CBSL to address inflation target shortfall in parliament

1 January 2025 12:32 am Views - {{hitsCtrl.values.hits}} 1 Bookmark

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The Central Bank of Sri Lanka is expected to table a report in parliament, addressing the significant deviation of headline inflation from the target outlined in the budget policy framework, the government said yesterday.
Cabinet approval was granted this week for the proposal presented by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning, and Economic Development, to submit the report to parliament.
The move is in accordance with Section 26 of the Act, which requires the Central Bank to explain deviations from inflation targets to ensure transparency and accountability.

The quarterly average headline inflation, measured by the Colombo Consumer Price Index (CCPI), fell to 1.4 percent in the second quarter and 0.8 percent in the third quarter of 2024, which is below the 5 percent target mandated under the Central Bank of Sri Lanka Act No. 16 of 2023.

Under the Act, if inflation veers from the target for two consecutive quarters, the Central Bank’s Monetary Policy Board must provide a detailed explanation to the Minister of Finance, who is then required to present it to parliament.

Comments - 1

noff Wednesday, 01 January 2025 10:16 AM

CBSL has fail to take action and to Monitor to regulate a law for Online loan providers as they Register under Pvt Ltd software companies with foreign connection and do financial business in large scale for years and lend money through web app on Exorbitant interest Rate of 35% to 65% per month, to avoid CBSL and Income Tax Dep ,Plus( if delay in due date another 10% per every 10days added , Plus 2.2% daily Interest added to total the Loan it will be 300%),such ,Loan Mafia companies are Fino.lk ,Loanme.lk , Fastrupee.lk, , Cash X.lk , Lotus Loan.lk, onCredi.lk. Loan Plus.lk, and its a Daylight robbery of innocent customers hard earned monies and it’s a debt trap, as bank interest rate is less that 3% per month. CBSL to Bring a law to recover the Exorbitant interest Paid by innocent customers in the Past and to return the excess paid interest to customers from the above Online lenders. and to Pass in Parliament ,CBSL Drafted Microfinance and Credit Regulatory Authority Act

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