The passage of the new Central Bank Act has severely limited the government’s ability to call for money printing and removed the Treasury Secretary from participating in the central bank’s governing boards.
It is reported that State Minister Ranjith Siyambalapitiya has stated.
He points out that steps have been taken to make the central bank more independent through this act.
The Minister of State who further commented,
“The new Central Bank Act is in effect. Its specialty is that the central bank will continue to be independent. It will further expand the central bank’s bond with the people’s sovereignty. One is the printing of money. It was discussed in the past. How the printing of money affected these economic issues. The new central bank According to the Banking Act, the central bank can request the government to print money is very limited. In case of a special security issue, the country continues to be closed. “