Doubts over take-over of key CB functions By Bandula Sirimanna View(s): View(s):Finance Minister Ravi Karunanayake’s budget proposal to take away some key functions of the Central Bank (CB) including public debt management has come under strong criticism from various quarters including the bank’s own officials. CB insiders say that the bank’s powers as per the Monetary Law Act is being further compromised. In an August 14, 2016, story the paper said the CB had intervened in the flawed process to set up the NPP at the ICTA. CB insiders said taking away debt management is akin to taking over most of the functions of the banking regulator. “This (managing debt) is one of the primary functions of the Central Bank,” the source said.

Source: Sunday Times November 19, 2016 19:32 UTC