Parliamentary Select Committee Needed to Review Central Bank Independence, Says Ravi Karunanayake
06-Jun-2026.
A Parliamentary Select Committee should be appointed immediately to examine the independent functioning of the Central Bank, according to New Democratic Front Parliamentarian Ravi Karunanayake.
Speaking at a media briefing held in Colombo on June 5, he stated that more than 40 Members of Parliament had already signed a proposal seeking the establishment of such a committee.
He further said that Parliament must determine whether the powers granted to the Central Bank to function independently have benefited the country or have instead created difficulties for the nation and its people. A Parliamentary Select Committee should therefore be appointed to investigate the matter and arrive at an appropriate decision. More than 40 MPs have signed the proposal so far.
Although the Government and the Central Bank maintain that the rupee remains stable, what exists behind the scenes is an artificially managed floating exchange rate, the burden of which ultimately falls on the general public.
Despite receiving loan instalments from the International Monetary Fund (IMF), the Government has imposed a severe tax burden on the country and its citizens. Meanwhile, the agreement with the IMF is scheduled to conclude on December 31, 2026. The Government must disclose its future economic programme for the period thereafter.
Karunanayake also alleged that a secret plan is underway to privatise the two major state-owned banks, the Bank of Ceylon and People's Bank. He claimed that indications of such a move could be discerned from a report issued by the Central Bank last month, and stressed that his party was closely monitoring the situation.
He further noted that Sri Lankan exports to the United States are already subject to a 10 per cent tariff. Subsequently, US President Donald Trump proposed a 20 per cent tariff, and is now reportedly preparing to impose a 12.5 per cent tariff. Such measures would adversely affect the competitiveness of Sri Lankan exports, he said, urging the Government to engage in discussions and reach a mutually acceptable solution.
