Sri Lanka president appoints independent committee to review central bank salary hike

Sri Lanka
By Editor_1
People walk at the Central Bank of Sri Lanka building in Colombo - Dinuka Liyanawatte/REUTERS

COLOMBO — President Ranil Wickremesinghe has appointed an Independent Remuneration Committee that includes former governor Indrajit Coomaraswamy to review a controversial salary increase at the Central Bank of Sri Lanka (CBSL).

An official from the President’s Media Division (PMD) said the committee was formed by Wickremesinghe in his capacity as Minister of Finance, on the recommendation of the parliamentary Committee on Public Finances (COPF).

The committee comprises Dinesh Stephen Weerakoddy, Arjuna Herath, former central bank governor Indrajit Coomaraswamy, Sudharma Karunarathne, Anthony Nihal Fonseka, Anushka S. Wijesinha and Duminda Hulangamuwa.

The CBSL recently agreed to a March 20 COPF on recommendation to suspend the steep salary hike of 70% or more given to the central staff exercising its independence under a new law.  However, COPF maintained that it came under the constitution where control of public finances was vested with Parliament.

“The central bank’s accountability to Parliament is established,” opposition legislator Harsha de Silva, wrote on X on March 21, noting that the Central Bank Governor had informed COPF that they accepted all recommendations from COPF report on salary revisions and that President Ranil Wickremesinghe was set to review salaries, until which salary increases will be deferred from next month.

-economynext.com

Editor_1
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