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Dr. Nandalal Weerasinghe
The recent uproar over the Central Bank’s salary increases has caught widespread attention and according to Governor Dr. Nandalal Weerasinghe, this controversy is a deliberate attempt to undermine the institution’s autonomy.
He cautioned that exaggerating the salary increases to undermine the financial sector regulator’s independence could severely impact the economy, potentially regressing it to its troubled state just a few years ago.
“Our need for the Central Bank independence in setting wages and salaries for the staff is quite important to avoid undue influence from the fiscal authorities. That was the issue earlier.
The salary issue we can talk temperately if it is immoral or unethical. That we can discuss separately. But using this issue to oppose the Central Bank or compromise the independence by changing law is a major risk,” he added.
While this is not the first time the Central Bank has reviewed salaries, Dr. Weerasinghe pointed out that it is the first time that the institution has gone public with the revision.
“We are transparent. We are coming out and telling Parliament on the increase and why we have increased (salaries and wages). We are being accountable,” he said.
Dr. Weerasinghe cautioned that the end result of the Central Bank losing its independence would be another crisis.
“An example of that was seen in 2019. The Central Bank new bill was initiated but a policy decision was taken by the administration that came into power that the institution does not need independence and that fiscal dominance must be asserted.
We all learnt lessons of that in the next two years. With the independence of the Central Bank, we were able to bring back the stability. But people are now forgetting the value of independence and trying to compromise that,” Dr. Weerasinghe said.
Earlier this week, the Central Bank was slammed in Parliament for the salary hike, with the MPs frowned upon the move, stating it is a violation of the law.
At the party leaders’ meeting, it was highlighted that the hike could cost an extra sum of Rs.232 million monthly.
Gabriella Thursday, 07 March 2024 06:41 AM
If the opinions of the members of parliament were valid and, always in the best interests of the country, we would not be in the mess we are in. If we wish to retain the best or hire the best; then we have to pay at world parity rates. Otherwise, shut up and stop complaining about the brain drain.
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Namal Thursday, 07 March 2024 03:03 PM
Don't try to bambooz the illiterate public by taking about autonomy. This has nothing to do with imaginable salary hikes when public servants and private sector is fighting so hard to get a 10 thousand ruppee salary increase. Shame on you to award the highest raise to your self.
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Nimal Friday, 08 March 2024 09:12 AM
Brain drain from SLCB officials? Who wants to employ them?. Perhaps in the Middle East yes, but not in any developed country. They will be hard pressed to get a junior analyst job. They can go to Uganda, may be.
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amaree Thursday, 07 March 2024 06:44 AM
Governor, giving fabulous salary hike to your staff and CB's independence are two different thing. Deciding to give fabulous salary increase is very bad. Independency should NOT be misused.
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Patriot Thursday, 07 March 2024 06:48 AM
Hey CBSL Chief, Let it be known that you did not even make 20% of what you earn today in our poor third world country before coming back to CBSL (under the sponsorship of GOTA) to whitewash and prop-up disgusting Rajapaksa clan. You are at best an opportunist not a credible banker just like others before you all political stooges. What a shame, you got caught this time with your pants down.
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Raghu Nanayakkara Thursday, 07 March 2024 06:51 AM
You and governing body lost the confidence and trust of the people and how can you expect us to agree to keep your independance and make good decisions.
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muthutantri Thursday, 07 March 2024 06:53 AM
He is a disgrace, to have increased so much of salary. Others cant even get a 10000 increase. he should resign and go back to australia
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AJ Thursday, 07 March 2024 06:55 AM
Responsibility of economic revival or bankruptcy is on shoulders of CB, but they didn’t take any action till the country proclaimed bankcrupt, if CB advertises its vacancies it can absorb required number without problem but that they keep for relatives or for ministers close supporters but one thing is fair,to face this dangerous economic situation every one of the country needs this much of salary increase
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Sense Thursday, 07 March 2024 07:04 AM
Mr. Nandalal, you are right. The Central Bank needs to have its independence and certainly not be judged by the corrupt 225 who have violated the people by robbing and tarnishing the image and potential of this country. Having said that, Sri Lanka is gradually emerging from the crisis of 2 years ago and corporate Sri Lanka is leading the charge. Despite this we are still unable to pay staff salaries let alone increase salaries to be in line with inflationary pressures and demands on the common man’s purse. By the action that the Central Bank is increasing its salaries at this time, it sends the wrong message that other companies and corporates can do/ should do the same. We can’t at least not yet as we are still on recovery mode absorbing losses caused by bad policy decisions and poor leadership. Therefore I request you to be sensitive to the challenges to the larger business community when you make such decisions.
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Jude Thursday, 07 March 2024 07:11 AM
Hey Nanda, they pay you out of Charity and Donation account. It's a colossal waste to pay you!! You should go back to Australia ASAP don't wait till October, when new government And president in office.
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Citizen Kane Thursday, 07 March 2024 07:13 AM
Independence was abused to obtain an unconscionable salary hike.
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Jude Thursday, 07 March 2024 07:22 AM
I'll bet before October you'll return to Australia like the last time you helped governor Mahendran to loot the central bank then you vanished!!
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Sam Silva Thursday, 07 March 2024 06:11 PM
Yes. He had all the independence at the time of bond scam while he was the dupty governor. You made enough money then and making now by sucking the blood from the tax payers. Shame on you.
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Gune Friday, 08 March 2024 09:02 AM
Jude, mind you he will never even get a clerk job in Australia. The skill, verbal and presentation skills required there are much much higher than what he possesses.
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Sambo Thursday, 07 March 2024 07:27 AM
You and the entire central bank staff are a shameful lot. People are starving in this country and being chocked with taxes while you all increase your salaries by such a big percentage. You are not doing rocket science only issuing false statements to please the regime.
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Adwani Thursday, 07 March 2024 07:45 AM
This is what the Sri Lankan Airline said, when questioned about the irregularities. The idiotic board of Sri Lankan Airline claimed independence and also said it is the Airlines personal matter. Ultimately, what happened, no one is willing; even to express the interest for investment and restructure. Ordinary low grade office assistant receiving a salary, approximately Rs.188,000/- per month. Nande, do not try blackmail the government by talking about independence.
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Adwani Thursday, 07 March 2024 07:46 AM
This is the result of those on the top, who robbed from the USD reserves have left the gap open for others to rob as well.
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Christo255 Thursday, 07 March 2024 07:47 AM
No point trying to justify after you do something unethical, no difference to a politician after all the talk of doing the right thing. Time for governor to graciously go home
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Nandapala Ghonhatti Thursday, 07 March 2024 07:50 AM
Kick Pin Padi Nandlal - He did not have a job in Australia - Now became a Hora of RW and Myna!!
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Adwani Thursday, 07 March 2024 07:51 AM
Independence meant for handling the issues related to economy, not increasing the salaries to sky level. An ordinary Office Assistant receiving a salary of Rs.188,000/- appx. Imaging what independence you are talking about??? Since we received the independence from Brithish, we have only witnessed corruptions and nothing else.
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Mark Thursday, 07 March 2024 07:55 AM
Some Yokels will never learn. Beside the raises are paid out of CBSL's own income. What to do, the Yokels want to come to power to undo an independent CBSL and force the officials to enact their stupid policies. History as they say will keep repeating because of a segment of the Sri Lankan population who are dimwitted imbeciles.
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JS Ruwanpathirana Thursday, 07 March 2024 08:00 AM
Government should take prompt action to reverse back the salary increment to the Central Bank employees immediately and until then government should not recover any payee tax from the private sector employees as its unfair for them.
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Lk Thursday, 07 March 2024 08:02 AM
What Autonomy you have when people suffer.. You and people like you have destroyed the country with your greed . When people suffer you do this unethically.
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Nimal Thursday, 07 March 2024 08:08 AM
So independent that on its own it caused the entire economy of the entire country to collapse, making it almost impossible to recover. This salary increase is their reward for this meritorious act. This guy is also interested in fattening his purse and not resuscitating the ailing economy.
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sam Thursday, 07 March 2024 08:27 AM
Autonomy , Independence has been made an excuse for this unprecedented salary increase.
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Cabarale Thursday, 07 March 2024 08:30 AM
So what is your view on salary hike? Can we increase teachers as well as the future of the country is with them?
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Potta Harry Thursday, 07 March 2024 08:35 AM
Country is still in economic crisis. RW is talking of getting debt moratorium further extended. How on earth you guys decided for such an exorbitant salary hike and now try to cover up that with institution's independence and autonomy status.
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Terrence K Thursday, 07 March 2024 08:36 AM
No one will like the independence of the Central Bank diluted with legislators views. As a governing Bank of the country in any salary increase should be compatible with the professional qualifications and experience with other similar government organisations. Professionals have left the shores of this country due to injustices of salary structures in similar grades. No one is indispensable and if employees opt to leave there could be a vacuum but after a period of time it will be adjusted with new talent fitting these lots. Any organisation will never close as employees leave but there could be operational hiccups in the smooth functioning of organisations for a short time!!!!!!!!!!!!!!!!!!!
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Ex pat Medico Thursday, 07 March 2024 08:39 AM
The Deputy Governor of CB is treasury secretary. He is another big gainer from this immoral salary hike after sending circulars out opposing salary hikes for rest of the country
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Rip Winkle Thursday, 07 March 2024 08:53 AM
Is this an attempt by you to obfuscate the main issue, Nande? Murking the waters, so to speak? Looks like it, man!
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Mohommed Thursday, 07 March 2024 08:55 AM
There is nothing more to discuss separately, it is immoral, unethical, unreasonable, and shameful. CB 'transparency' was not apparent during the bond scam and, then governor still missing? CB's independence did not work to stop the bond scam and now unreasonably increments its own salaries when the treasury is empty.
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Mohommed Thursday, 07 March 2024 08:55 AM
There is nothing more to discuss separately, it is immoral, unethical, unreasonable, and shameful. CB 'transparency' was not apparent during the bond scam and, then governor still missing? CB's independence did not work to stop the bond scam and now unreasonably increments its own salaries when the treasury is empty.
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Sokrates Thursday, 07 March 2024 09:02 AM
Undoubtedly the man is right. However, he is not suitable for this job. He constantly makes economically wrong decisions (manipulating the inflation rate, manipulating the foreign exchange rates, not allowing the rupee to free float, not devaluing the rupee). Dr. Nandalal Weerasinghe also held a senior position in the central bank under Gota, made or supported wrong decisions and is therefore complicit in the country's bankruptcy.
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Independent Thursday, 07 March 2024 09:03 AM
We trust your word not the Prime Minister
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Sampath Fernando Thursday, 07 March 2024 09:16 AM
Finally we can see the thru colours of Dr Nandalal and his intentions around drafting the new CBSL Act. Whilst there is some merit to increasing the salaries of highly skilled and experienced staff, there is no merit in increasing the salary of the lowest grade employee to Rs 188k, which is much higher than the salaries of Secretaries of other Ministries, Teachers, Doctors,etc. He started off by asking the people to tighten their belts and preached austerity. But has done exactly the opposite! In addition these massive salaries, the Central Bank staff enjoy some of the best perks in the country such as 1% housing loans, study scholarships etc. Are the CBSL staff paying taxes on their salaries and benefits?
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International analyst Thursday, 07 March 2024 09:24 AM
These issues do not need to go public. Right now the country is on a recovery process. Just like a person who is recovering from a major health trauma, the people and the economic development has to be safe guarded. From a psychological point of view (which a vast majority of people tend to not understand), a positive mind set is essential for a country to develop. Politicians and their cronies has always played and abused people's minds. If you look at how road rules have been completely eroded now, people are so aggressive it shows the mind set of ordinary citizens frustrations. This sort of publicity further undermines the road to recovery in all aspects. CBSL also should understand what should be publicised and what shouldn't. Whether it's for good or bad. Ultimately follow the norm in some circumstances because recovery is what we all especially the public is sacrificing right now with massive taxes and expenses being incurred. Don't let politicians take further advantage.
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Chris Thursday, 07 March 2024 09:35 AM
Dr. Nandalal you walked right into it by trying to fix a huge anomally in one year. You and the country should be happy that the 225 did not compare your new salaries and started to believe that like what your team said about commercial bank chairperson get fancy salaries and therefore cbsl should get better salaries - now imagine if the 225 says they should get even more than the cbsl? yes that argument is in a way correct, but then the people should only elect suitable qualified people. But then in Sri Lanka we have a Min of Justice with a doctorate and a law qualification and yet we sink like the express pearl.
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Rishan Thursday, 07 March 2024 09:39 AM
The issue is you are putting more burden on public and increasing your salary on public paid tax money. I doubt whether you guys are entitled to pay even PAYE Tax.
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BuffaloaCitizen Thursday, 07 March 2024 10:00 AM
Independence is a necessity for Central Bank, however excessive salary increase is another. If it is true that a Office Assistant will take home a salary of over Rs. 150,000.00, then this is a absurdity given that in much higher profiteering Companies such a salary is not paid for this same rank. Further, Central Bank has not performed during the past years, this is a fact, otherwise their will not be so many Central Bank registered Finance Companies cheating their depositors and this list goes on and on. Remember, salary increase to CB Staff does not guarantee they will not get influenced by Politicians. It is the ethics and principles of a person that helps in not getting influenced and performing illegal activities.
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Daya Jay Thursday, 07 March 2024 10:06 AM
It appears that there are many ways of exploiting the country.
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Roshanaly Thursday, 07 March 2024 10:46 AM
Are you sure that the Central Bank is independent??.or only for the Salary issue it is independent.
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Royb Thursday, 07 March 2024 11:05 AM
Believe now it is very clear that these are the thieves responsible in bankrupting our country. Now the people must agitate for immediately sacking the Governor and the monetary board and President like a gentleman should resign to keep the good image of the UNP.
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Gabriella Thursday, 07 March 2024 11:09 AM
We want to stop the Brain-Drain; but still continue paying peanuts. We want the Police to stop taking bribes, but pay them peanuts and, expect them to support their families. Apparently, the monthly wage of the lowest rank employee in the CBSL will be Rs 188,000. Let me put this in perspective; this is the average WEEKLY wage of a clerk in Australia. Why would people want to stay in Sri Lanka ?
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Rishan Thursday, 07 March 2024 12:32 PM
CB knows the exact amount of money that they need for a family of 2 kids for a month. That's the decent wage for a family for a months expenses.....
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Lionel Friday, 08 March 2024 07:31 AM
Are you comparing wages in Australia to SL? This is ridiculous. What about expenses? Do you know how much is WEEKLY rent of a one bed room apartment in Australia? Equivalent to Rs100,000. For a month, it will be Rs 400,000. A train trip from a suburb to City is $10 - Rs 2,000. Don't talk nonsense. SL can't afford first world salaries for doing nothing.
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pubu Thursday, 07 March 2024 11:13 AM
If government allow this hike no one should pay personal tax at all.
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sam Thursday, 07 March 2024 11:17 AM
Lets not forget the 'special ETF EPF rates your guys get, they get double what we do there also. Imagine if every Government institution was independent. Would you agree then that all could increase by the rather generous amounts you have done. Hardly sensitive to the masses, time to leave, you have shown your true colours now.
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Tom jones Thursday, 07 March 2024 11:30 AM
This bugger is worse than Cabral and former Governor Lakshman The central bank should be ashamed at the way they have cheated the people.This fellow is a Frankenstein and Dracula both.
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Raja Nagalingam Thursday, 07 March 2024 11:47 AM
We have to learn from what Lee Kuan Yew did - he paid high salary to his ministers, so that they will not be enticed to bribery and corruption. Central Bank has done it correctly. As the Governor said, their independence should not be impeded. We must endorse and stop this intereference. Well done Governor - stay firm
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Foot note Thursday, 07 March 2024 11:48 AM
There is no brain drain when a peon is paid much more than Govt. Doctor or Engineer. That is brain blast. Pay accordingly to allied health employees as well.
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K Thursday, 07 March 2024 12:10 PM
If they wanted to be independent, don't get ppl tax money to pay salary hikes. Be independent take loans from the foreign country or local bank and pay out
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Lanka Shantha Thursday, 07 March 2024 12:52 PM
Before to increase the salaries did you informed the general public? Because are living off the luxury life with the General Public's spending.
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sam Thursday, 07 March 2024 01:05 PM
So Nandalal you want to hide this from the public!
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Sunil Thursday, 07 March 2024 01:24 PM
SL today is a dead nation. Pls go back to Australia.
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Judge Friday, 08 March 2024 09:06 AM
Good luck finding a job in Australia. Who will give him such a high profile job there? Have people seen the calibre of Governors and Treasury officials in Australia? They are top notch people.
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Nimal Thursday, 07 March 2024 01:31 PM
This guy should understand that SL is a third world country and cannot pay first world salaries. They nowhere have such skills. He should answer the question correctly, and it was not about salary increase, but on the excessive increase. He himself will NEVER get a similar job in any developed country. He can't even speak properly clean English.
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FairJudge Thursday, 07 March 2024 01:38 PM
What does he think he is? Is he saying SL CB Officials can get developed country salaries? They are nowhere there. No accountabilities and skills required. SL is a developing country. He should try if he himself can get a Governor job in a developed country. He won't even get a junior analyst job. He just mumbles English. The salaries he is paying are not even paid in well countries. This country is in shambles.
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CBCOW Thursday, 07 March 2024 01:38 PM
Great insight. So lets match everyone's salaries, from farmers to doctors.. everyone, to meet Aussie levels .. lol. What justifies 180k/month for office assistance salary at CBSL? Do they possess skills essential for the country's progress?
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Jawas Miandad Thursday, 07 March 2024 01:41 PM
What do you expect from this guy, this guy was brought to this position by the idiot Gotabaya Rajapaksa.Normally crooks sticks together. This Nandalal guy must have done a correspondence course on economics. Don’t know how this guy negotiated the debt burden with IMF, this guy can’t even communicate in English well,
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Saman Thursday, 07 March 2024 02:05 PM
Why don't you learn to communicate fluently in English first Mr Nandalal - then try to justify your salary!
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Lasantha Jayasinghe Thursday, 07 March 2024 02:11 PM
It is wrong because CBSL is in Sri Lanka and should reflect the realities of Sri Lankan wage structures. Wage discipline is one of the key principles advocated by the central bankers all around the world.
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Mahila Thursday, 07 March 2024 02:42 PM
Wage discipline as a Principle, should be aligned with Inflation!!!???
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Lasantha Jayasinghe Thursday, 07 March 2024 06:41 PM
If you align salary increments with inflation, you start a vicious cycle that becomes hard to stop. That's why high inflation expectations are worse than high current inflation because it influences wage inflation. If central bankers give themselves 70% salary increases, that sends inflation expectations through the roof.
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Mahila Friday, 08 March 2024 05:51 AM
Wage structure in Sri Lanka has always been incongruent with the reality!!! SL pay structure, is confounding, so much so that a conscientious hard-working Peon earning Rs 375 per month in 1995, wanted to resign and help his father to tend the paddy field as he couldn't manage with the salary!!?? Thanks to CBK and timely revision of wage structure, he didn't resort to that!!! Because Doctors, Nurses, got their increases by holding Public to Ransom by shutting down hospitals by unions headed by Politically aligned "Aladeniyas"!?
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Upulpb Thursday, 07 March 2024 02:33 PM
Twisting words as always.
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Mahila Thursday, 07 March 2024 02:38 PM
My experience as Manager of a Private sector firm is Peon's Wage 1998 was increased by CBK to Rs 1,050 per mensem. CBSL was higher pay coupled to higher scrutiny the Peons at CBSL were paid 30 – 35% premium!! May be Rs 1350 to 1500 per mensem! The USD was floating at Rs 39.00 or max Rs. 40.00. Today the USD is Rs. 350 to Rs. 375 stabilising from Rs.450, 03/2022!!?? Even without a Scientific Calculator (Hope Honourable, familiar using!? is 10 times that of 1998!! Which means If EXCHANGE rate fluctuations only taken into count, without inflation due Import restrictions and Organic Fertiliser Mishap etc., Salary should increase as of today, Peon Rs. 15,000 per mensem, therefore, SL Rs 180,000 per annum!!!??? CBSL increase Rs 188,800!!?? Great detectives and small Brains!!??
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Mahila Thursday, 07 March 2024 02:40 PM
What a LOAD OF BULL DISCUSS??? Parliament spending Rs 10, million a day!!! WHAT FARCE AND WHAT FANATISM by Honoured, no adduceable reason for Honour for Passing 4th standard – matter which layman could discern w/o even a calculator!!! That’s because their lives, thrive in parliamentary Precincts – subsidised EVERYTHING MAN/WOMAN CONSUMES at PUBLIC expense!! They spend parliament TIME such useless exercises!!! Heard Politico claiming CBSL increased wages without Parliamentary approval!!!??? The politico may have had a poignant Point!!?? But why Parliament and NOT Public Service Commission (PSC)!!??? Why and how does 4th Std., educated have capacity determine that and not a basic degree holder??? What’s so divine!!?? How, Why, increase Parliamentarians salary determined by PARLIAMENT!!?? They approve their TAKE!!?? What incongruous Congruence!!! Only 4th std., educated would discern!!!???
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Dr Dilshan Silva Thursday, 07 March 2024 02:59 PM
CB Governor is threatening the country! This is crazy thinking. He should have some kind of moral values. It seems he is immoral. What was he doing abroad? Anybody who knows? Is he a genius man just because of a doctorate and his post?
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Roger Friday, 08 March 2024 09:09 AM
He will have a tough time getting a job in Australia. Talk to someone who works for Australian Reserve Bank or Australian Treasury. He or anyone in CBSL can't even go close to their abilities.
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Nihal S Thursday, 07 March 2024 04:44 PM
Go back to Australia - you came here to rake money from this poor people. Is it ethical given the difficulties the country is facing? Go back.
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Dr Aruna Pieris Thursday, 07 March 2024 04:46 PM
This is a very unethical statement of a person who should think about all Sri Lankans who are really suffering from economic hardships these days. He is just worried about his staff. Minor employees in central bank who are just OL qualified get staggering 2 lks salary per month while a senior consultant in the government sector gets mere 3 lakhs per month including all the allowances. This will further aggravate health shortages of medical specialists in the country
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Et tu, Brute? Thursday, 07 March 2024 05:25 PM
Oh no Mr. Nandipala... The moment you got hold of the spoon you messed it up. YOU wanted us to tighten our belts and look what you have done now! The crooks from the parliament are all over you now. I always thought you are the right man for the top job and look what you have done now. Don't you banking people watch the evening news? We are bankrupt and living on handouts.!! Go back to Austrailia before some hictown group drag you through courts.
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sam Thursday, 07 March 2024 05:41 PM
Nandalal, this is not your private property
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UAli Thursday, 07 March 2024 07:03 PM
Does NW use cannabis to do such a thing without thinking twice
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ACA Thursday, 07 March 2024 07:12 PM
Your argument violates professionalism. It is pathetic to watch person like you behave this manner to rob the taxpayers money.
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CitizenP Thursday, 07 March 2024 07:26 PM
This person is supporting IMF as his godfather..
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Edi raj Thursday, 07 March 2024 08:19 PM
Have some desert with your meal and pack and go back to your kangaroo land
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melville perera Thursday, 07 March 2024 10:48 PM
the governor's commens on the salary hike implies that the cenral bank is his personal property and in similar vein brazenly says whatever govt. comes to power the IMF conditions renain intact Only it is not applicable to the administration under his command Absolutely stupid with no concern for the economic pain to the public at large for which he is also tp blame
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Rakawa Friday, 08 March 2024 07:00 AM
Somewhere I read, he is son of former UNP MP jinadasa weerasinha(gangs human)’s son,
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dana Friday, 08 March 2024 06:03 PM
Mr.NW, you lost sincerity of people of the country, how are you going to lower the inflation by increasing salaries that way, please walk the talk, good, go back to your adopted country, if your attitude is like this, you never cable to guide country through this economic turbulence ,Let it do under NPP administration
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