Sri Lanka, March 20 -- The Committee on Public Finance (COPF) has presented a report concerning the recent salary increase of the staff of the Central Bank of Sri Lanka (CBSL). The request for this report came from the President in his role as the Minister of Finance, following concerns raised by Members of Parliament and the public regarding the substantial salary hike. COPF deliberated on this matter extensively, considering information provided by the CBSL Governing Board and the Attorney General, both during a physical meeting in Parliament on 5th March 2024 and through subsequent correspondence.

Independence of the Central Bank

COPF acknowledges the critical role of CBSL's independence in executing monetary policy, a right granted ...