Central Bank denied over Rs. 700 Bn revenue due to interest rates reduction in DDO process

5 February 2024 08:39 am Views - {{hitsCtrl.values.hits}} 5 Bookmark

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Colombo, Feb 05 (Daily Mirror) - United Republican Front (URF) leader MP Patali Champika Ranawaka said the Central Bank had been denied over Rs. 700 billion due to Treasury Bill interest rates reduction and it would be serious in case a financial crisis emerged.

Making remarks at the event to mark Independence Day celebrations by his party , he said the Central Bank reduced interest rates in the process of Domestic Debt Optimization last year .

He said the interest rates for Treasury Bills held by the government were reduced from 25-26 percent to 5-6 percent and the Central Bank lost as much as Rs. 700 billion as a result.

Comments - 5

Ram Monday, 05 February 2024 02:24 PM

Who is Champika to challenge the CB Governor who is a qualified economist? But it reminds me of the saying "Guruntath Akuru waradi" meaning 'Teachers also make mistakes' Champika as a student in economics may have a valid point that must be looked into

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Mola Dahaya Monday, 05 February 2024 03:24 PM

Someone has to take the hit to come out of the crisis. So the most able to cushion the hit took it namely CB and EPF

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Kandiah Balendran Monday, 05 February 2024 04:04 PM

The richest people namely bank shareholders and primary dealers got away Scott free, while Nandalal scammed the working class EPF.

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Sivalingam Monday, 05 February 2024 04:05 PM

Mahendran Bond scammer, Nandalal EPF scammer.

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Sambo Tuesday, 06 February 2024 08:54 AM

And this loss will be put over to the public by increasing some thing else. This government never goes behind the culprits to recover stolen monies.

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