Central Bank Governor Offers to Address Parliamentary Queries
Central Bank Governor Dr. Nandalal Weerasinghe has expressed his willingness to provide direct answers to any questions raised by Members of Parliament regarding the economy. His statement came in response to concerns about delays in addressing parliamentary inquiries, particularly following an incident where Central Bank officials were summoned to the Committee on Public Finance (COPF).
Dr. Weerasinghe emphasized that if there are delays in responding to MPs’ questions, representatives from the Central Bank could be sent directly to Parliament to provide the necessary information. This approach, he explained, would ensure transparency and efficiency in communication between the Central Bank and the legislative body.
The Current Procedure and Delays
The Governor outlined the current process for handling parliamentary queries. According to him, when an MP raises a question, it is first directed to the Finance Minister. The Finance Minister then contacts the Central Bank to request the required information. Once the Finance Minister receives the data, they are responsible for presenting it to Parliament.
“We provide the information as soon as the Finance Minister requests it,” Dr. Weerasinghe said. “However, the person who can present it directly to Parliament is not us, but the Finance Minister or the Finance Deputy Minister. That is the normal procedure.”
He clarified that the Central Bank cannot respond to parliamentary questions on the same day they are asked, not due to a lack of information, but because the institution is not permitted to address them directly. Instead, the Finance Ministry acts as the intermediary.
Ensuring Timely Responses
Despite these procedural constraints, Dr. Weerasinghe assured that the Central Bank will always send answers on time for all questions received through the Finance Minister. However, he acknowledged that the process does not always happen as quickly as expected.
“In some cases, the questions may not pertain only to the Central Bank but also to the Finance Ministry and other institutions,” he noted. In such instances, the Finance Minister must gather responses from all relevant agencies and compile a single report before submitting it to Parliament.
Openness to Direct Engagement
Dr. Weerasinghe reiterated that the Central Bank has no issue with being invited to Parliament to provide direct answers. “If we are invited, we have no problem. We can come to Parliament and provide answers,” he stated.
This openness reflects the Governor’s commitment to maintaining a transparent relationship with the legislative branch, even within the existing framework of procedures.
New Central Bank Act and Reporting Requirements
In addition to this, Dr. Weerasinghe highlighted that under the new Central Bank Act, the Central Bank of Sri Lanka (CBSL) is the only state institution mandated to report directly to Parliament every four months. This provision underscores the importance of the CBSL’s role in the country’s economic governance and its responsibility to keep the legislature informed.
Conclusion
Dr. Weerasinghe’s comments reflect a balanced approach to addressing parliamentary inquiries while respecting the established procedures. His willingness to engage directly with MPs, if invited, signals a commitment to accountability and transparency. As the Central Bank continues to play a critical role in Sri Lanka’s economic landscape, maintaining open lines of communication with the legislative body remains essential.