Sri Lanka cabinet approves draft of new central bank law

Measure will end CBSL role in buying government bonds

Sri Lanka Central Bank HQ building
The Central Bank of Sri Lanka
Amithasundar

The Sri Lankan government backed a new draft of the statute governing the Central Bank of Sri Lanka (CBSL) on December 19.

A draft of a new monetary law act has been circulating since late 2019. Central bank reform seems to have stalled under the presidency of Gotabaya Rajapaksa, who held office from November 2019 until he was forced to resign amid a sweeping economic crisis last July. The current central bank law dates to 1949.

According to Bloomberg, the new statute will end the central bank

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