• Claims CBSL is in IMF's grip
• Questions possibility of operating without Govt. control

Parliamentarian and Attorney-at- Law Udaya Gammanpila has filed a petition in the Supreme Court (SC) against the Central Bank of Sri Lanka (CBSL) alleging that the Central Bank Bill that has been brought to the Parliament last Tuesday (7) has violated the Article 3 and 4 of the Constitution “bluntly”. 

Accordingly, the Party leader of Pivithuru Hela Urumaya stated that the petition requests the Supreme Court to hold the passing of the aforesaid bill until a referendum be held on the matter.   

“It is reported that the enactment of this bill is a condition imposed by the IMF (International Monetary Fund). If there is a conflict between the Constitution and the agreement with the IMF, we (Sri Lanka) can’t amend the Constitution to accommodate the agreement. Instead, the IMF Agreement should be suitably amended to comply with the Constitution,” Gammanpila argued. 

Further explaining his stance on the matter, he said that in terms of Section 4 of the Bill, the Central Bank is fully owned by the Government of Sri Lanka which implies that the public funds have been invested in the Central Bank. However, Section 5 says the Central Bank shall have financial and administrative autonomy.  

Gammanpila questioned the possibility of a public institute that exists without Government control. He pointed out that both executive and legislature are sensitive to public opinion since they have to face the public every five years for a re-election.   

He reiterated that the media and the Opposition are watchful of activities of the Government.  

Since there is no opportunity to appoint or remove Central Bank officers, the CBSL officers are not sensitive to the aspirations and welfare of the public.  

Gammanpila said that the CBSL officers may act as they wish. In a worst scenario, they may act as advised by the IMF or the Western embassies. Hence, a public institute like the Central Bank must always be within the people’s radar.