of Youth Affairs and Sports – Harin Fernando, Ministry Secretary – Dr. Kanapathipillai Mahesan, and Chairman of the NYSC – Pasindu Gunaratne.

Speaking before the media, Eranga Gunasekara, the national organizer of the SYU said, NYSC vehicles bearing the numbers NA 9099, NB 1389, NB 3384, NB 3383 had been misused for the UNP rally held in Kuliyapitiya on March 10.

He has also said a dance troupe of the NYSC, used for the rally, is yet to be paid.

News

Tiran makes revelation on Maithripala’s statement

Published

9 hours ago

April 26, 2024

editor

During the inquiry over former President Maithripala Sirisena’s recent statement that he was aware of the real culprits behind the Easter Sunday bomb attacks, he has not mentioned the names of anyone in Sri Lanka, Public Security Minister Tiran Alles said.

The lawmaker made this remark while speaking during today’s parliamentary session.

News

High Posts committee approves 4 appointments

Published

10 hours ago

April 26, 2024

editor

Committee on High Posts approves appointments of a new ambassador, a secretary to a ministry, and 02 chairpersons of institutions

The Committee on High Posts which met recently in Parliament has given its approval for the appointments of a new ambassador, a ministry secretary and two institution chairpersons.

Accordingly, the Committee on High Posts has approved the appointment of Mr. S.A Rodrigo as the new Sri Lankan Ambassador to the Italian Republic.

In addition to that, the appointment of Mr. A.C.M. Nafeel as the new secretary of the Ministry of Water Supply and Estate Infrastructure Development was also approved by the Committee on High Posts.

Furthermore, the Committee on High Posts approved the appointments of Mr. W.A.D.S Gunasinghe as the new chairman of the Regional Development Bank and Mr. N.K.S. Jayasekara as the new chairman of the Sri Lanka Atomic Energy Regulatory Council.

Ministers Dr. Ramesh Pathirana and Vidura Wickramanayake, Member of Parliament Rishad Bathiudeen participated in the Committee on High Posts which met under the chairmanship of Speaker Mahinda Yapa Abeywardena.