Hon. Dayasiri Jayasekara, Attorney-at-Law
Hon. Dayasiri Jayasekara asked the Deputy Minister about the implications of the Central Bank Act’s prohibition on money printing in the context of normal monetary expansion linked to economic growth. He sought details on the amount the Government had borrowed through Treasury bills and bonds since assuming office and asked whether the Government intended to amend the Central Bank Act or continue under the existing framework if monetary expansion is restricted.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 Hon. Speaker, my first supplementary question is this. Hon. Deputy Minister, you know that relative to economic growth, monetary expansion of about 3% to 5% is generally required. The Central Bank Act now completely prohibits money printing under this framework. Currently, Treasury Bills are being purchased by domestic banks. If that stops, interest rates could rise. Accordingly, how much have you borrowed for Treasury bills and bonds after your Government assumed office? Also, if you do not allow monetary expansion relative to growth, do you intend to amend the Central Bank Act, or will you proceed under the current framework?
Provenance
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- Hansard, Friday, 14 March 2025 ·No. 1744281136023320 ·English daily/uncorrected Hansard
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Cite as: Hon. Dayasiri Jayasekara, Attorney-at-Law. 10th Parliament, Parliament of Sri Lanka. Hansard, 14 March 2025. No. 1744281136023320. Politick, https://staging.politick.io/lk/speeches/26383