By Hiran H.Senewiratne
The government has appointed a Parliamentary Select Committee to inquire into the activities of the Central Bank during the last decade. It will probe mainly the oil hedging issue and the Greek Bond issue, which cost the country more than Rs 14 billion, Central Bank sources said.
Prime Minister Ranil Wickremesinghe informed parliament last week that a committee has been appointed to probe many issues relating to the Central Bank, including the hedging deal and Greek bonds, these sources said.
Central Bank Governor Arjuna Mahendra said at an event recently that good governance will be created in the Central Bank and that its internal transfers are normal routine ones. Its officers are always supportive to provide information on any matter to facilitate these probes, he said.
When responding to a question raised by parliamentarian Dinesh Gunawardena, the Prime Minister pointed out that during the previous regime statistics relating to economic development were misrepresented.
Informing the House that under the current government a large number of investors are waiting to invest in Sri Lanka, the Prime Minister stressed that at this juncture it is compulsory to prepare a special report on the Central Bank’s past dealings.
The Prime Minister said that the government is not satisfied with the performance of the CBSL and hence its activities during the last 10 years, including those of the last six months would be investigated.
Prime Minister Ranil Wickremesinghe said that the incumbent government is ready to restore the good image of the Central Bank.
The country has lost enormous amounts of money from the hedging deal and the Greek Bond issue. Further, several questionable deals will be probed, which happened during the last decade, a Central Bank officer told the Island Business Review.
The government lost US$ 60 million (Rs.7.5 billion) in the oil hedging deal.
Further ,Sri Lanka’s Central Bank invested reserve money in Greek bonds a few years ago, despite a US$ 6.6 million loss made on Greek bonds during the tenure of the previous Governor.
This payment was higher than the money which was allocated to some of the ministries from the annual budget. It is a considerable sum compared to allocations for ministries, such as, Education and Higher Education.
www.island.lk
The government has appointed a Parliamentary Select Committee to inquire into the activities of the Central Bank during the last decade. It will probe mainly the oil hedging issue and the Greek Bond issue, which cost the country more than Rs 14 billion, Central Bank sources said.
Prime Minister Ranil Wickremesinghe informed parliament last week that a committee has been appointed to probe many issues relating to the Central Bank, including the hedging deal and Greek bonds, these sources said.
Central Bank Governor Arjuna Mahendra said at an event recently that good governance will be created in the Central Bank and that its internal transfers are normal routine ones. Its officers are always supportive to provide information on any matter to facilitate these probes, he said.
When responding to a question raised by parliamentarian Dinesh Gunawardena, the Prime Minister pointed out that during the previous regime statistics relating to economic development were misrepresented.
Informing the House that under the current government a large number of investors are waiting to invest in Sri Lanka, the Prime Minister stressed that at this juncture it is compulsory to prepare a special report on the Central Bank’s past dealings.
The Prime Minister said that the government is not satisfied with the performance of the CBSL and hence its activities during the last 10 years, including those of the last six months would be investigated.
Prime Minister Ranil Wickremesinghe said that the incumbent government is ready to restore the good image of the Central Bank.
The country has lost enormous amounts of money from the hedging deal and the Greek Bond issue. Further, several questionable deals will be probed, which happened during the last decade, a Central Bank officer told the Island Business Review.
The government lost US$ 60 million (Rs.7.5 billion) in the oil hedging deal.
Further ,Sri Lanka’s Central Bank invested reserve money in Greek bonds a few years ago, despite a US$ 6.6 million loss made on Greek bonds during the tenure of the previous Governor.
This payment was higher than the money which was allocated to some of the ministries from the annual budget. It is a considerable sum compared to allocations for ministries, such as, Education and Higher Education.
www.island.lk
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