Central Bank’s Professionalism Vs. Ours

By Hema Senanayake -September 30, 2013

Hema Senanayake

A few days ago, on September 24th, Sri Lanka Central Bank (SLCB) issued a “Notice To The Public” in order to absolve it from allegations leveled at it by politicians, investors, general public and certain professionals in the financial industry, after the virtual collapse of Central Investment & Finance PLC (CIFL).

If  I remember correct, for the first time in history average people during a recent protest, held placards with writings that denounced SLCB. A placard held by a possible retired old lady says “Central Bank Plays With Retiree’s Money.” If it does, it would be the most immoral thing that this prestigious state institution can do. Perhaps this message was hit hard on SLCB. That may be the reason for issuing the said “Notice To The Public.” But the irony is that the very “Notice To The Public” proves the SLBC’s lack of professionalism not vice versa. Hence, I am afraid that SLCB may continue to ignore the interests of poor depositors. Also, due to their lack of professionalism the country’s monetary system might be at risk, at least there could be significant problems.

SLCB bluntly criticize its critics. In the very beginning of the “notice” it says “unfair allegations that the Central Bank has not been acting are being levelled every time some weakness is displayed, in any NBFI. That reasoning indicates an absolute ignorance of the financial sector, or a deliberate misunderstanding of the situation.”                                                                             Read More