Central Bank Governor Dr. Nandalal Weerasinghe yesterday (05) said he, or senior representatives of the bank, could appear before Parliament to answer questions raised by the MPs.
Dr. Weerasinghe said so in response to queries The Island raised about a reference made to the Central Bank during Tuesday’s proceedings at the Committee on Public Finance. “If our direct intervention could prevent delays in obtaining answers to questions raised by MPs regarding the economy, we are ready to assist,” Dr. Weerasinghe said.
During Tuesday’s meeting, Chairman of the Committee, Dr. Harsha de Silva, said questions related to monetary policy, inflation and exchange rates had gone unanswered in Parliament.
Dr. Harsha de Silva, said:
“Governor, when a Member of Parliament raises a question in Parliament regarding monetary policy — for instance, about inflation or the exchange rate — usually no response is provided. Why is that? It seems to be because there is no representation from the Central Bank in Parliament.”
Dr. Weerasinghe said: “When a Member of Parliament raises a question, it is directly referred to the Minister of Finance. At that stage, the Ministry sometimes contacts us for input. For example, if an answer is due tomorrow, we might receive the question only today. Even so, we take steps to prepare and send the required response to the Minister of Finance. That is the procedure.
“We provide timely answers to all questions received by the Central Bank through the Minister of Finance. However, the overall process does not always move as scheduled. Questions are not limited to the Central Bank; they also involve other institutions, such as the Ministry of Finance. The Minister of Finance compiles responses from all relevant institutions into a single report and submits it to the relevant Minister.
“If we are invited, we can provide answers directly.”