Ravi again blames all woes on Central Bank



UNP MP Ravi Karunanayake yesterday once again faulted Central Bank officials for the economic crisis in the country.

"Economy is in shambles thanks to some officials in the Central Bank. Ninety five percent of officials there are those who supported the previous government. Now, they deliberately place the country’s economy in harm’s way. I call upon the President to go for a complete restructuring of the Central Bank if he wants to steer the nation out of the current crisis situation. Without a complete overhaul of key positions in the Central Bank, this crisis cannot be sorted out," former Finance Minister Karunanayake said while addressing a UNP Colombo Central organizers’ meeting held yesterday.

"This is not a problem that cannot be sorted out. What we need is the will to get it done," he said.

During the year 2015 and 2016 revenue of the country was at Rs 260 billion and 280 billion respectively. In 2014 it was 70 billion rupee. Under my watch we increased the revenue. In 2017, the revenue dropped to Rs 148 billion. This country could be developed only by increasing the revenue," he said.

"The President, Prime Minister, the former president and the politicians are blamed for the economic crisis but no one speaks of the wrong doings which Central Bank officials are involved in" the MP said.

He said CB officials were to be blamed for the interest rate hikes. "Can a person run a business by borrowing at 16 per cent," he asked.

Karunanayake said the main issue was that central bank officials remained, though governments changed.

He said the devaluation and the Central Bank’s role in management of the currency were problems the government should take seriously if it was to lead the nation out of the current crisis.

He said the rupee weakness had caused the currency to trade close to the psychological Rs160 to the US$. In the month of May, the Central Bank depleted approximately US$220mn in foreign reserves defending the currency

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