The proposed Central Bank act is an attempt to seize people’s supremacy, says the education secretary of the Frontline Socialist Party (FSP) Pubudu Jagoda.

Addressing a party seminar in Beliatta yesterday (12), he said monopolizing the decision making to a bureaucracy not accountable to the people amounted to a seizing of their rights.

The draft act annuls the monetary board and replaces it with a governing council and a monetary policy council, with a total membership of 11.

They are the ones who will decide the people’s economy and economic rights, and to make matters worse, they are neither accountable to parliament nor can be questioned, he said.

The finance secretary is not included in either board, which could give rise to clashes between the respective financial policies of the CBSL and the government, said Jagoda.

The so-called attempt to make the CBSL independent in this manner gives 11 officials the independence to decide the fate of 22 million people, he charged.

The FSP will make an extensive intervention to get this draft bill defeated by building a people’s force for the purpose, added its education secretary.


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