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New Central ..

However Dr. Weerasinghe emphasised that while the Central Bank is required to remain independent, both monetary policy and the fiscal policy must be complementary for effective economic outcomes.

A most recent example was seen in the United Kingdom where the immediate former conservative government headed by Prime Minister Liz Truss was forced out of power in just 44 days in office when she embarked upon ultra-loose fiscal policy by cutting taxes and providing large subsidies when the Bank of England had already been tightening its monetary policy to fight four-decade high inflation.

Meanwhile Nishan De Mel, an economist and the Executive Director at Verite Research, an independent policy think tank based in Colombo, called to include provisions to the draft law to expose corruption through forensic audits, make the Central Bank fully subject to the Right to Information (RTI) law and enforce accountability on the management of the Employees’ Provident Fund (EPF), the country’s largest pension fund for private sector workers.

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2022-11-28T08:00:00.0000000Z

2022-11-28T08:00:00.0000000Z

https://dailymirrorepaper.pressreader.com/article/282024741274749

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