COLOMBO (News 1st) – Sri Lanka's Central Bank Governor Dr. Nandalal Weerasinghe said that the Central Bank cannot make popular decisions, and making popular decisions is the job of the government."When you listen the budget debate these days, there are a lot of allegations on the Central Bank saying that CBSL contracted the economy and this model is not sustainable, and as a result the people are suffering," he said while speaking at the 40th Annual General Meeting of the Sri Lankan Apparel Exporters Association in Colombo on Tuesday (22).He said as the Governor of the Central Bank he is the person who is in charge of the monetary policy, and would not like to creep into or encroach someone else's authority in terms of the fiscal policy. "I also don't like, as an independent Central Bank, the fiscal authority dominating my policy making."He further noted that the a key important principle in any successful economy, is the independent Central Bank, independent Treasury which are looking at their own objectives and having policies. "The final authority on public finance is the parliament, like in any other country.
That is a people's choice, on how they would like to have taxes, how they would like to have their expenditure, the fiscal policies is a choice by the democratically elected government in this country.
That is why we see today the Budget was passed in Parliament. The people who elected the president passed the budget. They are the one's who take decisions on taxes and expenditure behalf of you.